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Home builders say they are less confident in the housing market for those older than 55 as more of this older generation move into renting, according to the latest Housing Market Index from the National Association of Home Builders.

The HMI is a survey of home builders which measures the housing market weighted on seasonally ingested high, average or low traffic. The monthly survey gathers builders’ insight on current single-family home sales and expectations for the next six months rated as fair, good or poor.

Compared to the previous quarter, sales of single-family homes to those over 55 years fell an astonishing nine points to 70. Expected sales for the next six months gradually rose seven points to 80, while traffic for perspective buyers was consistent at…