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Homebuilder Confidence in U.S. Climbs to Five-Year High

Confidence among U.S. homebuilders climbed in June to a five-year high, indicating a brighter outlook for residential construction.

The National Association of Home Builders/Wells Fargo confidence index rose to 29, the highest since May 2007, from a revised 28 in May that was lower than first estimated, a report from the Washington-based group showed today. The gauge exceeded the median estimate of 28 in a Bloomberg News survey. Readings below 50 mean more respondents said conditions were poor.