I know that I commented on this about 6 months ago, but now here again. Many builders, e.g. the ones building hundreds of homes along the edge of north Phoenix AZ. They buy the property a year or more before building, design the plots and roads and get approvals. Get sewers, electric, drainage, etc. built. Buy trusses, air conditioning units etc. sometimes months before building. So, when the market goes south they are committed to finishing hundreds of homes. What do you think ‘small’ over supply of new homes does to the price? How hard would a builder or anyone selling homes ‘work’ with a lender to get a loan for a buyer? I sold our home in the north phoenix area when I understood this was happening. Could have got about 480k if I was quicker with the remodel, but got 450k. It dropped to 320K.