Table of Contents
Builder Community Trends............................................................... 3
Community counts down by over -40% since 2Q07 ................................................................3
Builder market changes ............................................................................................................7
Company Analysis ............................................................................. 9
Analyzing public builder exposure to the top 10 & 25 markets.................................................9
Bubble market exposure.........................................................................................................12
Five most important markets for each builder ........................................................................15
Standardized absorptions........................................................................................................17
Metro Analysis ................................................................................. 20
Builders steady in Texas, but communities decline nationwide..............................................20
Methodology & Definitions ............................................................ 24
What is a community? ............................................................................................................24
Valuation and risks ..................................................................................................................26
Appendix A....................................................................................... 27