Aside from everything else -- including a still-massive overhang of properties for sale -- the fact that ultra-cheap financing is not enough to induce a suffcient number of buyers to step up and take the plunge makes it apparent that we are nowhere near a bottom in the housing market.

And yet, Wall Street keeps piling into homebuilding stocks (I guess fundamentals don't matter when you're the "smart money" -- right?).

Michael J. Panzner