This is one ugly chart.................................

Our crystal ball, way back in the dark times of 2008, suggested that single-family home construction would not pick up again until 2011-12.  Wow, were we ever wrong.  A reading of housing construction history would suggest that there must be significant pent-up demand.  Hope springs eternal.

The blue line represents single-family housing starts.  The red line represents "builder confidence."   Back story is here.