temeculaguy I would qualify my response as purely speculative as many more here have much more insight then I do regarding the builders. I “think” many of them (the builders) are leveraged, some more then others. I doubt that many of the projects they undertake utilize their own resources, they are most likely all financed. I don’t know if this land that they purchased was with their money or what. Imagine if someone else underwrote the purchase and what sort of rate the lender had to pay them for holding land for that long? This is only a guess and most likely is wrong… However that could help to explain it…
