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The NAHB (the National Association of Home Builders) writes:

Reflecting increasing builder concerns about conditions in the market for new single-family homes, the National Association of Home Builders/Wells Fargo Housing Market Index [HMI] declined for an eighth consecutive month to a level of 30 in September. This amounted to a three-point drop from an upwardly revised 33 reading in August, and is the lowest level the index has reached since February of 1991.

Ouch!

Housing Market Index [HMI] and the Three Components: 1995-Present (Seasonally Adjusted) (click to enlarge):


Source: NAHB/Wells Fargo Housing Market Index, via The Big Picture.

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Source: Homebuilders Index Plummets to 15-Year Low