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The housing sector continues to be a bright spot for the economy. Home construction had its strongest quarter since 2008.

The news is another sign that the housing sector's recovery continues. Also Tuesday, there was word that consumer prices fell 0.2 percent in March. The decline was led by a 4.4 percent plunge in gas prices.

For agencies administering the low-income housing program, mandated federal budget cuts are forcing cutbacks on several fronts. But some of the belt tightening is yet to come.

The housing sector, which saw its bubble burst in 2007 and 2008, is now one of the economy's bright spots.

But the Federal Reserve chairman warns Congress that the "sharp, front-loaded spending cuts" that would come with the so-called sequester could hurt the economy. He recommends "policies that reduce the federal deficit more gradually in the near term but more substantially in the longer run."

The housing sector has been among the economy's bright spots. The news about single-family homes is a sign that trend will continue.

The day's economic news is on the positive side: 37,000 fewer people filed claims for unemployment benefits last week; and home construction surged in December and last year.

Though the pace dipped 0.3 percent from September to October, it was up 17.2 percent from September 2011. It's another sign that the housing sector is on the mend, though growth has been somewhat uneven.

The pace of sales was up 5.7 percent in September vs. August, and was 27.1 percent higher than in September 2011. Today's news is further evidence that the housing sector is on the rebound.

While the pace of sales barely changed, the median price was up 11.2 percent. It's another sign of a recovering housing sector.