Check out the latest from the respected Economists of the National Association of Home Builders. Click the link at the end of the paragraph for a detailed report.

Economic Free-Fall Runs Through First Quarter
The contraction in real gross domestic product (GDP) for the fourth quarter of 2008 now stands at an annualized rate of -6.3%, according to the “final” estimate released by the Commerce Department on March 26. This represents a major downshift of 0.5% from the third quarter and is the sharpest decline since the depths of the 1982 recession. (Click for more)

The Labor Market Also Is Reeling
The sharp declines in spending and economic output naturally are battering the labor market. Payroll employment fell by 3.72 million during the last two quarters – an average monthly loss of 620,000 jobs. The average monthly loss for the first quarter of this year came to a whopping 685,000 jobs.The civilian unemployment rate has moved up from 6.2% last September to 8.5% in March of this year – the highest rate in 25 years. (Click for more)

House Price Performance Was ‘Mixed’ Early This Year
Widely different signals are being thrown off by available measures of house prices for the early part of this year. Indeed, some of the reported price changes really challenge credibility, particularly the purchase-only repeat-sales National House Price Index (HPI) produced by the new Federal Housing Finance Agency (formerly OFHEO). (Click for more)

Consumer Confidence and Sentiment Remain in the Doldrums
Key measures of consumer confidence by the Conference Board and consumer sentiment by the University of Michigan remained at or below their respective record lows in March – primarily because of the extremely weak labor market conditions prevailing at that time as well as a weak outlook among consumers for income over the next six months. (Click for more)

Policy Stimulus Is Accumulating
Despite some rough spots in its design and implementation, it’s fair to say that the multi-faceted policy blitz enacted in 2008 and 2009 will limit the depth and duration of the national and global economic recessions and support the housing sector in the process. (Click for more)

The Shape of Things to Come
Although uncertainties abound, particularly in the financial system, it’s likely that the combination of corrective market forces and the unprecedented policy blitz will arrest the economic free-fall in the near term, paving the way for stabilization in the latter part of this year and for the early stages of recovery in 2010. (Click for more)