After reaching 12 year highs in March, Homebuilder confidence dipped in April led by a notable decline in the Northeast and Midwest regions. All four underlying components dropped in April with future sales expectations back near post-election lows.

Current and future sales indices dropped as did prospective buyer traffic.

Of course, as Upton Sinclair pointed out so perfectly in this case, "It is difficult to get a man to understand something, when his salary depends on his not understanding it."

This index is not a leading index in anyway.