The foundation of the US housing market appears to be cracking, as homebuilder sentiment plummeted to a seven-month low in March, signaling growing concerns about rising construction costs and economic uncertainty.

Confidence among US homebuilders slid this month to the lowest level since August, dragged down by worry over tariffs, higher construction costs and economic uncertainty heading into the spring selling season.

NAHB/ Wells Fargo Housing Market Index: 39 vs. 42 consensus and 42 prior. Breaking news... check back for updates. More on the US Economy Recession Risk: What I'm Doing To Hedge Against A Potential Bear Market Headline retail sales rise less than expected in February;