I am treating this with caution. Cheap - compared to what? Can...

I am treating this with caution. Cheap - compared to what?
Can only do this as bottom is unknown.
We have to figure in a 10-20% drop in house prices.
That is what we are looking at IMO.
The 1/2 to 1% talked about is nothing, and no doubt well within the margin of error.
The problem with VLW is their earnings growth after 2016 has pretty much stalled.
Without any growth momentum margins could be squeezed.
On the plus side they have a good property portfolio all on the east coast.
Their previous CEO sometimes said we do well when the market tightens.
That was years ago but had more than a grain of truth.