From John Williams’ Shadowstats.com:
John does not see this as a recovery nor do I. People are not confident enough to buy a new house these days. What they are being told is not the same as what they are experiencing. Builders are risk takers and they will start new houses hoping to see the economy return back to pre-2006 levels. Mr. Bernanke sees this as well hence QE3, 4, 5, etc.