Homebuilder pessimism has deepened as confidence in the U.S. housing market continues its downward spiral amid skyrocketing mortgage rates and inflation.
Home construction businesses blame rising rates for the decline in sentiment, by making housing less affordable for first-time buyers at a time when single-family home prices are at an all-time high.
Supply shortages and rising costs for building materials have led also led to the increase in housing prices by increasing construction costs.
Builder sentiment fell for the ninth consecutive month this September, by 3 points to 46, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index report released on Sept. 19….