US BUILDER CONFIDENCE SINKS TO 14-YEAR LOW

The NAHB/Wells Fargo Housing Market Index fell three points to 29 in October, its lowest reading since June 2012. Prospective buyer traffic sank to 18, the weakest level outside the 2020 pandemic, even though 43% of builders cut prices this month, the highest share since 2020. Homebuilders tracked by $XHB are discounting more and still cannot get buyers through the door.