While housing prices and margins may be climbing to stratospheric levels, it is important to recognize that they are still climbing and driving earnings higher,

Both of us recognize there's a need for this type of housing, and both of us are going after it in a big way. All the market research you see indicates people are wanting to retire here.

The fact is that housing demand has not slowed meaningfully, nor have supply constraints been noticeably undermined, and the large, public builders are set to post significantly higher price growth, margins and earnings than the Street currently expects.

The fact is that housing demand has not slowed meaningfully, nor have supply constraints been noticeably undermined, and the large, public builders are set to post significantly higher price growth, margins and earnings than the Street currently expects,

Climbing Roses.

There is a large psychological element behind current housing prices,