Despite hopes that the housing market is starting to bottom out, the National Association of Home Builders is still struggling to lower its costs.

The Washington-based trade group will close its offices for the business week starting Aug. 24 and for the three days before Thanksgiving in the final week of November, Jerry Howard, chief executive officer, said in an interview. That will mean eight unpaid working days off for all of the 341 staff members.

The association has reduced its work force by about 15% since December. The need to slash costs results from a steep drop in fees from members.

Wall Street Journal