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To: yard_man who wrote (211906)	12/30/2002 6:20:20 PM
From: patron_anejo_por_favor	Read Replies (3) \| Respond to of 436258

<<housing starts were up almost what? 6% or so last month, but mortgage apps fell almost 9% -- I know there was a slowing in refi activity, but not enough to account for the disparity -- what is it?>> They're all paying cash! (ROTFLMAZZZOFF, SNORT!)<G>

To: yard_man who wrote (211906)	12/30/2002 6:22:49 PM
From: patron_anejo_por_favor	Read Replies (1) \| Respond to of 436258

In the local RE section this weekend, it's abundantly clear that MUCH more spec home building has been occurring....saw a number of "new, never lived in, luxury homes" in the 1,000,000-5,000,000 range, "marked down $$xxxxmillion for quick sale". 2003 will be "the year that it all ends badly", IMHO....

To: yard_man who wrote (211906)	12/30/2002 8:06:16 PM
From: Bill/WA	Read Replies (2) \| Respond to of 436258

tippet, builders will quickly start as many homes (spec's) as possible to draw on their lines of credits from the "more than willing" banks, and as soon as the noose tightens the builders will disappear in the dust, pocketing a good percentage of the draws (under administrative cost, etc.) that where supposedly put into the structures. as a long time general contractor in south FL, I've seen this happen time & time again. It never ceased to amaze me how stupid local banks could be, because as soon as the economy improved, these very same builders, under new names would con the very same banks all over again. Bill/WA