The NAHB Homebuilder confidence index dropped to a 13 month low as building materials rise by 19.4% YoY.
Of course, then we have the University of Michigan conditions for buying a home crashing as well.
Rising home prices and rising construction material costs? Yikes.
Of course, the NAHB had this to say:
“Our expectation is that production bottlenecks should ease over the coming months and the market should return to more normal conditions,” NAHB Chief Economist Robert Dietz said in a statement.
Perhaps, but The Fed needs to slow down its money printing as well.
The most powerful economists in the world?