9 pages to translate something no one owns....only on ET talk about "paper' trading...this is more like "paper" fighting...
My guess is the hedgies are all short the housing stocks...otherwise TOL & KBH would be trading under 20 imo.
The builders are essentially selling call options at a discount on new houses. Now if they could force specific performance (you have to close on the house) or have much larger damages for failing to complete the transaction they wouldn't get burned. Traveler
You were wrong. It was a 48% absolute cancellation rate. It wouldn't have been a big deal had you not been so bloody arrogant about it, mate.