HUD chief defends Trump housing reforms as builder confidence hits 14-year low

The NAHB/Wells Fargo Housing Market Index released on October 19 recorded a builder confidence score of 29, the lowest since June 2012, reflecting concerns over mortgage rates above 7 percent, rising construction expenses, and weaker buyer demand. HUD Secretary Scott Turner, speaking exclusively, defended the Trump administration’s strategy of removing regulatory obstacles, citing executive orders that target permitting, energy-efficiency rules, and mortgage-credit requirements.

NAHB chief economist Robert Dietz attributed the slump to ongoing affordability strains and a drop in prospective buyer traffic to its lowest level since April 2012. NAHB chairman Bill Owens noted that while builders face higher loan, material, and diesel costs, the administration’s regulatory reforms are helping to mitigate some of those pressures. The report also revealed that 43 percent of builders cut prices in October and 65 percent used sales incentives, underscoring the market’s stress.