Some home builders are reporting a second quarter surge in income, but business has slowed since buyers rushed to meet the April 30 tax credit deadline.

With unemployment high and foreclosures flooding the market, Ken Campbell, CEO of Standard Pacific Corp., said during an earnings call last week. I think it will recover, but it sure as heck is not clear when it's going to recover at this point.

Reaching a point where the industry can make a profit selling a predictable number of homes is the goal for some builders.

DR Horton CEO Donald Tomnitz said no more tax credits, please. We want to get back to a normalized market. It is a lot easier to run a business based upon designing your business with the current demand as opposed to having any kind of stimulus or incentives to create abnormal demand.