National Association of Home Builders Index - FX Solutions Market Update, 20th September 2011

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Date: Sat, 8 Oct 2011 Time: 9:06 AM
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Joseph Trevisani, Chief Market Analyst at FX Solutions (http://www.fxsolutions.com/), provides forex traders with an overview of currency market activity and news on 20th September 2011.
The business sentiment of US home builders declined in September as prolonged unemployment kept housing turnover to a minimum and the large supply of foreclosed homes forestalls the need for new construction.

The National Association of Home Builders (NAHB) housing index fell to 14 this month, down from 15 in August and below the 15 reading predicted in the Bloomberg survey of economists. This was the first decline and weakest result since June's score of 13. The record low for this statistic, which goes back to January 1985, was registered in January 2009 at 8. The average reading over the 26 year history of this index has been 49.

All three component indices decreased. Present sales sank one to 14 in September. This was also the first drop and lowest reading since June registered 13. The all time low was 6 in January 2009; the monthly average since inception is 25.

Future sales dropped to 17 from 19. This was second lowest figure in almost two and a half years. Only June's score of 15 was worse, matching the readings in February and March 2009. These three reading of 15 are the lowest in the history of the statistic. The monthly historical average is 57.

Traffic for prospective buyers slid to 11 in September from 13, the lowest this year and matching the reading of December and October last year. The all time low for the traffic index was 7 in December 2008. The 26 year monthly average is 19.
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