Homebuilders Remained Confident in January on Rising U.S. Sales

Confidence among U.S. homebuilders held in January near its highest level in eight years, indicating the residential real-estate market will continue to contribute to economic growth in 2014.

While the National Association of Home Builders/Wells Fargo builder sentiment gauge fell to 56 from 57 in December, readings greater than 50 mean more respondents report good market conditions, figures from the Washington-based group showed today. The median forecast in a Bloomberg survey called for 58.

Home construction has been a source of strength for the economic expansion, propelled by job gains and rising property values. The market has weathered an increase in interest rates and prices are forecast to continue rising this year.

(Source : www.bloomberg.com )