News Summary: Builder confidence hits 7-year high
News Summary: Most US homebuilders optimistic about home sales for first time in 7 years
STRONGER FOUNDATION: For the first time in seven years, the National Association of Home Builders/Wells Fargo builder sentiment index signaled that most U.S. homebuilders are optimistic about home sales.
THE NUMBERS: The index, based on a survey of 255 builders, rose to 52 from 44 in May. It was the largest monthly increase since 2002. A reading above 50 indicates more builders view sales conditions as good, rather than poor.
TAKING MEASUREMENTS: Gauges of customer traffic, current sales conditions and builders' outlook for single-family home sales over the next six months also soared to their highest levels in seven years.
