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News Summary: Builder confidence, sales outlook up

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The Associated Press | July 16, 2013 11:31 AM EST | AP


STRONGER FOUNDATION: The National Association of Home Builders/Wells Fargo builder sentiment index surged this month, a trend that suggests home construction will accelerate in coming months.

THE NUMBERS: The index, based on a survey of 281 builders, rose to 57 from 51 in June. It was the third consecutive monthly gain. A reading above 50 indicates more builders view sales conditions as good, rather than poor.

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