[U.S. homebuilder confidence falls to 14-year low, sales continue to be weak] October 19th, U.S. homebuilder confidence fell to its lowest level in 14 years this month, with mortgage interest rates exceeding 7%, labor shortages, and high supply costs continuing to impact the housing market. Data released by the National Association of Home Builders (NAHB) and Wells Fargo showed that the housing market index fell 3 points to 29, the lowest level since June 2012. Economists' median estimate was 31. An index below 50 means more builders think market conditions are poor than those who think they are good. The index has been below this level for more than two consecutive years. A measure of current sales fell to 33, also a 14-year low. An indicator of future sales expectations fell to its lowest level since November 2022. The traffic index of potential buyers dropped to its lowest level since the outbreak. The pessimistic outlook reflects deteriorating market conditions for homebuilders. Rising borrowing costs are curbing demand for home purchases, while inventories of new homes remain high. These two pressures are forcing builders to offer discounts and increase offers to attract buyers, squeezing operating margins.