[Conservative Tsunami]

It means that the builders are building smaller, cheaper houses.

That STILL aren't selling.

95% of the market is resale anyway.

[RipSawyer]

“95% of the market is resale anyway.”
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I think it’s higher than that, at least here where I live anyway. I haven’t seen a new house going up around here for some time. There is one new housing development that was started just before the crash and there is one lonely spec house sitting there with no takers still. This is a gated community where they bulldozed an earthen bulwark to block the view from the road. All you can see driving by is the top part of the one lonely unsold house.