US Homebuilder Confidence Hits Worst Slump Since 2007 Collapse

A gauge of US homebuilder sentiment declined for an eighth-straight month, marking the worst stretch since the housing market collapsed in 2007 amid higher borrowing costs and elevated prices.

The National Association of Home Buyers/Wells Fargo gauge decreased by 6 points to 49 in August, figures showed Monday. The reading was worse than the most downbeat estimate in a Bloomberg survey of economists and below the breakeven measure of 50 for the first time since May 2020.

Builder confidence is tumbling as high mortgage rates exacerbate affordability challenges, on top of elevated costs of materials and labor. Buyers ...