Some homebuilder news is out. "The Florida home builder said preliminary home-building revenue for the first quarter was flat from the year-ago period and warned it expects to post a loss for the first quarter."

"Standard Pacific Corp., an Irvine-based homebuilder reported record earnings during the first three months of the year, but forecast that demand for housing will slow this year."

"Stephen J. Scarborough, CEO stated, 'our unit orders were down 8% year over year reflecting a number of factors including (1) decreased affordability and increased loan qualification issues in markets that have experienced significant price appreciation, (2) increasing supply in the resale market, and (3) aggressive use of incentives by many of our competitors to reduce inventory levels and to stimulate demand resulting in a general uncertainty relative to value in the marketplace."

"The Company's cancellation rate for the 2006 first quarter was 24%, up from the year earlier rate of 17%. The Company's cancellation rate was generally higher year over year in California, Florida and Arizona, ranging from approximately 20% in Arizona to 30% in California."

"Analyst Greg Gieber on Friday lent his voice to Wall Street's chorus of bearish calls on the homebuilding sector this earnings season as declining orders highlight the cooling housing market. 'Over the past several weeks, we have felt increasingly uncomfortable with our investment ratings on select homebuilders given the current environment in the housing industry which we think will only get worse before it gets better,' Gieber wrote."

"'Contrary to what some may believe, it is our opinion that the current inventory correction in the housing market is far from having run its course,' the respected analyst said."

And from the builders conference. "'After topping out in the third quarter of last year, it is pretty clear that the housing sector is in a period of transition. Sales and starts are trending lower toward more sustainable levels,' said NAHB Chief Economist David Seiders. 'Hopefully, most of this decline will be due to investors and speculators stepping out of the market. What we don’t want to see is investors dumping homes on the market,' said Seiders."

"Addressing a question that has generated endless speculation in recent years, Thomas Lawler, a housing and mortgage market consultant who worked for Fannie Mae for 22 years, said 'Was there a national bubble? Nationwide, no, but in some regions, absolutely.'"

"Lawler noted that in some areas, 'all of the signs of a bubble were present: a surge in speculative investing; a surge in innovative financing; easy credit and loose underwriting; home inspection waivers; and home purchases sight unseen. You had to be ‘on something’ not to see a bubble in some areas,' he said."