Homebuilding Was Looking Up. Then It Fell Off The Coronavirus Cliff.
After nearly a decade of sluggish growth, the homebuilding market was finally looking up.
The last quarter of 2019 was strong for homebuilders, as new household formations poked upward and contracts began flowing in for new homes. The first two months of 2020 were encouraging, and the industry was feeling confident that it could carry this momentum through the rest of the year. That optimism didn't last long.
With household formation and purchases both at a standstill, the coronavirus has shattered faith in the homebuilding market. A monthly confidence index of builder expectations compiled by the National Association of Home Builders fell from 72 down to 30, the…
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