US: Homebuilder confidence declines slightly in September - Wells Fargo
|Analysts from Wells Fargo explained that the NAHB/Wells Fargo Housing Market Index (HMI) fell 3 points to 64 in September, reversing August’s gain. According to them Hurricanes Harvey and Irma had an impact.
Key Quotes:
“Homebuilder confidence fell slightly in September, as Hurricanes Harvey and Irma impacted the two largest states for new single-family homebuilding. Damages from the hurricanes introduce an element of uncertainty into the housing outlook and will likely bolster labor and material costs.”
“The drop in the HMI may signal some moderation in new home sales and homebuilding during the latter part of 2017.
“Harvey and Irma caused widespread damage in Texas and Florida, which may interrupt activity in states that combined to account for 25 percent of the nation’s single-family permits.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.