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I just read an article last night on realestatedecline.com that the nation's largest home builder by quantity is predicting 12 months of "it sucks" for the home building industry for 2007 into 2008.
Home builders are now suing people who back out of contracts in Florida (guess one has to read the fine print), and foreclosures are really jumping with another $1 trillion in ARM mortgages set to reset to higher interest rates this year alone.
The lenders are getting burned with so many borrowers defaulting. I'm not surprised the Feds are making the lenders tighten up.
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lenders tightening belts
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