U.S. homebuilder confidence rose despite decrease in housing starts

11/17/2010 | Bloomberg · Los Angeles Times (tiered subscription model)

The confidence index of the National Association of Home Builders/Wells Fargo climbed from 15 in October to 16 in November while construction of new houses dropped 11.7% in October, according to Commerce Department data. Foreclosures and unemployment continue to hamper housing demand, but some builders think the market for new residences is improving, according to NAHB Chairman Bob Jones. Meanwhile, housing starts decreased to a seasonally adjusted rate of 519,000 in October, mainly driven by a decline in the building of multifamily dwellings.

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