I was listening to Bloomberg radio and the spin was that this was good news as it showed that the builders were taking the downturn seriously and are bringing construction to a halt more quickly than forecast. I suppose if you look at it that way, it is good news. The bad news is all those employed in construction/furnishing/mortgage/realtor/title-work/ect are out of work. As shown by the market today (up 150 points mid-day) nobody cares about bad news anymore. The banks posted horrible earnings for the most part but since it was less then forecast, it is good news. Strange.