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Are Homebuilders Ready for Another Drop?

The way i see it is that home price are going down, poeple are loosing there jobs, the lending leverage practice is history for few years. The only way pulte homes can maintain his cash position is by reducing his inventories that is melting like ice on a very warm day. But still, how is the valuation done for that type of inventory? I don't see any improvements yet. For the third time, i'm shorting it. There's no reason for me to believe that the valuation of this company would improve in a near futur. The balance sheet isn't improving. In those time i prefer to be in non-cyclical stock's like CHD. But not long in homebuilder's it's like puting your money in a waiting room. There's no predictable growth expected for a while. I don't see a quick turnaround. Even if the stock has to break the resistance stated in this article. My other question is, will it last ?