Builders and banks, boggled and bewildered

But just how bad is the situation for builders? By one measure, the Home Builder Implode-o-Meter lists 57 major builders that have suffered a significant "adverse change" since 2006, 45 that have had mini-implosions and 18 on an ailing/watch list. When the Times ran an article about the site in August, the tally was at 35 "major" implosions, 27 "tiny" ones and 15 builders on the watch list.

The Building Industry Coalition for Economic Recovery paints a picture with a broader brush, including small builders in its statistics on its website. It claims: During the first three quarters of 2008, a builder an hour of each business day has been going out of business. 1,400 builders went out of business in 2007.