India, Aug. 18 -- The National Association of Home Builders released a report on Monday showing a modest deterioration by U.S. homebuilder confidence in the month of August.
The report said the NAHB/Wells Fargo Housing Market Index edged down to 32 in August after inching up to 33 in July. Economists had expected the index to come in unchanged.
"Affordability continues to be the top challenge for the housing market and buyers are waiting for mortgage rates to drop to move forward," said NAHB Chairman Buddy Hughes.
He added, "Builders are also grappling with supply-side headwinds, including ongoing frustrations with regulatory policies connected to developing land and building homes."
The modest decrease by the headline index came as the...