Magazine
Thousands of woodworking industry jobs have been eliminated by the implosion of housing sales — both new and existing stock — and with it the interior wood installations and appointments that drive many parts of the custom woodworking market. With two million loans in foreclosure — 4.6% of the total number of U.S. mortgages — the pipeline for new construction and remodeling is at once empty, and clogged with existing stocks of vacant, unwanted housing, with some 3 million homes standing vacant.