Have you looked at their balance sheet? They can go 5-years without building a house. 45% of the existing home sales in Florida are short sales/foreclosures. The inventory overhang (including shadow and OREO) will need to be burned off before there's any real market for new homes. It's going to take time before builders get healthy there. That said, financially strong companies like AVTR have great investment opportunities in the trough, which is where all the money is made in real estate.