First of all, I think this is a good thing. With record inventory why are people rooting for additional supply? Bloomberg reports:
Builders broke ground on the fewest homes on record in April as work on multifamily units plunged, a sign that sales and home prices may have farther to fall before the housing market reaches a bottom.
The 13 percent decrease to an annual rate of 458,000 was led by a 46 percent decline in multifamily starts and followed a 525,000 pace the prior month, the Commerce Department said today in Washington. Building permits, a sign of future construction, fell 3.3 percent to a record low pace of 494,000.