Home builder sentiment just plummeted to the lowest level in 13 years for the month of May.
The last time sentiment was this low, it was the 2007-2012 housing collapse.
Builders are reporting very low traffic, increased use of price cuts, and are giving sales incentives on over 60% of listings.
Meanwhile, we have the highest level of spec builder inventory on the market since 2009.
This is bad news for people who want home prices to go up.
This is good news for prospective buyers - things are about to get cheaper.
