Pulte's Last quarter result was horrendous

Pulte's Last quarter result was horrendous if you look at it carefully. Their sales were very inflated.
PHM used to sell 40% or so of their existing backlog, and the rest coming from new orders. But in 2008 4th quarter, it was 89% and in the 3rd quarter, it was 63% from existing backlog.
They are now entirely selling out of existing backlog.
Therefore, sales numbers will have to go down considerably next quarter.