U.S. Housing Market Index Pulls Back To One-Year Low In September

(RTTNews) - Homebuilder sentiment in the U.S. has deteriorated by much more than anticipated in the month of September, according to a report released by the National Association of Home Builders on Wednesday. The report said the NAHB/Wells Fargo housing market index fell to 32 in September after inching up to 35 in August. Economists had expected the index to edge down to 34. With the bigger than expected decrease, the housing market index dropped to its lowest level since hitting a matching reading a year ago. "Buyer traffic has weakened across much of the country, largely because of rising mortgage rates," said NAHB Chairman Bill Owens.