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To: russwinter who wrote (12817)	10/4/2004 9:07:33 PM
From: yard_man	Respond to of 116555

I think there might be an institution or two that put this together with FNM and FRE troubles and "get it." Who wants to be the last to sell a hot sector -- what does that get you?? I agree -- those deposits were ridiculously low -- complete joke -- no wonder folks were "flipping" properties ... what's 5 to 25k -- if in 6-9 months you can flip the house for 100 or 150k more?? They didn't see it coming?? They didn't want to see anything ... of course, there's no problem anywhere else. yeah, hurricanes leave a nice opening there ...

To: russwinter who wrote (12817)	10/4/2004 11:57:08 PM
From: Jim McMannis	Read Replies (1) \| Respond to of 116555

Russ, RE:"PHM is asking (second day) their order "backlog" to come in and sign owner occupied addendums, and increase deposits, in exchange for price concessions. The question is how would speculators react to the new reality that prices aren't just going straight up, but actually down?" Excellent question. Was asking some Realtors that same question tonight. Are they offering the speculators their deposits back? I suppose not. They may offer price concessions but the speculators probably feel rather uneasy and like they may be hanging themselves by coming up with more deposit money. RE:"Hinted that "hurricanes" were delaying closings in Florida, more color later." This can be true for various reasons. Property must be reappraised if it's in a disaster area.