Homebuilder Confidence in U.S. Unexpectedly Dropped in April
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Confidence among U.S. homebuilders unexpectedly fell in April for a third month, restrained by rising costs for materials and financing restrictions.
The National Association of Home Builders/Wells Fargo index of builder confidence dropped to 42, the lowest since October, from 44 in March, the Washington-based group said today. Economists projected an index of 45, according to the median estimate in a Bloomberg survey. Readings below 50 mean more respondents said conditions were poor.