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U.S. Homebuilder Confidence Climbs to Highest Since May 2010

Confidence among U.S. homebuilders unexpectedly climbed in November to the highest level since May 2010, a sign the outlook for construction may be stabilizing.

The National Association of Home Builders/Wells Fargo index of builder confidence rose to 20 from a revised 17 in October that was a point lower than first reported, the Washington-based group said today. Economists projected an index of 18, according to the median forecast in a Bloomberg News survey. Readings below 50 mean more respondents said conditions were poor.