Employment in residential construction naturally continues to trail down systematically as housing production continues to weaken. NAHB stated that falling house prices continue to take heavy tolls on household wealth, consumer spending, mortgage credit quality and the national and global financial systems.

Numerous vacant housing units remain on and off the market, but massive cutbacks in new housing production along with prospects for near-term stabilization of home buyer demand should be improving the supply-demand balance before long. – Courtesy of NAHB