NAHB Chief Economist David Seiders reported that the economy has now entered a mild recession. Immediate action by the government to stimulate the housing market and consumer spending is critical for the nation's recovery.

"The worse-than-anticipated housing downturn, combined with systematic weakening in the labor market and rapidly rising energy and food prices, has taken a heavy toll on American consumers," Seiders said. "It's now clear that we have entered what we anticipate will be a mild recession."

Read Seiders's full statement to the media. [Return to top]