Homebuilders Index Falls to lowest level since 1991

NAHB writes:

"Reflecting increasing builder concerns about conditions in the market for new
single-family homes, the National Association of Home Builders/Wells Fargo
Housing Market Index (HMI) declined for an eighth consecutive month to a level
of 30 in September. This amounted to a three-point drop from an upwardly revised
33 reading in August, and is the lowest level the index has reached since
February of 1991."

Ouch!

Hmi_index_906_1

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Sources:
Builder Confidence Slips Further in September
September 18, 2006   
http://www.nahb.org/news_details.aspx?newsID=3276

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