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<p>NAHB Builder Confidence registered a warning flag last month after it fell sharply to a 13-month low, yet it managed to rebound by one point in September.  Homebuilder’s optimism has waned as they face rising materials costs, labor shortages, and a slowdown in the Traffic of Prospective Buyers (bottom graph).  While the slight bounce in this leading housing indicator is a positive, this warning flag will remain in place until it makes a clear break out of its current downtrend.</p>
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