Homebuilder confidence falls for eleventh consecutive month ...Middle East

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Homebuilder confidence falls for eleventh consecutive month
Homebuilders' confidence in the housing market continued its decline this month amid rising interest rates, high material costs and deteriorating housing affordability, according to data released Wednesday by the National Association of Home Builders.  The NAHB/Wells Fargo Housing Market Index (HMI) found that homebuilder confidence in the market for newly built single-family homes fell for the 11th straight month in November, reaching its lowest level in a decade.  “Higher interest rates have significantly weakened demand for new homes as buyer traffic is becoming increasingly scarce,” NAHB Chairman Jerry Konter said in a media release.  “With the housing sector in a recession,

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