NAHB/Wells Fargo (NYSE:WFC) Housing Index Drops

Housing Index Drops

Competition from low-priced foreclosures resulted in the monthly NAHB/Wells Fargo (NYSE:WFC) falling by two points to 15 in March so far, crushing analysts' expectations it would rise to 18 rather than fall.

Expected sales dropped from 27 to 24; buyer traffic fell from 12 to 10; and current sales plunged from 17 to 15, of the three components used to track the home builders' health.

This follows in the footsteps of the February report which enjoyed a temporary increase.

Housing Index Drops