1. Home builder stocks suggest more declines before reaching a trough. 2. Top builders currently trade at 1.6 times book value, valid trough at 1.3. 3. The iShares U.S. Home Construction ETF is only up 0.2% YTD. 4. Historic trends indicate builders may recover 29% post-trough in 12 months. 5. Economic uncertainties and AI impacts are affecting home affordability.