NAHB Calls on Feds to Prevent Further Market Crisis in Housing Industry

The National Association of Home Builders (NAHB), with its annual Fall Board of Directors meeting in Seattle taking place, issued a statement on Friday that came in the wake of the release of August employment figures showing that the United States economy was hit with its first decline in payroll employment for the first time in almost four years, including a large fall of 23,000 jobs in the residential construction industry.

The National Association of Home Builders is a Washington-based trade association which represents over 235,000 members involved in home building, remodeling, multifamily construction, property management, subcontracting, design, housing finance, building product, and house manufacturing, and is known as "the voice of the housing industry."

"In light of the significant decline in employment reported today, NAHB and its 2800 board members call on the Administration, Congress, and federal regulators -- along with stakeholders in the private sectpr-to work in concert to prevent further deterioration in the housing market and erosion of growth in the nation's economy. Today's job report jolted Wall Street, demonstrating the paramount importance of restoring consumer and
investor confidence in the U.S. economy and housing market," stated Brian Catalde, president of the NAHB.

The housing industry is facing an economic crisis due to the bursting of the housing mortgage bubble earlier in the year, which some financial analysts were predicting a few years ago.