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Here Comes Homebuilder Confidence...

Mamta BadkarAug 15, 2013, 19:09 IST

REUTERS/Mike BlakeThe NAHB housing market index (HMI), a gauge of homebuilder sentiment, for August is out at 10 a.m. ET.

Economists polled by Bloomberg are looking for homebuilder confidence to hold steady at 57. This is the highest reading since January 2006.

A reading over 50 shows that more builders think sales conditions are good rather than poor.

Investors track this index because it is a leading indicator for housing starts. Though some like Paul Diggle at Capital Economics argue that NAHB has a "history of over-exuberance as a predictor of starts."