The NAHB/Wells Fargo housing market index rose 2 points to a reading of 21 from a downwardly revised 19 in November. Economists, on average, were expecting homebuilder confidence to come in at 20 in December, according to a Thomson Reuters survey. A reading above 50 indicates a favorable outlook on home sales. A reading below this indicates a negative outlook. "While builder confidence remains low, the consistent gains registered over the past several months are an indication that pockets of recovery are slowly starting to emerge in scattered housing markets," NAHB chairman Bob Nielsen said in a statement. -- Written by Andrea Tse in New York. >To contact the writer of this article, click here: Andrea Tse.
NEW YORK ( TheStreet) -- Homebuilder sentiment rose for a third consecutive month in December, according to the National Association of Home Builders.