Home builder confidence highest in 5 years

Home builder confidence rose to the highest level in five years in May, a hopeful sign that modest improvement in the housing market could be ahead.

National Association of Home Builders/Wells Fargo builder sentiment index rose to 29 in May. That's the highest reading since May 2007 and up from a downwardly revised reading of 24 in April.

The index rose six straight months before falling in April.

Still, any reading below 50 indicates negative sentiment about the housing market. The index hasn't reached that level since April 2006, peak of the housing boom.

Homebuilders reported improved sales and higher traffic from prospective buyers. A gauge measuring confidence in sales the next six months also rose, to 34 from 31

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- Posted: 2012-05-15 10:05:16

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