US home building industry confidence declined slightly in November 2009 according to the NAHB/Wells Fargo Housing Market Index (HMI), which surveys home builder market perceptions and expectations.
In particular, the Composite Index dropped from 17 in October to 16 in November 2009. However, one of the components of the index, the one that measures traffic of prospective buyers, remained unchanged for a third consecutive month, at 13, while the other two components that measure current sales and sales expectations declined.
US home building industry expectations varied across regions. In particular, the index measuring builder confidence in the Northeast and the West increased, while it remained constant in the South.
Home building industry confidence in the Midwest appears to have declined in November 2009 according to the survey, as the HMI dropped to 12 posting a two-point decline.
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