New home industry expectations up

The NAHB and Wells Fargo index improved month-to-month, along with new sales expectations:

More signs the U.S. economy was exiting its worst recession in 70 years emerged on Monday with reports showing confidence rising among homebuilders, factory activity perking up in New York state and credit card defaults slowing.

The National Association of Home Builders and Wells Fargo said their Housing Market Index edged up one point to 18 in August -- the highest level since June 2008 and the second consecutive monthly gain.

The residential housing market's three-year slump shows signs of turning the corner. In the NAHB survey, the sales expectations measure for the next six months climbed four points in August to 30. The traffic of prospective buyers index rose three points to 16 in the same month.

SOURCE: REUTERS