You can’t blame homebuilders for feeling a bit depressed. The housing slump/crisis/burst bubble is hitting them hard, too. And it’s probably not going to get better anytime soon, what with all the shadow inventory waiting in the wings (in addition to what’s already out there).

But the industry isn’t sitting around feeling sorry for itself. In this interesting Housing Wire piece, we see how smart homebuilders are adapting to the changed market, rather than simply hoping to power through.

They’ve discovered new ways to get homes built during the downturn, like turning to private equity firms to provide project funding.

And they are innovating in other ways: adding technology, rethinking design, going green and investing more in market research to build a home that consumers will buy.

Click here to read the full piece — it may get you thinking about the whole ‘reinvention’ thing.