Thanks for clarifying Gross vs Operating margin — I was looking at EBITDA margins to try to get a sense of actual cash margins, but I am not an expert on the accounting standards used by builders. Anyway you slice it, seems there are still fat margins and nobody is feeling any pain yet…besides the guy who bought from a builder 12 months ago!

Brookfield in 2005 has g.m. of about 34%, down to 32% in the June quarter. McMillin as you suspected is a private company. Standard-Pacific is listed and used to have 50%+ exposure to CA; now this is below 30% and includes lots of NorCal exposure.

Anecdotally, one thing I have begun to see in sales listings for homes around Carmel Valley and even Fairbanks Ranch is seller’s willingness to rent or lease out the property.