Home builders are having the hardest time of anybody this recession, reflected in the national homebuilders' housing market index which fizzled out to 9 in November, well under October's 14 which had until this report been the record low. The index for current buyers plunged 6 points to 8 while the index for prospective buyers fell 4 points to 7. Data on new and existing home sales for October will be released at month end and early indications, including this report and the pending home sales index posted earlier in the month, point to a reversal of September's pop higher. Declining home prices tied to distressed sales and swelling supply are apparently not yet attracting buyers, buyers whose funds are limited by the still severe credit squeeze. The dollar slipped and money moved into the safety of Treasuries in reaction to the results. |
