According to the National Association of Home Builders Chief Economist, David Seiders, Congress needs to consider aiding the real estate market with more economic stimuli.

"Things are a lot worse than any of us had anticipated six months ago," Seiders said in a recent statement, and the nation’s housing market continues to sicken. "Risks are piling up on the down side. These are tough times, no question," he said.

NAHB is forecasting 936,000 total housing starts for 2008, a 30.2% decline from the 1.34 million homes produced last year. Starts in 2009 are projected to slide 16.2% further, to 784,000 units, and 2010 would bring production up to the 1.0 million level.

Published: October 24, 2008

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