A U.S. home builders confidence index fell in October after a prolonged climb, the National Association of Home Builders said Wednesday.
The index of confidence among building professionals in an industry battered during the recession reached a nearly eight-year peak in August, then turned flat in September.
But in October, the index gave up 2 points and September's reading was revised downward, the trade group said.
The so-called NAHB/Wells Fargo Housing Market Index settled down to a reading of 55, the monthly report said.
"A spike in mortgage interest rates along with the paralysis in Washington that led to the government shutdown and uncertainty regarding the nation's debt limit have caused builders and consumers to take pause," said NAHB Chief Economist David Crowe in a statement.
Copyright 2013 United Press International, Inc. (UPI). Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Original headline: Builder confidence index losses steam
Most Popular Stories
- More Hispanic Voters May Not Mean More Clout
- Government: 500 Million Records Stolen in 12 Months
- Mom Makes Toys R Us Pull 'Breaking Bad' Dolls
- Apple Pay Debuts With Few Issues
- 2016 Camaro Shrinks, Moves to Caddy Platform
- Pistorius Gets 5-year Sentence in Shooting Death
- Cuba Deploys More Medicos in Ebola Fight
- Volatility No Reason to Bail on Stock Market
- Samsung Phones Cleared For U.S. Government Use
- Eric Garcia Appointed as Revenue Chief