HISTORICALLY, SMALLER PUBLIC builde...

HISTORICALLY, SMALLER PUBLIC builders so as Ryland, Meritage, Standard Pacific, MDC and Beazer have traded at lower valuations than their big-cap colleagues. After all, they build fewer domestic circles They expect slower earnings product They have relatively less liquidity.

Yet this year these small- to mid-cap companies' stocks have been trading at essentially the same earnings and price-to-book valuations as their large-cap counterparts; Lennar,