The market suddenly decided it had overvalued two of the best: MJ Gleeson, which has tumbled from 850p in mid-July to close on Friday at 610p, and Bellway, which has fallen from its post-election high of 309p to 228p.
Both look to be exceptions. Bellway has a solid base in the North-east, where its house sales were actually up in 1991- 92; an increasing involvement in the Government's urban regeneration programme; and a land bank bought at bargain prices with the proceeds of last year's rights issue. Meanwhile, Gleeson specialises in two relatively recession-proof businesses: work for housing associations and regional water companies. Even in the building trade, falls get overdone.