It's a long climb to where we were.
The National Association of Home Builders and Wells Fargo just released their monthly housing market index, and it's up one point. The index came in at 18 for August, the second increase in two months and the highest it's been in over a year.
Breaking down the numbers, the increase has more to do with expected housing sales than current sales, which remained unchanged this month. Expectations for sales over the next six months rose to 30 points from 26. That prediction is based on an increase in people are looking to buy a house: the index of buyers' traffic rose from 13 to 16.
Still, analysts were expecting the index to rise to 19 this month, and the current number is a far cry from its height during the bubble -- it hit 72 in 2005. And the index is still among the lowest it's ever been since NAHB began recording numbers in 1985.