Homebuilder confidence wanes on Washington's budget stalemate

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Homebuilder confidence, weighed down by the government budget uncertainty, dropped to its lowest level in four months in October, but builder sentiment of the near future is still more positive than negative, according to the National Association of Homebuilders.

“A spike in mortgage interest rates along with the paralysis in Washington that led to the government shutdown and uncertainty regarding the nation’s debt limit have caused builders and consumers to take pause,” said NAHB Chief Economist David Crowe in a statement. “Once this government impasse is resolved, we expect builder and consumer optimism will bounce back.”

Source: National Association of Homebuilders