Home-builder confidence in West, U.S. rising but still low

Home-builder confidence across the country has reached its highest level since May 2007, according to the National Association of Home Builders/Wells Fargo Housing Market Index. The national rate for June went up one point to reach 29 on a scale of 100. This was a significant annual increase from a score of only 13 in June 2011. In the West region, which includes Arizona, builder confidence was higher, reaching 33 in June after some fluctuation this year. In June 2011, the index was only 11 in the West region. Despite the improvement, more builders nationally and in the West still reported a negative outlook on the market. The index is based on a survey that measures builder perceptions of single-family home sales and expectations as good, fair or poor.

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