Confidence amongst home builders moved up slightly from an all-time low in February, according to a report issued by Wells Fargo and the National Association of Home Builders (NAHB) on Tuesday.

The housing market index rose to 9 in February, following the previous record low reading of 8 in January.


The index, which has a 22-year history, consists of three components.

The sales expectations component fell two points to 15 in February, while the present housing component for single-family homes rose one point to 7. The component looking at traffic of prospective buyers rose three points to 11.

Over the past three years, the index has fallen from 61 to a reading of 8. A rating above 50 indicates optimism by home builders; a reading below 50 indicates pessimism. The all-time low prior to the current credit crunch was 19.

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