NAHB

50 is the dividing line between positive and negative with 0 being the lowest.  The index fell to 9 from 14.  New record low.

18 is the all time low level reached in December 2007.  This is a builder survey and until that time when New and Existing home sales supply declines (they are near 10 month supply for each), there is no incentive for builders to build.  It is as simple as that.  If the number improved I would be more skeptical at this point....

The good news is the index is stable and not getting any worse.

This is near the historic lows.

The NAHB Housing index came in at 19 as expected. This equals the level from the last 2 months and represents a 20 year low for the index.  The index that measures the expectation for the Next 6 Month rose from a low of 24 last month to 26 (was 53 in February however) and Traffic of Perspective Buyers declined to a new low of 14 from 17 last month.

The level is the lowest level on record since the start of the survey in 1985. 

The Present Conditions stayed the same at 18.  The Next 6 Month expectation index declined to 25 from 26 and the Traffic Index rose to 17 from 15.  All are near or at record lows.