If recent new-home sales figures indicate a slight economic downturn, that may be good news for the industry in terms of bringing material supply closer to demand, says NAHB chief economist David Seiders.

George S. (Geoie) Writer jr. has been to the mountaintop, and he's also seen the valley.

Residential building permits nationwide were issued at a seasonally-adjusted annual rate of 1.612 million units during august 1999.

Four of last year's Top 15 areas--ranked in terns of the number of residential permits issued for all of 1998--have let fewer permits through the first eight months of this year than over the first two-thirds of last year.

Through July of 1999, total housing permits issued in four of last year's top 15 metropolitan areas for new housing were below the toal for the first seven months of 1998.

Building permits nationwide were issued at a seasonally-adjusted annual rate of 1.632 million units during July, an increase ofa slight 0.4% from July 1998, but 0.5% lower than in June 1999.

While revenues surged to al-time high levels for the nation's largest homebuilders, industry analysts agree that the third quarter witnessed a transition.

The Conference Board's composite Consumer Confidence Index (CCI) dropped for the second straight month during August, but was higher than the same month last year.

Following a sharp drop in june, total housing starts rose sharply in July.