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Many have been eager to call a bottom only to get bitten by fear. 

It won't be easy to call the bottom in homebuilders until we see insolvency in a few homebuilders first.  The reason being is homebuilders are not cash-rich companies.  They load up on short-term debt to buy land and materials to construct homes, and pay back the debt once they sell the property. 

The problem is homebuilders bought too much land and built too many houses.  If you can't make money selling houses, you can't pay back the debt you borrowed to build the houses.  Some companies highly leveraged themse

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