Industry NewsMarkets & Economy

Builder confidence crumbles

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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. When the index falls below 50, that indicates more builders view sales conditions as poor than good.NAHB has been conducting the monthly survey for more than 20 years, and the group said results of the lastest poll are evidence that Congress needs to draft another economic stimulus package that includes "substantial" incentives to spur home buying."The impacts of the record-breaking housing contraction have spilled over to other key sectors of the economy and weighed heavily on financial markets, and stabilizing housing is now the best chance we have to limit the severity of r...