Home Builder Sentiment Hits Record Low
The National Association of Home Builders, based here in Washington, said a few moments ago that its housing market index has hit a record low in October.
The index is a survey of 446 residential developers across the country who tell the association what conditions are like where they are trying to build and sell houses.
Report: Really, really bad.
If the index reads 50 or higher, that means builders feel good about the housing climate.
It now stands at 14.
Here's a quick look at other economic news that has rolled out so far today:
-The Swiss National Bank and the Fed have agreed to buy $60 billion in toxic assets from UBS.
- The cost of living in the U.S. -- judged by the Consumer Price Index -- remained unchanged in September.
- Financial giant Citigroup posted its fourth-straight quarterly loss and will cut 11,000 jobs.
- Industrial production in the U.S. hit a 34-year low in September, thanks to a combo punch from a couple of hurricanes and the ongoing machinists' strike at Boeing.
- New jobless claims from last week jumped higher than expected.
-- Frank Ahrens
Posted by: victorlove | October 16, 2008 3:56 PM | Report abuse
Posted by: victorlove | October 16, 2008 4:07 PM | Report abuse
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