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News Summary: US builder confidence rises in May

The Associated Press

STRONGER FOUNDATION: The National Association of Home Builders/Wells Fargo builder sentiment index rebounded this month, reflecting improved sales trends during the spring home-selling season.

BUILDING: The index, based on a survey of 290 builders, rose to 44 from 41 in April. It was the first monthly increase since December. Readings below 50 suggest negative sentiment about the housing market.

TAKING MEASUREMENTS: Builders' outlook for sales over the next six months rose to its strongest point in more than six years. Measures of customer traffic and current sales conditions also improved from April's reading.