Homebuilders gain optimism

Homebuilders gain optimism

Confidence among U.S. homebuilders is at a five-year high according to their naitonal association.

The NAHB/Wells Fargo Housing Market index rose one point from the month before to 29, in another sign that the housing market may be slowly heading into recovery, and one point ahead of the expectations of economists polled by Reuters. May's reading was previously reported as 29.

The index, however, was still below 50, meaning more builders view market conditions as poor than favorable. It has not been above 50 since April 2006.

Read more at Reuters.