Builder Sentiment at Highest Level in Five Years

Washington, DC, June 19, 2012 -- The National Association of Home Builders/Wells Fargo housing index of builder sentiment edged up in June.

The association said its sentiment gauge rose to 29 in June from May's slightly revised figure of 28.

The latest reading is the highest since May 2007 but it's still well below the level considered healthy. A reading of 50 or better signals that more homebuilders view conditions as good instead of poor.

The index's current sales gauge rose two points to 32, the highest since May 2007.