I disagree. HOV has a much worse balance sheet than BZH. BZH does not have a preferred stock which they havn't paid a dividend on in 5 years. BZH has positive shareholders equity. HOV has negative $500 million shareholders equity. DHI a high quality homebuilder fell to under 2 times book today after good earnings. HOV would have to make 800 million dollars or $6/share in profits before it can even trade at 2 times book.