Homebuilder confidence increased for the fifth consecutive month in February, according to a report released by the National Association of Home Builders on Wednesday, with the index of homebuilder confidence jumping to its highest level in more than four years.
The report showed that the NAHB/Wells Fargo Housing Market Index surged up to a reading of 29 in February from a reading of 25 in January. Economists had been expecting the index to edge up to a reading of 26.
With the much bigger than expected increase, the index rose to its highest level since coming in at a reading of 30 in May of 2007.
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