I think a key question is how many properties were built as investments to sell with no intention of living/vacationing there. If you can separate the volume into true buyers vs investors building to resell, that would be instructive. I was in Starbucks the other day and noticed a guy sharing the table with me that was on the phone, quite animated, for quite a while. Turns out, he has about 10 houses going up from Destin down to San Blas, even had a couple in Orlando area. He had a separate file for each one, bursting with papers. Each one was a spec he was hoping to resell prior to closing. In a word, he is screwed and he knows it. Told me he is just trying to get out with his skin at this point. He was not a prof builder, had a day job, which is lucky for him. You never want to be the last guy in....