Builder confidence in the market for newly built single-family homes rose in November to the highest level in 17 months - albeit to a still-weak level - as hope builds in the industry with mortgage rates around record lows.
The National Association of Home Builders/Wells Fargo housing market index rose 3 points to 20 in November, which is the best reading since May 2010 and above the 19 seen in a MarketWatch-compiled economist poll.
October's level was downwardly revised by a point to 17, but nonetheless the index has climbed 6 points over two months.
The seasonally adjusted index, which historically correlates strongly with single-family housing starts, is designed so that it would take a reading over 50 to be considered "good," which hasn't been the case since April 2006.
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