Guys, even if there is increased new home traffic, remember the cancellation rates are astronomical, just this morning KB said theirs is running 48%! There are some select buyers who are scared that they may miss “the bottom”, but give them some time to think over their decision and they are backing out en masse. I really won’t be scared that this thing is over until 1) subprime lenders stop imploding 2) cancellation rates seriously decrease 3) builders stop stampeding out of land contracts 4) foreclosures stop exploding. I don’t foresee any of these happening for at least 2-4 years.
