Dive summary:

• At the middle of every month, the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) gives a snapshot of how home builders are feeling about their own industry now and the six coming months, and November came in at 46.
• If the index reaches 50 or above, more builders see things looking up than see them looking down – a situation unseen for several years. The HMI hasn't reached 46 since May 2006.
• To compile the index, builders are asked how business is going now, how they see it going in the next six months and how much traffic they're seeing from potential buyers.

From the release:

Builder confidence in the market for newly built, single-family homes posted a solid, five-point gain to 46 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) for November, released today. ...