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U.S. home builder sentiment climbs in Oct-NAHB

U.S. homebuilder sentiment climbed in October, after slumping for eight straight months to a 15-year low, reflecting a drop in mortgage rates and a rosier consumer mood, the National Association of Home Builders said on Tuesday.

The NAHB/Wells Fargo Housing Market index eked out a 1 point gain to 31 in October from 30 in September, the group said.

"This is attributable to several key economic factors: mortgage interest rates have fallen substantially from their summer highs, energy prices have dropped dramatically from their recent peaks, consumer sentiment has posted a strong rebound and the job market is doing reasonably well," NAHB chief economist David Seiders said in a statement.

Economists polled by Reuters had expected the index would stay at September's 30 reading. The index had slid 3 points in September to its lowest level since February 1991, when the economy slipped into recession.

Readings above 50 mean more builders view market conditions as favorable than poor.

http://today.reuters.com/news/articleinvesting.aspx?type=bondsNews&storyID=2006-10-17T170012Z_01_NYD000037_RTRIDST_0_ECONOMY-HOUSING-URGENT.XML