Rising mortgage rates and continued home price growth are hurting affordability and fast becoming a toxic cocktail for the nation's homebuilders.
Sentiment among homebuilders dropped 8 points in November to 60 in the National Association of Home Builders/Wells Fargo Housing Market Index. That is the lowest reading since August 2016, but anything above 50 is still considered positive. The index stood at 69 in November of last year and hit a cyclical high of 74 last December.
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