USA Today reported that the homebuilders' index of confidence fell to its lowest level since the 1991 recession. Given the downturn in construction that isn't surprising. It is surprising that the only source cited in the article is David Seiders, the chief economist for the National Association of Homebuilders. It would be useful to find a source who is not an interested party and who was not surprised by this downturn in the housing market.
--Dean Baker
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