Not surprisingly, home builders in the National Association of Home Builders/Wells Fargo Housing Market Index sample base are not immune to the convulsions and volatility playing out on Wall Street and the negative effects of the oil glut on Main Street.

The NAHB/Wells Fargo HMI lost a bit of pep in its step for February, perhaps thanks to a generally jittery economic backdrop to the launch of what traditionally begins Spring Selling for homes in America. NAHB outgoing chief economist David Crowe helps read the tea-leaves on the latest HMI data, which is still in positive territory, and is showing flickers of positive trend even amidst an overall pull-back in builder confidence. Crowe writes:

The one positive note was the sub index of expectations for future sales rose one point in February from a one-point upwardly revised 64 in January. Builders are expecting the consumer to gain some confidence and return in greater numbers in the future.

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