“Reflecting increasing builder concerns about conditions in the market for new single-family homes, the National Association of Home Builders Housing Market Index 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.”

And this bust is just getting started. The previous bust was well underway in early 1991.