Homebuilders are slowly seeing signs that the housing market may be picking up and as it already has reached the bottom with the largest monthly increase since 2003 according to the National Association of Home Builders.

The Housing Market Index, a survey-based measurement of sales, as well as sales expectations, increased by more than 50% to 14 from its previous level of 9 according to the National Association of Home Builders. This is the biggest increase since May 2003.

More housing news is expected as the Commerce Department is expected to announce that building permits reached 550,000 in March from 547,000 in February according to a consensus of estimates gathered by Briefing.com

The Census Bureau is also expected to report that housing starts totaled 550,000 in March from 583,000 from February.