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by CareyBot

A gauge of builder confidence in the housing market edged up in January compared to the previous month but was well below its level in January 2006, the National Association of Home Builders and Wells Fargo reported today. The Housing Market Index, which is based on a survey of present market conditions, traffic of prospective buyers, and expectations for sales in the next six months, rose from 18 in December to 19 in January but was down from 35 in January 2006. An index score below 50 indicates that more builders view sales conditions as poor than good. Builders' confidence in the present state of single-family home sales received a score of 19 in the index, unchanged since December and down from 36 in January 2006. The index score for single-family home sales was 28, up from 26 in Decem...