NAHB results indicates market confidence

The National Association of Home Builders' Housing Market Index increased to 71 in August, up four points compared to July's revised number and equal to its year-ago level. The NAHB attributed the rise to declining mortgage rates and rising the market confidence for new single-family home sales. This is the strongest reading on the Index since last October when it hit 73. Analysts said this release might be indicative of Tuesday's Housing Starts release. Expectations are that Housing Starts will rebound after dipping significantly in June.