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Strategies & Market Trends : Galapagos Islands -- Ignore unavailable to you. Want to Upgrade?

To: MulhollandDrive who wrote (48325)	10/23/2003 5:04:49 PM
From: HoodBuilder	Read Replies (1) \| Respond to of 57110

Your observation regarding not quite yet is right on the money. As a builder I can tell you that activity is still very strong in the NE at least. The biggest problem builders are having is the inability to get land through the approval process, hence a limited supply of developable lots. The bubble may burst in the new home market but right now things are still strong. OTOH the market is starting to treat the homebuilders as if they are not cyclical (remember when they did that to tech stocks?) Normalized earnings are well below today's levels IMO and that is more representative of where values should be. Today they're the heros next year the goats!

To: MulhollandDrive who wrote (48325)	10/23/2003 5:54:00 PM
From: AugustWest	Read Replies (1) \| Respond to of 57110

Hi MD, thanks. instead of "despite" higher interest rates...i would have concluded "because" I would have to agree with you. I suppose it is all in one's perspective. You know, I've been piddling around with PHM since it was in the mid 30s If I wasn't so damn stubborn and just accepted the fact that housing bubble was gonna continue(back then) I could have scored an easy double and then some. So here it sits near the HOD of 85 and a new all time high And I'm just wondering how much longer it the whole housing thing will last. Fortunately for my account I've learned a while back not to screw around with large positions on such thinly traded stocks. You know, at one point today it(PHM) had a spread of 85 cents between the bid and the ask. Definitely not a lot of fun being on the wrong side of the trade