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Confidence among U.S. homebuilders is swelling to a five-year high, with many now anticipating that sales of new homes will strengthen this year even as signs point to a slowing economy.

Contracts to purchase previously owned U.S. homes matched a two-year high in May, fueling optimism the housing market is poised for a recovery.

New single-family home sales surged in May to a one-year high and prices rose from a year ago amid tightening supply, further signs the housing market was gaining some momentum.

U.S. builders started work on more single-family homes in May and requested the most permits to build homes and apartments in three and a half years. The increase suggests the housing market is slowly recovering even as other areas of the economy have weakened.

Home resales rose in April to their highest annual rate in nearly two years and a falloff in foreclosures pushed prices higher, hopeful signs for the country's economic recovery.

The government-backed mortgage financier said it made a profit in the first quarter and that it does not need additional bailout money — a first since the federal government took it over in 2008.

U.S. mortgage giant Fannie Mae made money in the first three months of the year and is not seeking additional federal aid. It's the first time the company has reported a net income gain since it was taken over by the government during the 2008 financial crisis....

Home prices rose in March for the first time since last July, helped by tighter housing inventory, data analysis firm CoreLogic said on Tuesday.

New data show price declines easing in big cities, sales of new homes improving nationally and foreclosures in California dropping to levels not seen since 2007. The housing market's long, cold winter may finally be heading into a springtime thaw.

Single-family home prices rose for the first time in 10 months, in an encouraging sign the battered sector is starting to stabilize, a closely watched survey said on Tuesday.