Home Builders Confidence Picking Up

Optimism among the nation's home builders has been flat but is picking up this month, to 68 for October's housing market index and a 1 point gain from September. The improvement is led by a 4 point rise in traffic to 53 for the best score since February. Readings on present sales and also 6-month sales both gained 1 point, to 74 and 75 respectively.

By region, the West is out in front with a 3-month composite average of 74 followed by the South at 71 with both the Midwest and also now the Northeast, which has been coming on strong, at 57.

New home sales have been flat this year but have been doing better than resales which have been edging lower. Today's results hint perhaps at year-end momentum for residential investment.