You are wrong. I've been posting about HOVs poor balance sheet for weeks and have been accused as a short seller when Im willing to buy when it becomes not so over priced. HOV has the highest debt to equity ration of all the homebuilders and is still paying of debt from the 2000 era when times were a rocking. Now is the time they should be buying up tons of cheap land but they can't because they have way too much debt and refinancing. This is like robbing Peter to pay Paul. The only way they can buy land is through a partnership and that's called getting squeezed. Having some debt is preferable but not when it makes they cash poor.