This morning the Census Bureau reported housing starts at an annual rate of 464,000 for January 2009. At a nearly 80% decline from the high of 2,273,000 starts of January 2006, the collapse in housing starts is now not just the worst since the modern data series was started in 1959, it is also worse than the 75% decline during World War 2. The only worse decline is the 90% decline between 1927-1935.