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by CareyBot

The National Association of Home Builders and Wells Fargo today reported a surge in builder confidence in the real estate market in October. The builders' group, in a monthly survey of home builders, asks builders to rate current sales of single-family homes, prospects for sales activity in the next six months, and traffic of prospective buyers. Scores from the survey are used to calculate a seasonally adjusted index, the Housing Market Index. In this index, any number above 50 indicates that more builders view sales conditions as good while fewer builders view sales conditions as poor. Builder confidence in current sales activity reached 78 in October, a five-point gain over the September index. Builder confidence in expected sales over the next six months reached 84, up nine points sin...