The New York Times reported yesterday that no end is in sight for the downturn in housing.

This reports comes on the heels of those that signaled consumer spending is down again, as well.

The Times reports, "Home construction in March fell to an annual pace of 510,000 units, the Commerce Department reported, less than economists’ expectations of 540,000 units. It was the second-lowest level on record, and 48.4 percent lower than housing starts a year ago.:

Adding to the bad news, foreclosures are still at record levels, and building permits were down as much as 9 percent in February.

James J. Saccacio, chief executive officer of Realty Trac reported, "In the month of March we saw a record level of foreclosure activity -- the number of households that received a foreclosure filing was more than 12 percent higher than the next highest month on record."

Published: April 17, 2009

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