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by CareyBot

It seems that no news is good news these days when it comes to the U.S. housing market. This week, the National Association of Home Builders hosted a Construction Forecast Conference that took a hard look at sobering market statistics while supplying glimpses of hope for a turnaround. Eric Belsky, executive director for the Joint Center for Housing Studies at Harvard University, said that home builders are "trying to pull out of a nosedive" by dramatically cutting back production rates. "They're trying their damnedest to get out of this," he said. The unsold inventory had ballooned more quickly than anticipated, though, and single-family overbuilding is a key threat to house prices and starts, Belsky noted in his presentation at the conference. Total housing starts this year are expected t...