Confidence among the nation's home builders slipped more than expected in October. A monthly index from the National Association of Home Builders fell 2 points from a downwardly revised September reading. The builders said it was a combination of continuing cost challenges in the market and the budget showdown in Washington.
The survey was conducted from Oct. 1 to 11, coinciding with the first 11 days of the partial government shutdown.
"A spike in mortgage interest rates along with the paralysis in Washington that led to the government shutdown and uncertainty regarding the nation's debt limit have caused builders and consumers to take pause," said NAHB Chief Economist David Crowe. "However, interest rates remain near historic lows and we don't expect the level of rates to have a major impact on sales and starts going forward."
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