This is very interesting... All three ares high-end homebuilders catering more to upper middle class. I would be keen to see numbers from Centex or other builders before making a conclusion...
I will say that too many people in Florida bought new Toll Brothers homes when their budgets said Centex- that led to debt later on. I hope people are not becoming too confident and overreaching yet again...
K. Hovanian and Toll Brothers were always upper-middle-class, although due to the profusion of easy credit made it less exclusive during the bubble. The upper class, by and large, doesn't live in tract housing developments like the ones they build.
