Home builders confidence rises to highest level in over 6 years

Robin Humphrey —  Tuesday, November 20, 2012

Confidence among U.S. homebuilders rose this month to its highest level in six and a half years driven by strong demand for newly built  homes and growing optimism that the housing recovery will strengthen next year.

The National Association of Home Builders sentiment index increased to 46, up from 41 in October. That’s the highest reading since the housing market dropped in May 2006.

The index has been trending higher since October 2011, when it stood at 17.