For the 5th month in a row, homebuilder hope has missed expectations. At 45 (vs 49 expectations), this is the lowest the NAHB survey has been at since May 2013, catching down to the reality of home sales and mortgage applications. On the bright side, realtors can't help but feel thr turn is coming sometime soon - the "future" hope index rose to its highest since January as the "current" reality index drops to 12 month lows.
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Who could have seen that coming? As Hope collapses to home sales reality...
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As the West continues to tumble...
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Charts: Bloomberg