Here Comes Homebuilder Confidence...
Economists polled by Bloomberg are looking for the HMI, a read of homebuilder confidence to fall to 51. This is down from 52 in June.
A reading over 50 shows that more builders think sales conditions are good rather than poor.
Investors track this index because it is a leading indicator for housing starts. It will also be interesting to see how homebuilders are interpreting the run up in mortgage rates.
The HMI is a a sentiment index in which respondents rate not just the housing market but also the economy in general. It draws on builder perceptions of current single-family home sales and sales expectations for the next six months. It also includes builders' expectations of traffic of prospective buyers.