US Homebuilder Confidence Falls to 14-Year Low in October as Mortgage Rates Rise
Photo: ZeroHedgeU.S. homebuilder confidence fell to 29 in October, its lowest level in 14 years, down from 32 in September and below the 31 that had been expected, according to the National Association of Home Builders/Wells Fargo Housing Market Index. Higher mortgage rates were cited as deterring buyers, and builders were increasingly cutting prices to make sales. Rising energy and material costs and worsening labor and lot conditions were also cited as pushing sentiment lower. All three major indices that make up the housing market gauge declined in October.
At the time of writing, left-leaning outlets had not reported this story, while alternative/independent and right-leaning outlets had. Right-leaning coverage, from Breitbart, leads with the larger-than-expected drop and focuses on higher mortgage rates discouraging buyers and builders cutting prices. Alternative coverage, from ZeroHedge, reports the same figures but frames the decline around a wider set of pressures, naming mortgage rates and immigration in its headline and citing energy, materials, labor and lot conditions. Both agree on the 14-year low and on mortgage rates as a key factor. The excerpts do not show either side quoting named officials or builders.
How the sides differ Left sources have not covered it; alternative sources add immigration and labor costs to rate concerns, while right sources stress buyers deterred by rates and builders cutting prices.
Headline, comparison and summary written by AI from the articles below. AI can make mistakes, so check the original articles before relying on a detail.
Not covering this story. None of the left-leaning outlets Crosswire tracks has reported it yet. What one side leaves out can be as telling as what the others report.
ZeroHedge leads with the drop to 29 and a 14-year low, citing mortgage rates and immigration in its headline, plus energy, material, labor and lot conditions. It reports index figures rather than named voices.
Breitbart leads with confidence falling more than expected to a 14-year low, emphasizing higher mortgage rates deterring buyers and builders cutting prices. It cites the NAHB/Wells Fargo index and no named individuals.