By Jann Swanson | Mortgage News Daily
Confidence among new home builders cooled considerably this month. The National Association of Home Builders (NAHB) said its Housing Market Index (HMI), produced as a joint venture with Wells Fargo Bank dropped three points. Confidence among new home builders cooled considerably this month. The National Association of Home Builders (NAHB) said its Housing Market Index (HMI), produced as a joint venture with Wells Fargo Bank dropped three points to 58 from an upwardly revised January number of 61 (from 60). The HMI, a measure of builder confidence in the new home market, has declined 7 points since reaching a decade-long high of 65 in October and the current reading is the lowest reading for the composite index since May 2015. Analysts surveyed by Econoday has expected a composite reading of 61.
