Grim outlook for housing market, NAHB CEO warns

Source: Fox Business — 

National Association of Home Builders CEO Jerry Howard warned on “Varney & Co.” Monday of “a tough time” ahead for the industry as data revealed the housing market has been slowing down. 

Howard provided the insight on the same day it was revealed that builder confidence plunged in July amid soaring inflation and increased interest rates, which stalled the housing market by dramatically slowing sales and traffic from prospective buyers, according to the association.