Builder Confidence Climbs Third Straight Month

Washington, DC, Dec. 19, 2011 — Home builder confidence rose to a 19-month high in December, according to the National Association of Home Builders/Wells Fargo housing market index.

Confidence rose to 21 in December from 19 in November, marking the third monthly rise in a row. Economists had anticipated a 20 reading.

The index for November was downwardly revised from 20. The seasonally adjusted index, which correlates closely with single-family housing starts, is designed so that readings over 50 are considered “good,” which hasn’t been the case since April 2006.