Confidence among U.S. builders ticked up this month to a five-year high, an indication that the housing market is slowly improving.
The National Association of Home Builders/Wells Fargo builder sentiment index rose in June to 29, the highest reading since May 2007. It increased from a reading of 28 last month, which was revised down one point from its initial figure.
The index, which was released Monday, has risen in seven of the past nine months, suggesting builders see the seeds of a recovery taking shape after years of stagnation.
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