Ok, i'm holding Cramer to his call he is making tonight. 1 week before the fed meeting which is expected to mark the start of the easing cycle, He is calling for the HGX to fall another 15%. I have the other side of the trade on. I'm using Cramer's own playbook (why he is ignoring it now i don't know) to own HB's when fed starts cutting rates. Today's closing numbers so we can track them quickly in future. CTX- $26.22 $39 book value BZH -$ 9.45 $37 book value KBH - $26.25 $31 book value DHI - $13.69 $18 book value MHO - $14.90 $41 book value HOV - $9.99 $27 book value MTH - $15.95 $36 book value Sure book values will be impared 20-40% during the next few years, but book values will still be above where they were in 2001 when some of the above stocks were trading much higher than the current prices. Take HOV for example. HOV traded $20 in may 2002 when its book value was $13. Now it trades $10 when book value is $27! Even if HOV loses another $500 milllion after tax book value will still be very high relative to current share price to start the next cycle when housing inventory normalizes. I'm in the above stocks looking for a squeeze into November after 2 rate cuts. I'm betting there will be one week in Novemember when people are talking about the very low mortgage rates and hope for some stabilization in housing. 1 week of optimism all i need at these prices for huge SQUEEZE. If the Squeeze happens sooner than November I will gladly head for the exits. And yes, the name of my car is Beazer Homes. Purchased with trading profits in 2002 from that name. I never lose in Bezer Homes. Not yet anyway, knock on wood.