Builder confidence crumbles

Home builder confidence hit a record low in October, a likely reflection of builders' assessments of the recent events on Wall Street, the rapid deterioration in job markets and the corresponding weakness in consumer confidence, an industry group said.

The National Association of Home Builders-Wells Fargo Housing Market Index (HMI) declined three points, to 14, after edging up slightly in September. If the index is above 50, that indicates more builders view sales conditions as good than poor.

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