What is your take on the housing inventory situation?

I don’t believe there is a shortage of new housing inventory. There is a shortage of existing housing on the market, and that’s the trickle effect. If there is a shortage of existing homes, that’s where brand new homebuyers come from—selling existing homes. If the existing homeowners are unwilling to sell for a variety of reasons, then they basically are not released to buy the new homes. The new home market is waiting on existing homeowners selling their current home to build more new homes.

It’s a domino effect—some existing homeowners can’t sell because they don’t have enough equity in their home to come out with a sufficient downpayment. Some of them no longer have the credit rating to get a…

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