Abelson…Gotta Love it…

One about how much of the book value of the public homebuilders is tied up in options and joint ventures that could be written down as impaired. As I mentioned in another thread, the analysts on the Lennar conference call were very interested in how the company evaluates asset impairment.

The second is about the housing troubles in Florida, and since I’m a Floridian, I can say it’s no exaggeration. If you take a drive along A1A in Palm Beach county, the road on the barrier islands (where the affluent live) you’ll be surprised by the “For Sale” and “For Rent” signs. I’m talking about towns like Ocean Ridge and Gulf Stream etc… if you’re familiar with the area. In the 12 years I’ve lived here I’ve never seen anything like it.

But this is what struck me: If people are having so much trouble selling houses and condos on or across the street from the beach, or on the intra-coastal waterway, and need to sell or rent badly enough to stick a sign outside the place, it’s got to be near impossible to sell a house inland where the developments are.