Confidence among U.S. home builders has remained subdued in June as the housing market has become strained amid elevated mortgage rates and prospective homebuyers are facing affordability challenges.
The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index, which measures builder confidence in the market for newly built single-family homes, declined two points to 35 this month, down from May, the association said in a June 15 statement.
This was the 14th straight month that the index recorded a value below 40, a streak unseen since the 2011–2012 foreclosure crisis, when there was a dramatic surge in home foreclosures, according to the association. The housing market is also under strain from high material costs….