The housing market can’t seem to find it.
Sentiment among U.S. home builders slid in June to the lowest level in more than 16 years as tighter lender practices and rising mortgage rates crimped sales, the National Association of Home Builders said on Monday.
The NAHB/Wells Fargo Housing Market index fell two points to 28 in June, the lowest since it hit 27 in February of 1991, the group said.
Economists had predicted the index would be unchanged from May’s 30 reading, based on a Reuters survey. Readings below 50 mean more builders view market conditions as poor rather than favorable.