I wonder how many builder incentives he gave away. Did he also own or have part of any mortgage companies at the the time. In Albuquerque and other places it was not uncommon for a builder to own part of or receive incentives from a mortgage lender. Builder says, use my company and I will give you a new washer and dryer refrigerator etc..sometimes no payments for months or a year. Of course the types of people who could "afford" these home had zero money down fico's of 500 etc..