2001 2003 2005 2007 2000 2011 Lennar KBHome Toll Hovnanian OR Horton NVR Pultegroup Source: Corporate Reports. Empinaal Research Partners. Source: BuildFax, Empirical Research Partners Has the data really been that good? I heard better US economic data has a lot to do with the weather. Parts of the US

of Orders 6.4 4 | 20% 29 10% 27 2.5 0% 2.3 -10% °” Lennar KBHome Toll Hovnanian DR Horton NVR Pultegroup 2001 2008 2008 200% e008 ann .. Source: BuildFax. Empirical Research Partners. Source: Corporate Reports. Empirical Research Partners. Has the data really been that good? I heard better US economic