Home-builder Confidence Rebounds, Close To Nine-year High

A gauge of confidence among home builders rebounded this month, rising four points to 58, reaching close to the highest level in nine years, according to National Association of Home Builders/Wells Fargo data released Tuesday. Readings above 50 signal that builders, generally, are optimistic about sales trends. November marks the fifth consecutive month of above-50 readings. The gauge had dropped in October from a nine-year high hit in September. Economists polled by MarketWatch had expected the gauge to rise to 56 in November from 54 in October. Also Tuesday, NAHB reported that its barometer of builders' views on present sales of single-family homes rose five points to 62 in November. Meanwhile, a barometer of builders' views on upcoming sales rose two points to 66. And a gauge of prospective-buyer traffic increased four points to 45.