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Home builders index drops to 69 in May from 77 and hits nearly 2-year low

39304 home builders index drops to 69 in may from 77 and hits nearly 2 year low

Higher mortgage rates, soaring building costs and rising home prices drove the NAHB Home Builders Index to a nearly two-year low of 69 in May from 77 in the prior month, the National Association of Home Builders said Tuesday. The NAHB/Wells Fargo index was forecast to total 75. The big drop in the index points to tougher times for the housing market in the months ahead.

Source: Marketwatch

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