The National Association of Home Builders/Wells Fargo Housing Market Index rose four points to 18 in October, the largest one-month increase since April of 2010. The index measures builder confidence in the market for newly built, single-family homes on a scale where any number below 50 indicates more builders view the market as poor than good. David Crowe, NAHB’s chief economist, said the latest boost in builder confidence is a good sign that some pockets of recovery are starting to emerge across the country. Each of the Indexes three components saw significant gains, with the component gauging sales expectations for the next six months rising seven points to 24. Regionally, the West increased nine points to 21, the highest level since August 2007, while the Midwest and South each recorded four-point increases. More here.
