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Builder confidence climbs from basement

NAHB index at highest level since May 2008

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An index gauging the confidence of homebuilders rose for the third month in a row in September to its highest level in more than a year, but far more builders still see conditions as poor than good.The National Association of Home Builders/Wells Fargo Housing Market Index, which measures builder confidence in the market for newly built, single-family homes, rose one point from August to September, to 19 -- its highest level since May 2008.Two of the index's three components were up in September -- an index gauging current sales and an index gauging traffic of prospective buyers. But an index gauging sales expectations for the next six months declined one point, to 29.A score under 50 indicates that more builders view sales conditions as poor than good.The decline in the index component gauging sales expectations for the next six months is a sign that builders are aware that "this is a very fragile recovery period and several major hurdles remain that could stifle the positive mome...