Speakeasy forum: More good news......

by: JP Bill November 19, 2012 1:50 PM PST

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More good news......

by JP Bill - 11/19/12 1:50 PM

Steady US housing recovery is boosting economy

Helping drive the housing rebound is growing confidence among builders. An index of builder sentiment compiled by the National Association of Home Builders/Wells Fargo builder rose to 46 this month, up from 41 in October. It was the highest reading since May 2006, just before the housing bubble burst.

Readings below 50 signal negative sentiment about the housing market. The index last reached that level in April 2006. Still, the index has been rising since October 2011, when it was 17. It's surged 27 points in the past 12 months, the sharpest annual increase on record.

A second report Monday said sales of previously occupied homes are near five-year highs, excluding temporary spikes in 2009 and 2010 when a homebuyer tax credit boosted purchases. Sales rose 2.1 percent in October to a seasonally adjusted annual rate of 4.79 million, the National Association of Realtors said.

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