BUILDING CONFIDENCE: The National Association of Home Builders/Wells Fargo builder sentiment index rose two points in August to 37, up from 35 in July. That's the highest reading since March 2007.

BRICK BY BRICK: The index has been trending higher since October and only dipped once since January. That suggests housing is strengthening after years of stagnation.

OPEN HOUSE: Builders reported seeing the best sales level since February 2007. Their outlook for sales in the next six months is at the highest level since March 2007. Turnout by prospective buyers returned to levels not seen since May 2006.