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MoneyNews warned you last year to avoid stocks of homebuilders like the plague. Their stock prices subsequently sank like a rock. But if you’re looking at their shrinking stock prices as if they’re a bargain, think again. In addition to crumbling sales, The Wall Street Journal says that homebuilders have another hurdle to climb. The value of the land on their books is eroding, "which could lead to painful write-downs," says the WSJ. On average says the WSJ, homebuilder stocks have fallen 28 percent this year, bringing many down to "book value." But, warns the WSJ, don’t jump in too quickly. "Book value," explains the Journal, "is a company’s assets minus its liabilities." So if the land homebuilders hold as assets go down in value, then the book value should also be lower. "People are looking at book value as a possible floor for the stock prices. The question is ‘should that be a floor?’ There could be some risk to that book value from land recently acquired or put under option contract," says Banc of America Securities analyst Daniel Oppenheim to the Journal.