The National Association of Home Builders/Wells Fargo monthly Housing Market Index declined three points to a reading of 64 for September. The August reading was revised one-point from 68 to 67.
Anything over 50 is considered positive, but the drop is on the high end of the month-to-month fluctuations over the past year. That said, home builder sentiment has been unusually strong of late, hitting 71 in March. The index had not read that high since June 2005. Leading up to the Monday's report, the consensus among economists was that the gauge would fall to 65, though some anticipated a far sharper decline.
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