SD Realtor,
Not sure if I can agree with your comment that the developers will be well suited to deal with the downturn. Just talk to the CFO’s of these companies and listen to what they have to say. They’re extremely worried right now and praying that the good fortune they’ve seen thus far in 2007 will continue. These companies got a little too used to the good ol’ days of pre-selling and lottery size demand for their homes. Those days are long gone and now they are scratching their heads on how to deal with limited demand on dirt they paid a premium for 3 years ago. Just ask one of those guys how they feel about carrying existing inventory on the books past their fiscal year end.
