George Chamberlin was actually discussing this this morning. He couldn’t wipe the smile off his face. I hate that guy. He doesn’t have a clue. Housing starts doesn’t mean anything. If anything it means that plenty of projects were started during this boom and they are now coming to fruition. The entitlement process (especially in So Cal) can take up to 5 years. Developers aren’t going to walk away from projects after spending many years and million of dollars just because the market starts to change. They’ll rush to build what’s finally been approved, discount if necessary, and get out.