US Homebuilder Sentiment Drops to 14-Year Low

Sentiment among homebuilders in the United States plunged in October to its lowest level in about 14 years, The Wall Street Journal and AOL reported. According to some reports, the drop represents a low not seen in nearly 14 and a half years.

According to a report by Eye On Housing, the sharp decline in builder sentiment is attributed directly to rising interest rates, which increase financing costs and weigh on the American housing market.

Further details and complete data regarding activity metrics in the construction sector have not yet been released.