This column was originally published on RealMoney on Oct. 3 at 8:57 a.m. EDT. It's being republished as a bonus for TheStreet.com readers.

Make the shorts pay. Twice! That's Lennar's ( LEN) double trouble for those who would bet against the homebuilders. Four minutes after one of the best homebuilders in the land gets added to the S&P 500, it boosts its dividend big-time for a double dose of short-selling pain.

And perhaps the pain metaphor can serve to remind us that these homebuilders aren't like the old days: Maybe they don't deserve to crash, maybe they don't deserve to sell at four and five times earnings because they have demand and supply in much better control than we realize.

I have been puzzling over this issue since I had Stuart Miller on "Mad Money" last week. He was so confident that this time would be different and that the homebuilders deserve not to get cut to low-single-digit multiples. I didn't want to believe him, and I am still skeptical. But Friday's after-hours session was a brutal reminder that these dogs don't roll over the way they used to.

I still think the issue is a Fed gone wild that can trump just about anything. But Lennar's not going down without a fight, and Friday's post-game scrap could put some genuine pain in an otherwise short-seller's paradise.

Random musings: J.P. Morgan goes from a sell to a buy in Lexar ( LEXR)? Is it me, or does J.P. Morgan's research seem particularly short on value right now?


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