With high inflation and increased interest rates stalling the housing market, the National Association of Home Builders released a report showing a substantial deterioration in U.S homebuilder confidence in the month of July. The report showed the NAHB/Wells Fargo Housing Market Index plunged to 55 in July from 67 in June. The index gauging current sales conditions plummeted to 64 in July from 76 in June, the index measuring sales expectations in the next six months dove to 50 from 61 and the index charting traffic of prospective buyers plunged to 37 from 48. Powered by Commodity Insights
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