Home builder confidence spikes in the West

Home builder confidence in October reached a four-year high in the West, according to the National Association of Home Builders/Wells Fargo Housing Market Index released today. The region led all other areas of the country after posting unchanged confidence levels during August and September. The Midwest and South each reported small gains in confidence, while the Northeast held steady, the report showed. Nationally, home builder confidence rose in October by the largest amount since the home buyer tax credit program boosted the market in April of 2010. David Crowe, National Association of Home Builders chief economist, said the latest boost in builder confidence is a sign that some pockets of recovery are starting to emerge as a result of favorable interest rates and low home prices.

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