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by CareyBot

Responding to sharply lower measures of consumer confidence as well as rising mortgage rates and other factors in recent months, single-family home builders are adjusting their market expectations downward to a still favorable perspective, according to the National Association of Home Builders/Wells Fargo Housing Market Index for November, released today. The index declined eight points to rest at 60, a level well above the midpoint that indicates the majority of builders still see conditions as positive in their markets. "It's important to keep today's report in perspective," said NAHB President Dave Wilson, a custom-home builder from Ketchum, Idaho. "Many builders still have substantial backlogs of unfilled orders and will remain quite busy in coming months. But we're well aware that s...