Homebuilding Down

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The housing boom could be over. According to the Associated Press, construction activity in October fell the largest amount since shortly after the September 2001 terrorist attacks.

The AP reported new home building fell for seven consecutive months.

"In total from our entire shop about nine plumbers got laid off just because we didn't have enough business to keep everybody busy," Matthew Griffin, a plumber who works on new homes, said.

Perry Di Loreto, of Di Loreto Homes of Nevada, said he's not hiring as many people and has had to lay some off. Di Loreto said during the past few years, more homes were being built than there was actually demand for.

If there is an excess number of homes for sale, it may be a buyer's market. The AP reported some builders are offering incentives to buyers, like kitchen upgrades and swimming pools.

But Griffin is hoping new construction will pick up, and he won't be out of a job. "I know at least one of our plumbers found another job pretty easily... there's work out there, there's just not a whole lot of it," he said.