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Home builders are still building too many homes. Sales came in at 870,000 annualized for July. New home starts came in at 1,380,000. That’s 58% too many new homes being built. Oh, wait! I almost forgot about CANCELLATIONS! Toll Bros. has one of the lowest cancellation rates at 29%. I’m going to use 30%. That knocks that 870,000 down to 609,000. Realistically, the home builders are building 227% more homes than they should.