Home Builder Sentiment Falls

Home-builder sentiment sank to its lowest in more than a decade in June as rising interest rates made homes less affordable and inhibited speculation, according to an industry survey released Monday.

Sentiment among home builders fell 4 points to 42 in June from an upwardly revised 46 in May, the National Association of Home Builders said. The median expectation from a Reuters survey of analysts was for the index to hit 45.

Any number over 50 indicates that more builders view sales conditions as good than poor.

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