Homebuilders say U.S. is in a 'housing recession' as sentiment turns negative - CNBC

The National Association of Home Builders/Wells Fargo Housing Market Index dropped 6 points to 49 this month, its eighth straight monthly decline.

Of the index's three components, current sales conditions dropped 7 points to 57, sales expectations in the next six months fell 2 points to 47 and buyer traffic fell 5 points to 32.

In the South it fell 7 points to 63, and in the West, where home prices are highest, it declined 11 points to 51.