Thanks for the articles, finman69. They will be added to my growing list of articles on housing that all point in one direction...down.
The first graph shows Starts vs. Completions. Starts have fallen "off a cliff", but completions have just started to fall.
This graph shows starts, completions and residential construction employment. (starts are shifted 6 months into the future). Completions and residential construction employment are highly correlated, and Completions lag Starts by about 6 months. Based on historical correlations, it is reasonable to expect Completions and residential construction employment to follow Starts "off the cliff".