Building Permits at 20-year Low

Or close to it. Building permits in March dropped to the lowest level since at least 1990. Builders have such a backlog, they're having to stop building to clear it out. Which really means they can't get new construction financing until they clear some of their old construction financing off the deck. Which really really means that their cash flow, the life blood of any business and especially construction, has come to a standstill. I think the Chapter 11s are just getting started.