d.r. horton is later in the year next month, but you'll have others that you will be looking at next week that will likely to talk about this. the equation here, you could sit on a home for three years and wait for somebody to pay as much as you are wanting to take for it and get a high margin. or sell it at a lower margin today, redeploy it into land several more times from now until three years from now, the builders are more concerned about generating profit dollars versus the returns. they're not concerned so much about the gross margin that they will get on a home. they can take 30% when times and pricing is good, or they'll take 20% when pricing is bad. the good thing is, when they underwrite land, they assume very little price appreciation, if any. and they're really underwriting that to that return metric, not so much the gross margin metric. >> you know, interestingly enough, i heard plenty of people concerned that we're not going to see any new multifamily supply coming on once we get p

that was good for d.r. horton -- these were able to continually raise prices. they would print money, meeting very little resistance. now there's still tremendous demand out there. but norge rates have gotten so high around 8% versus, say, 3.5% not that long ago that a substantial part of the population has indeed been priced out of the housing market. it's happened so quickly it's possible we had a traditional housing cycle finally on our hands where the home builders are still building, except now it looks like they may be building too aggressively and the buyers are walking away because of those high mortgage rates. i have no doubt there are many people that want a home but if they can't afford it doesn't matter. we know the fed's very concerned that home prices have gotteen high. higher mortgage rates will make it so there are more homes left on the rnlg market which historically has led to more affordable housing. the cycle might be back. at the moment there's still no excess inventory to speak of but just like the travel stocks have come down despite stro

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