Homebuilder Confidence Index Reaches Near Eight-Year-High

Housing market index also up

Homebuilder confidence in the U.S. has unexpectedly seen a continuedimprovement in the month of August, the National Association of Home Builders revealed in a report on Thursday, with the index of homebuilder confidence rising to its highest level in nearly eight years.

The report said the NAHB/Wells Fargo Housing Market Index rose to 59 in August from a downwardly revised 56 in July. Economists had expected the index to edge down to 56 from the 57 originally reported for the previous month