My children and grandchildren came down to Florida to visit for the Christmas holiday. My son was reading the newspaper and found a coupon for a local Italian restaurant offering a $10 discount on a $20 dollar purchase. He asked my wife if we go there and she answered “not anymore, your dad got very sick the last time we ate there”. And my son responded “but it’s 50% off” and my wife said, “OK, take the coupon.”
Now although the second half of that exchange was probably said in jest at my expense, as it was said loudly enough for me to hear, I realized that much of the homebuilding business today is in many ways very similar to that – “let’s try for a quick fix“ (something cheap) even though we know that it’s not going to work (or will make us sick). And unfortunately, that joke is at our expense and it’s not funny at all.