Joint Ventures May Bury Builders

Even after homebuilders' disastrous 2007, it's still not time to buy the stocks.

Builders are heading into 2008 facing a perfect storm of rising homeowner foreclosures, tightened credit markets and record housing inventories.

Many of these dangers are already well known, but there are also hidden issues that have yet to play out. Don't be surprised if there are some big negative headlines in the first half of 2008 -- such as the first public homebuilder going bankrupt or a couple of joint venture investments blowing up. ...