[4RE KLR]

Yes.
In Florida they had people standing in lines to buy ten condos at a time. Ten was the most one person could buy at a single purchase. They would go get back in line and buy ten more. Now those people are the very ones screaming they have lost their retirement money.

Most all builders, me included now have investor clauses in our contracts. if you own one home it must be sold and closed before you settle on the new one or you must put 50% down. This is, I agree too late but it is what helped stop the runaway train.

It has hurt us all. A lot of people blame the builders for this mess. We were just building what people were buying. Were there 2 and 300% mark-up like everyone says. No, in fact our cost went up faster and higher than the sales prices did.

The general concept was people would buy a home and by the time it was built they would sell it. They money was to be made because the new ones for sale at a later date would cost more than the brand new one that was just finished. Yes that is how it worked. And a lot of people made a killing.

Now I know of builders in Florida that are trying to sell homes at $250K less than they cost to build. I put together communities in Naples and Fort Myers and I know the homes in that area cannot be built for what they appraise for.