The National Association of Home Builders (NAHB) said it plans to eliminate 52 positions from its payroll — about half of which are currently vacant – as part of an effort to trim $11.5 million from its operating budget in 2009.

“The stark financial realities confronting our association and industry cannot be ignored. Projected income from NAHB’s two principal sources — membership and trade shows — will be down significantly in 2009,” said Jerry Howard, the trade association’s president and chief executive officer, in a statement.

The housing industry has been particularly hit hard as the nation stumbled into a recession late last year. Home foreclosures have reached record highs and have been blamed for causing the global credit crunch, forcing this fall’s $700 billion bailout of Wall Street firms by Congress.