U.S. Homebuilder Confidence Nears 8-Year High, Foreclosure on Pace for 6-Year Low
Confidence among U.S. homebuilders is at its highest level in nearly eight years, and applications to build single-family homes are at a five-year high.
The National Association of Home Builders/Wells Fargo builder sentiment index jumped to 59 this month from 56 in July. November 2005 was the last time the reading was higher. Any reading above 50 indicates more builders view sales conditions as good, rather than poor.
Another bright spot on the horizon is a decreased number of homes being foreclosed on in the U.S.
New data shows that the U.S. is on track to end the year with the fewest homes repossessed by lenders in six years.
At the monthly average so far this year, completed foreclosures are projected to total nearly 490,000 this year -- 27 percent below 2012's total.