For publicly traded companies, financial results are a matter of the public record. TOL made gross margin of 35% as recently as Q42005; it has come off to just below 30% in the June quarter this year, but clearly they have plenty of room to throw in $5000-10000 worth of options on a $1m house and still make a great return (34% in 2005 — not too shabby). We have a long way to go before any of the large, publicly traded builders starts to feel pain.
