MW: Top home-builder sentiment rise in nearly decade
By Steve Goldstein
WASHINGTON (MarketWatch) - Home-builder sentiment in July surged the most in close to a decade to bring the level to the highest point since the recession. Builder confidence for newly built, single-family home climbed 6 points to 35, the highest level since March 2007, according to the National Association of Home Builders/Wells Fargo housing market index released Tuesday. Economists polled by MarketWatch had forecast a reading of 30. The index is designed so that a reading of 50 is considered good, which hasn't been the case since April 2006. Shares of home builders also have enjoyed a tremendous rally, with the iShares Dow Jones U.S. home construction index exchange-traded fund ITB -0.71% more than doubling from its October low.
