Washington, DC CNN —Homebuilder confidence dropped for the fourth month in a row in November as mortgage rates neared 8%. But recent economic data suggests housing conditions may improve in coming months. Builder confidence in the market for newly built single-family homes in November fell six points to 34, according to the National Association of Home Builders / Wells Fargo Housing Market Index released Thursday morning. Specificially, Dietz said, the 10-year Treasury rate moved back to the 4.5% range for the first time since late September, which will help bring mortgage rates down closer to or below 7.5%. In November, 60% of builders provided sales incentives of all forms, down slightly from 62% in October.

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Persons: ”, Alicia Huey, ” Huey, NAHB, Robert Dietz, NAHB’s, Specificially, Dietz, ” Dietz, Freddie Mac Organizations: DC CNN, National Association of Home Builders, Federal Reserve, Treasury Locations: Washington, Wells Fargo