Homebuilder confidence in the U.S. jumped much more than expected in the month of June, according to a report released by the National Association of Home Builders on Monday, with the group's homebuilder confidence index surging up to a seven-year high.
The report said the NAHB/Wells Fargo Housing Market Index soared to 52 in June from 44 in May. Economists had been expecting the index to show a much more modest increase to a reading of 45.
With the much bigger than expected increase, the index reached its highest level since hitting 54 in March of 2006.
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