By Ruth Mantell
WASHINGTON (MarketWatch) -- A gauge of home-builder confidence paused this month, as a reading on views for upcoming sales slightly declined, according to a report released Monday. The National Association of Home Builders/Wells Fargo housing-market index was 54 in November, matching a downwardly revised reading for October, which was the lowest in four months. Economists polled by MarketWatch had expected a November level of 55, matching NAHB's prior estimate for October. Results above 50 signal that builders, generally, are optimistic about sales trends. "The fact that builder confidence remains above 50 is an encouraging sign, considering the unresolved debt and federal budget issues cause builders and consumers to remain on the sideline," said David Crowe, NAHB's chief economist. The builder-confidence gauge has increased 20% over the past year, supported by pent-up demand. The gauge is at higher levels than those typically associated with current construction readings.
