Economic Buzz: US homebuilder confidence deteriorates in January

A report released by the National Association of Home Builders on Friday showed an unexpected deterioration in U.S. homebuilder confidence in the month of January.

The report said the NAHB/Wells Fargo Housing Market Index dipped to 37 in January from 39 in December.

The unexpected decrease by the housing market came a month after it reached its highest level since hitting 40 last April.

The pullback by the headline index came as the index measuring future sales fell to 49 in January from 52 in December, dropping below the breakeven point of 50 for the first time since September.

The gauge charting traffic of prospective buyers also slid to 23 in January from 26 in December, while the index gauging current sales conditions edged down to 41 in January from 42 in December.

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