Residential construction finds a bottom

Amidst the pervasive doom and gloom it's nice to find nuggets of good news. After falling by half in the past 30 months, residential construction has been relatively stable for the past three months. It's reached the lowest level relative to the economy (just over 3%) since the government began keeping the numbers. It wouldn't be hard to guess that we've seen the worst, at least for this sector of the economy.