THE modern ECONOMIC CYCLE WAS char...

THE modern ECONOMIC CYCLE WAS characterized from a massive inventory cycle in the manufacturing sector that helped drive the economy into recession and then helped kick-start the regaining that began early this year. In the past, large swings in inventories of novel homes were part-and-parcel of so a cyclical pattern. But this time was different, and there's plenitude of credit to go around.

THE FACTS

Single-family housing production remained robust in the latter stages of the economic