Man, what a massive meltdown for the builders. It's dot-com all over again - you don't see 50%+ declines in sales year over year unless something historic, something massive has happened to your business.

And so it has.

2 Major Homebuilders See Drop in Fourth-Quarter Orders, Profits

PHILADELPHIA (AP) -- In a sign of a deepening housing slump, two major homebuilders on Tuesday reported steep declines in new orders and weaker fourth-quarter results.

Luxury home builder Toll Brothers Inc. of Horsham, Pa., said home-building revenue fell by 10 percent and signed contracts were down by 55 percent compared with a year ago. The company, which released its quarterly outlook ahead of earnings, also said it will incur a hefty charge against profits as it pares down the number of lots it controls.

Beazer Homes USA Inc. of Atlanta reported a 44 percent decline in profit as higher revenue was offset by squeezed margins. The company said there was "significant" discounting in most markets.

New orders for Beazer fell by 58 percent to 2,064 homes from 4,937 last year, as the housing market continued to slow. It has cut 1,000 jobs, or 25 percent of its work force.