PThe latest figures show construction spending was down, but not out, in the month of November. Total spending declined 0.6% against market expectations for a decline of 1.4%. October's decline was also revised to just -0.4% from a previously reported drop of -1.2%.brbrThe residential market continues to be a lead anchor, with private residential spending down 4.2% -- the biggest decline since July's -6.2% reading. Private nonresidential spending, on the other hand, increased 0.7% after a 0.4% decline in October. Within the private nonresidential sector, spending on lodging was up 0.7%, spending on office property rose 0.9%, spending on transportation projects jumped 3.2% and spending on power facilities climbed 5.3%.brbrThe problem? This nonresidential strength simply isn't going to last. After all, as the A href=http://www.nytimes.com/2009/01/05/business/05real.html?hpNew York Times noted yesterday/A, vacancy rates are rising, rents are falling, and commercial real estate financing conditions are much tighter now than they've been in ...