Stock is not trading like any other homebuilder, so there's obviously company-specific issues with the stock. But it's trading for .9 x cash and about at book level.
I followed a semiconductor stock last summer. It dropped about the same percentage-wise (21 to 7) as PHM (14 to 6.2). It traded for less than its cash for a week (Company has zero debt). A buyer could have bought the company for a penny - the business, the buildings, the expensive real estate in Livermore, the hundreds of patents - for ONE cent and still would have more cash on hand than what the stock was trading for. Tell me that makes sense?
So Pulte is trading for less than its cash - and can fund it's operations out of its cash for a long long time - and is paying down debt. The stock price is supposed to make sense? I don't think so. It's the largest builder in the U.S.; owns the most lots. If the economy turns, all those negatives will become bottom line $ positives.