Philadelphia Inquirer (07/17/08); Veiga, Alex
The National Association of Home Builders/Wells Fargo housing market index, based on a poll of nearly 400 residential builders across the country, dropped to a record low of 16 in July from 18 the prior month. The index has fallen over the past three months due to the ongoing housing downturn, stricter mortgage standards, increased defaults, escalating gas prices and a decline in consumer confidence. Though builders' outlook rose a bit in the Northeast, industry participants were more pessimistic about future business in the South, West and Midwest.
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