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Last week’s economic data supported recent reports indicating that housing markets are slowing, The National Association of Home builders/Wells Fargo Home Builders Index (HBI) dropped by 10 points to a reading of 46 for February. Home builder confidence dropped to its lowest reading in nine months, and fell below the benchmark of 50, which indicates that more builders are pessimistic about current market conditions than not. Severe weather was blamed for the lower builder confidence reading, which fell below the expected reading of 56. Regional readings of builder confidence were also lower: Northeast: Builder confidence fell from 41 to 33 points. This suggests that weather is a major concern as this area has experienced a series of nasty winter storms. South: The HBI reading fell from 50 in January to 46 in February and was the smallest decline among the four regions. Fewer index points lost in the South appears to support builder’s concerns about bad weather in other regions. Mi
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