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To: ild who wrote (139195)	12/18/2001 2:10:49 PM
From: patron_anejo_por_favor	Read Replies (1) \| Respond to of 436258

<<Patron, Do you think that homebuilders are nearing an inflection point?>> I think we're close. The sales spurt reported today was expected (by me, anyway) based on the drop in mortgage rates caused by the cessation of the 30 yr bond on 10/31. It's the homebuilder equivalent of the automakers 0% financing...it will lead to reduced demand next year (especially with long term rates rising). So we're close to a top if not exactly there... That said, it wouldn't shock me if the builders get ramped up into the New Year...it's been a favorite hiding place of MuFu managers, and they smell the "finish line"...