NEW YORK (Reuters) -- Homebuilders' confidence rose in February to its highest level since June 2006 as low mortgage rates and sales incentives helped boost demand, the National Association of Home Builders said Thursday.
The NAHB/Wells Fargo Housing Market Index jumped to 40 from 35 in January, its highest reading since hitting 42 in June 2006, the group said. The index has also rebounded from a 15-year low of 30 notched in September 2006.
Economists polled by Reuters had forecast the index to be unchanged. Readings below 50 indicate more builders view their market conditions as poor rather than favorable.
"The ... results are consistent with Federal Reserve Chairman Ben Bernanke's assessment to Congress this week that there are signs of stabilization on the demand side of the housing market," said David Seiders, chief economist at NAHB.
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Monday, February 19, 2007
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