India, July 16 -- A report released by the National Association of Home Builders on Thursday showed an unexpected deterioration in U.S. homebuilder confidence in the month of July.
The report said the NAHB/Wells Fargo Housing Market Index fell to 34 in July from an upwardly revised 36 in June. Economists had expected the index to come in unchanged compared to the 35 originally reported for the previous month.
"With the HMI below 40 for 15 straight months, affordability remains the home building industry's primary challenge, as elevated mortgage rates, costly land, rising material prices, and persistent skilled labor shortages continue to affect the market," said NAHB Chief Economist Robert Dietz.
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