The HOV CTX Line

The Homebuilders did learn their lessons. They have engraved in their collective conciousness the disaster of last time. Of last time. Like generals, they are fighting the last war. They built more on contract, they covered exposure with commitments, they optioned land instead of purchasing/contracting land, they raised margins rather than pursue share, they sub-contracted construction duties, they bought into the revenue stream. Just the things to protect against the last downturn. The homebuilders have done everything necessary and Wall street agrees. The French once did the exact same thing, they called theirs the Maginot Line.