The news from the housing sector continues to disappoint. The latest report, on new residential construction for April, showed that single family housing permits - generally considered the primary leading indicator for housing - dropped 1.8 percent from the previous month.
But the bigger picture looked even worse: Single-family housing permits have fallen 18.6 percent over the past year. And as you'll recall, the housing market wasn't exactly healthy a year ago. Since these permits reached their peak in September 2005, they have fallen off by a whopping 78.6 percent.
Single-family housing starts are, if anything, in an even worse position. They've dropped 30.4 percent from where they were in April 2010, and are off 78.4 percent from their peak in early 2006.
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