U.S. home builder confidence retreats despite lower mortgage rates – ET RealEstate

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Obama, however, refused to allow McCain to dictate the terms of the campaign’s next few days during a press conference in Florida just before 5 p.m. ET. "There are times for politics and then there.

U.S. home builder confidence retreats despite lower mortgage rates 2 min read file photo: Development and construction continues on a large scale housing project of over 600 homes in Oceanside.

Oklahoma State Home builders association executive vice President Mike Means said he thinks there will be about a 5 percent increase in newly built homes. Even as lumber prices have come down for the ninth month in a row, there’s a need for land. "One of the biggest issues we have right now is there aren’t available lots," Means said.

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Oct 31: Nearly a fifth of U.S. borrowers owe more on their mortgages than their homes are currently worth – and that number is growing. More Mortgage rates spike to 6.46%

US homebuilders’ confidence eases slightly. Despite declining in August, sales of new U.S. homes were running 20.1 percent higher through the first eight months of this year than in the same stretch of 2015. All told, new home sales declined 7.6 percent in August to a seasonally adjusted annual rate of 609,000 units.