Lean thinking is a process focused on increasing the value added to products and services and the reduction of waste. The term “lean,” coined by Womack during one of his visits to the Japanese carmaker Toyota in the early 1980s (Womack and Jones 2003), has become the universally accepted term for increasing value and reducing waste.

In May, aggregate housing data was mixed; with new single-family housing exhibiting declines in permits, starts, spending, and sales. Month-over-month data were lackluster as well, with the exception being total housing completions. Year-over-year total housing permits and completions are now negative. Regionally, data were mixed across all sectors. From the depths of 2009, housing has improved; yet, most sectors of the housing market remain well less than their respective historical averages.