A story in the St Petersburg Times over the weekend on St. Joe gives further reason to believe you might get a chance to buy it cheaper, assuming you think that swampy part of Florida will ever be a home-flipper's paradise. (Reality Check: If it happened in Las Vegas, with its convection oven-like summertime weather, it can happen anywhere.)
Speaking of St. Joe: On August 1 the company touted a land development deal it struck with Beazer Homes (NYSE:BZH). The fine print: Beazer has 120 days to back out. Is that like a call option that pretty much gives Beazer a chance to get a better feel for the market before deciding whether to go ahead with the transaction? A St. Joe spokesman declined comment; Beazer officials couldn't be reached.