This is why no one in their right mind is building anything. Construction spending is down for the 11th time in 13 months.

Freddie Mac seems to have realized the gravity of the situation though. Yesterday, I wrote about their doubling the payments to servicers for loan workouts, and today we discover that they are ending bonuses for servicers who foreclose quickly.

It makes sense. When times are good, you just want the stuff off your books and resold quickly, but when times are bad, you go broke doing that.