Home builders index drops to 69 in May from 77 and hits nearly 2-year low

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Higher mortgage rates, soaring building costs and rising home prices drove the NAHB Home Builders Index to a nearly two-year low of 69 in May from 77 in the prior month, the National Association of Home Builders said Tuesday. The NAHB/Wells Fargo index was forecast to total 75. The big drop in the index points to tougher times for the housing market in the months ahead.

This article was originally published by Marketwatch.com. Read the original article here.

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