[VCJIM]

I bet it’s terribly frustrating, especially in the recent prosperous days. However, in the coming few years they will appreciate your honesty when they realize they have fewer NODs and other repercussions.

[VCJIM]

Wow, I knew it was coming. If I was a savvy investor, I would have gone short on all the home builders. Scary business, though, and I’m too inexperienced.

It would be interesting if Horton revealed their employment number, if they are starting to lay people off like we believe will be the start of the “high unemployment” phase of the recession / market downturn (*crash*).

[VCJIM]

That is interesting Bugs. Perhaps Countrywide could be overexposing itself. In looking at my local market, it seems that most of the SFR sales are still for high prices, but the volume is very low. This makes me believe these sales are largely to uneducated buyers, or those moving up after selling their old house (these two groups are certainly not mutually-exclusive).

I also find it interesting that the consumer markets loan funding (in units) is down about 10%, while the dollar amount is down 5%, lending further credence that much of the market activity is at the high end (bolstering the deceptive median house price).

[VCJIM]

Very good question. The decrease in purchasing is clearly due to decreased home sales volume (which probably has much more to do with total lent dollars than the median loan price). Maybe the refinancing craze is coming to an end? Any other ideas?

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