Confidence at 16-month high

WASHINGTON - Confidence among the nation's home builders remained strong during April, approaching its highest level in the past 16 months, spurred by strong demand for new single-family homes and continued low mortgage rates.

The monthly Housing Market Index compiled by the National Association of Home Builders (NAHB) and Wells Fargo Bank moved up three points to a reading of 70, close to the high side of the 67-71 confidence range that builders have held for more than a year.

The component of the index which gauges sales of single-family homes rose three points to a level of 76, and the component gauging sales expectations for the next six months came in with a reading of 77.