Strike Symbol Last Chg Bid Ask Vol Open Int
15.00 YRIMC.X 1.40 0.00 1.10 1.25 1 279
20.00 YRIMD.X 2.45 0.35 2.70 2.80 123 4,816
So if you’re very bearish about DHI, a 20 put would pay if DHI drops to 17 or less in 1.5 years. If they return land options and/or reduce prices more then it could work. Problem is that some deep value managers are starting to buy homebuilders, so they must see some value here. Its a big risk since the stocks are sitting at only 5 times earnings.
