Del Webb has been Pulte Homes' moneymaker for some time now. The Del Webb unit builds homes for the 55+ market. Looks like that population segment has joined the younger generation in the trenches. From Pulte Homes’ Q408 conference call: (PHM)
Inventory buildup was the result of a high cancellation rate which was 47% for the fourth quarter compared with a 37% rate for the third quarter of 2008 and a 40% rate for the prior year fourth quarter. The cancellation rate for our Del Webb brand was approximately 43% for the fourth quarter 2008.