Some housing bubble news from homebuilders. "M/I Homes, Inc. announced results for the first quarter ended March 31, 2006. Robert H. Schottenstein, CEO, commented, 'Our first quarter results were in-line with our expectations with gross and operating margins of 27.3% and 11.4%, respectively."

"Our Florida and North Carolina markets continue to be strong, while Washington, D.C. is experiencing pricing pressures and higher cancellations. Conditions in our Columbus, Indianapolis and Cincinnati markets continue to be challenging.'"

"The home builder said quarterly net income $1.14 a share. The company said the results include a tax charge of 4 cents a share for stock-option expenses. A survey compiled by Thomson First Call had analysts expecting earnings of $1.45 a share on sales of $321.5 million. Total revenue jumped 7% from last year to a record $259.1 million."

"Investors punished the stock early Tuesday as shares slipped as much as 5% in morning dealings."

From the Washington Post. "Forget about free plasma TVs, gift cards or upgraded cabinets. What about that free BMW Z4 Roadster that just popped up in ads for a new Fairfax County condo?"

"Builders are using more incentives in a softening market, but a car is a rarity. Two-bedrooms start at $356,900 and three-bedrooms at $408,900, according to the complex's Web site."

"But hold your horsepower. Developers of the 202-unit complex aren't actually giving away the $38,000-and-up sports car. Buyers of two- or three-bedroom units get a free two-year car lease While that's not quite the same as getting a Beamer, it's nothing to be sniffed at. BMWs lease for around $400 a month, with a $2,500 down payment plus taxes and tags."

"No word on whether Legato Corner's sales have gone into overdrive. Sales staff members deferred questions to marketing company, which did not return calls seeking comment."