How Fake Are Those Housing Numbers?

Mish reports on something Mike Morgan has said:

Things can only worsen as more inventory comes on line and more flippers walk from contracts AND homes they bought and cannot afford to continue to carry. Builders and flippers are in a horrific dogfight over prices. Some builders are giving homes away just to get them off the books. How about a $490,000 home sold at $315,000. The contract read $490,000 top line, but within the contract are "builder’s incentives" of $275,000. Not sure how they get away with this, but they do.

And for those of you that don’t realize sales for all Florida builders are off 50-100%, I will kindly nudge you gently to wake you up.

Heh.