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News Summary: Builder confidence hits 7-year high

The Associated Press

STRONGER FOUNDATION: For the first time in seven years, the National Association of Home Builders/Wells Fargo builder sentiment index signaled that most U.S. homebuilders are optimistic about home sales.

THE NUMBERS: The index, based on a survey of 255 builders, rose to 52 from 44 in May. It was the largest monthly increase since 2002. A reading above 50 indicates more builders view sales conditions as good, rather than poor.

TAKING MEASUREMENTS: Gauges of customer traffic, current sales conditions and builders' outlook for single-family home sales over the next six months also soared to their highest levels in seven years.