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Who Will Be the Next Homebuilder to File Chapter 11??

First two builders are nearly a given. MTH on the other hand is not. It's largest market is Texas, not AZ or CA. It's spec count is low, it's charges have been high, which means they have been more realistic. they just did an equity offering that was well received. allows them to avoid the banks for a while. very important in this market. A much more likely candidate is SPF. Look at the balance sheet, its Joint Ventures and read the language on its latest quarterly press relelease. very negative.