Homebuilders Come Clean - Admit Housing Market Optimism Has Collapsed

As Upton Sinclair once famously said:

"It is difficult to get a man to understand something, when his salary depends on his not understanding it."

But, after a couple of years of exuberant ignorance, Homebuilders have finally started to face reality - or admit reality - slashing their optimism about the US housing market dramatically...

Against expectations of a 67 print, NAHB's optimism index crash from 68 to 60 in November - itsbiggest drop since 2014 (to its lowest since Aug 2016) as the highest borrowing costs in eight years restrain demand, adding to signs of a cooling housing market.

Of course the 'hard' housing data has been collapsing for months...

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