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a lot of noise with the outstanding extended bill related to BFR. I see you did sell 500-plus homes in single-family rental this quarter
if you can kind of give a little more detail on what you're seeing on that front lately, especially with the higher oil prices of late
with specific regard to your rental business, I'm I'm curious how you're thinking about that in the context of the proposed ban on institutional buyers
you're seeing on the land front in terms of costs started to come down at all in the land market? Are you seeing more of a you know, bid ask spread widening
I'm just curious how you're thinking about kind of the -- maybe the upside and downside risk to that closing guidance
just curious if you can kind of talk a little bit about how demand trended through the quarter and whether you feel like that year-over-year order growth is any indication of maybe a little bit of ...
I guess on the incentives first. You guided for an uptick here in the fourth quarter. Just curious if you can kind of talk through how it trended through the quarter and into July
it looks like the average FICO score of your buyer is down about five points year over year. It's the lowest it's been in quite a while. LTV combined LTV is ticking higher as well
your spec count, if I'm looking at this correctly, is at the lowest levels we've seen in about almost four years
We've started to see some price increase announcements coming from suppliers
three quarters in a row, down year-over-year. Just curious how you are thinking about the start pace going forward
I'm just curious how you guys are thinking about the next several years in the backdrop and whether you are changing any strategies
Is there any thought of maybe kind of returning to some extent to the build-to-order market
your guide is obviously a bit below that in '25. And I know it is preliminary and I know it can obviously move around based on how the spring unfolds
I just wanted to touch on, I think, some of the comments you made, Stuart, about I think you referenced an expected improvement in SG&A in '26 versus '25
have you continued to see the ability to either stabilize in lower your incentives even over the last couple of weeks
can you just walk through exactly what's contributing to the continued pressure on margin
do you feel like this is something that will be announced in 2026 and something, whatever the government does have in mind, is there anything that can be implemented fairly quickly
is there any adjustment that's also going on, on the land side to account for this slower start pace, meaning have you adjusted the takedown schedules
have you already started to dial back some of the incentives? And if so, what has the response been in terms of order pace or margin
have you seen any dramatic shifts year-to-date in terms of credit quality or just the overall ability for consumers to purchase homes?
Do you feel like there are any markets right now that don't really have elasticity and demand, meaning incentives?
the land you're tying up today, is it being underwritten to an incentive level closer to today's level?
Should we expect all else equal, a similar seasonal trend in your margin this year?
is there a lower bound on margin or an upper bound on incentives you're willing to explore to ensure targeted volume is still achieved?
definitely a lot going on right now, so I appreciate that
Can you quantify for us your exposure to land banking and talk more broadly about how your land banking deals are generally structured
can you talk through the difference in incentives you offer both across price points as well as BTO versus spec
I would love to hear a little bit more about those programs that you are offering right now in BTO, what kind of rates you are offering the consumer
if you could talk about the demand trends and kind of the pricing trends you are seeing at each of your price points
have you actually seen the consumer looking and feeling more stretched that's coming into your communities? Are you having a harder time getting buyers qualified?
curious just to get an update on what you're seeing in Florida. I think given your exposure there given how strong your margins have been in the state
Is it possible suppliers? Is there trying to shift production domestically did that create some pressure here on some U.S. suppliers?
kind of a big picture question on the state but what are your current thoughts on Florida? And where do you see that business going for you guys going forward?
How much margin do you feel like you would need to give up in order to achieve that 5% to 10% growth that it seems like a lot of the industry is targeting