Storms see US homebuilder confidence fall at record pace
"Unusually severe weather conditions" have put a chill into US homebuilders, according to the National Association of Home Builders.
The NAHB housing market index just saw its biggest ever plunge. Losing 10 points, it's fallen from 56 to 46 in February.
Analysts had expected no change from last month's 56.
"Significant weather conditions across most of the country led to a decline in buyer traffic last month," said NAHB Chairman Kevin Kelly, a home builder and developer.
"Builders also have additional concerns about meeting ongoing and future demand due to a shortage of lots and labour."