One homebuilder had this out after the bell. "Homebuilder Brookfield Homes Corp on Wednesday said net orders for the first quarter fell to 227 units from 517 units a year ago, saying the decline was primarily in the San Diego/Riverside and Washington D.C. markets."

"In January 2006, the company forecasted 3,125 home and bulk lot closings for 2006. The company continues to anticipate bulk lot sale closings of 1,500 units during 2006, of which 386 units have been closed to date. With the current San Diego/Riverside and Washington D.C. market conditions, it will be mid-summer 2006 when a better assessment of the 2006 home closings will be made."

"Our portfolio includes 30,000 lots owned and controlled in the San Francisco Bay Area; Southland / Los Angeles; San Diego / Riverside; Sacramento; and Washington D.C. Area markets. We design, construct and market single-family and multi-family homes primarily to move-up and luxury homebuyers."

The balance sheet shows very little cash at year end of 2005 and $930 million in inventory, up from $592 million at the end of 2003. The cash-flow statement reveals some stock buybacks.

And all that inventory must be why the firm has so many reduced prices at this website, some as much as these in Bristow, Virginia: "Was $825,021! Over $225,000 in Model Home upgrades! Was $849,565! Save $150,000!."

Update: "William Lyon Homes, which builds homes in California, Nevada and Arizona, on Wednesday said first-quarter new home orders fell 26 percent. The company said orders fell to 647 homes in the quarter compared with 873 the prior year. The Company's cancellation rate for the three months ended March 31, 2006 was 28%, compared to 12% for the three months ended March 31, 2005."