US Homebuilder Confidence At 6-Year High [View all]
LOS ANGELES (AP) -- Confidence among U.S. homebuilders remains at its highest level in six years, reflecting improved optimism over the strengthening housing market this year and a pickup in visits by prospective buyers to builders' communities.
The National Association of Home Builders/Wells Fargo builder sentiment index released Tuesday rose to 41 this month, up from 40 in September. That's the highest reading since June 2006, just before the housing bubble burst.
Any reading below 50 indicates negative sentiment about the housing market. The index hasn't been above 50 since April 2006, the peak of the housing boom.
The gauge of current sales and builders' outlook on sales over the next six months remained unchanged from September's reading. But a measure of traffic by prospective buyers rose 5 points to 35, the highest level since April 2006.