The bad news:
Confidence among U.S. homebuilders in November dropped to the lowest level since record-keeping began in 1985, a sign that the deepening credit crisis is preventing prospective buyers from purchasing new homes.
The good news:
The National Association of Home Builders/Wells Fargo index of builder confidence decreased to 9, lower than forecast, from 14 in October, the Washington-based association said [yesterday]. A reading less than 50 means most respondents view conditions as poor.
How’s that the good news? It can only fall another nine points…
∙ Homebuilder Confidence in U.S. Drops to Record Low [Bloomberg]