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U.S. Homebuilder Confidence Shows Modest Increase In June

Homebuilder confidence in the U.S. has seen a modest improvement in the month of June, according to a report released by the National Association of Home Builders on Monday, although the increase came after a downward revision to the reading for May.

The report showed that the NAHB/Wells Fargo Housing Market Index crept up to 29 in June from a downwardly revised 28 in May. Economists had expected the index to come in unchanged compared to the 29 originally reported for the previous month.

With the modest increase compared to the previous month's revised reading, the index rose to its highest level since coming in at 30 in May of 2007.

by RTTNews Staff Writer

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