Homebuilder Confidence in U.S. Hovers Around Nine-Year High

Confidence among U.S. homebuilders hovered in December close to a nine-year high, indicating the residential real estate recovery continues to make progress.

While the National Association of Home Builders/Wells Fargo sentiment gauge decreased to 57 this month from 58 in November, readings greater than 50 mean more respondents said conditions were good, the Washington-based group reported today. The median forecast in a Bloomberg survey projected an advance to 59.