In every housing market I tour these days, I find myself struck not by the stories of failure, which have been many and profoundly sad, but by the rarer, yet still surprisingly numerous, stories of success. I keep hearing about guys beating their 1991 projections, and if not actually making money then at least grabbing market share from competitors and positioning themselves well for when the economy finally recovers.
Every city has a story or two like this. And although it's easy to explain away the success of some of these companies by pointing to their great land holdings or secret financing sources or tremendous previously retained earnings, these reasons rarely …
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