After eight consecutive monthly declines, an index that gauges builder confidence in the single-family housing market gained one point in October. The National Association of Home Builders/Wells Fargo Housing Market Index, reached a level of 31 -- a score over 50 indicates that more builders view sales conditions as good than poor, and the reverse is true for scores below 50, the builders group reported this week. Derived from a monthly survey that the builders trade group has conducted for the past 21 years, the index is based on builder responses to several questions. Builders are asked whether current single-family home sales and sales expectations for the next six months are "good," "fair," or "poor," and the survey also asks builders whether traffic of prospective buyers is "high to ...
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