US home builders confidence rises to record high

The National Association said today that the US homebuilder confidence index rose for the third month in a row, by 6 points, to record 78 points during the month of August, its highest level ever since the start of registration in 1998.

Analysts had expected the US homebuilder confidence index to rise to 73 points in August, after rising to 72 points in July. The default rate on home mortgage payments rose to 8.2% in the second quarter, the largest quarterly increase ever.

The data also showed that the Empire State Manufacturing Index in New York State fell at a record rate of 3.7 points in August, compared to 17.2 points in July, and analysts had expected the Empire State Index to decline to 15 points in August.