“The first thing that's happening is a massive inventory correction. [But] what was so difficult to ascertain, and why so many smart people did not factor it in, and why people didn't cut back on starts to be more in line with sales until early May, is because you have such a seasonality of the sale. You could always say ‘of course we're ahead, of course we're building up inventory. But, we're going to sell them all and deliver them all in April, May and June like we always do.'” –David Hill, Kimball Hill Homes

“How do you get rid of that inventory? Same way that Macy's gets rid of inventory. You cut prices. In some cases you have to slow down production, increase incentives. This is a consumer good.” –Greg Gieber, A.G. Edwards

“If the home is either in the ground, being built, or coming back as a cancellation or something like that, I think you have to recognize that No. 1, you're not going to sell a home at anything that's different than what market conditions dictate. Market is market. And second, I don't think that inventory on the books ripens. I don't think it gets better. So, I think that, for all of the builders, what we're seeing is that we're meeting up with market conditions.” –Stuart Miller, Lennar Corp.