Builder Confidence Hits Six-Year High

Washington, DC, Oct. 16, 2012 -- Home builder confidence in October edged higher to the best reading in more than six years, according to the National Association of Home Builders/Wells Fargo housing market index.

The index rose 1 point to 41, marking the highest level since June 2006.

Economists anticipated a slightly better read of 42.

The index has surged from as low as 17 a year ago.

A reading of more than 50 indicates that more builders than not see good conditions.