Housing Stock Indexes Continue To Fall

The chart below shows the performance of three U.S. housing stock indexes this year. They are all down YTD, with the Home Construction Index down the most (almost 25%). If the high in January is used as a reference level, then both the Home Construction Index and the Housing Sector Index are in bear market territory (given one defines a bear market as a 20% decline from highest close). To me, this performance is of great concern.