Home builders' index falls to 16-year low

"All three components of the housing index fell in June. The index for single-family home sales dropped from 31 to 29, also the lowest since 1991. The index for expected sales fell by two points to 39, the lowest since September. The index for buyers' traffic dropped by one point to 21, the lowest since January 1991. Regionally, the index fell in the three most important areas, and rose in the tiny Northeast market. The index fell one point to 32 in the South, fell by three points to 19 in the Midwest and fell by five points in the West to 27. The index rose by three points in the Northeast to 35."