Today, I sat in on probably the most interesting two meetings of the week: the quarterly summaries. In short, this is when all the DP’s in the region meet to go through how many closings they had total over the past 3 months to ensure that the region hits its projections. One of the biggest concerns among the region was the huge inflation of lumber prices. To just build one home alone, it is costing the Raleigh division $9000 more than it usually would, which hurts profits tremendously. Lennar is fortunate in the sense that it is one of, if not the biggest homebuilder in the country, making it easier for them to purchase supply. However, like Mr. George was telling me, many of the smaller of custom homebuilders are struggling, making them a target to acquire for larger homebuilders.