Many of the majors need a massive cash infusion just to survive the winter. Apparently nobody told the management of these companies the story of the grasshopper and the ant.
PHM, for example, had $74 million left at the end of June before the bulk of this mess even started. I think most people and funds playing the homebuilders on the long side are just short termers. Even Citibank's upgrade was for just a short-term bounce, lol. The market caps are STILL priced at astronomically high values as if the 2nd coming of Jesus Christ is about to land on Earth, save them, bring back subprime borrowing, and get the housing market on explosive fire again.
Remember -- these prices the HBs are "down to" is only 2003/2004 levels. I can't imagine there's a rational individual on the planet that is more bullish about housing going forward into 2008 than in 2003/2004 going into 2004/2005.
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