Data showing that home building fell to a record low in April have dashed some hopes that the housing market has hit bottom. Many analysts see a recovery in housing from its three-year slide as necessary before the economy can begin to rebound. (See separate story.)
But the drop in construction also means the market is likely to work though its excess inventory that much faster.
The Dow Jones industrial average is down 20 at 8,484. The Standard & Poor's 500 index is down 3 at 907, while the Nasdaq composite index is down 10 at 1,722.
http://accesswdun.com/article/2009/5/220496