If you build housing near light rail, it's been shown that people really like it. There are a ton of people who don't want to drive.
A lot of buyers are just more focused on good value now.
It's really a smart move in a constricted lot market. Everybody wants to be in Folsom and it's tough to find available lots.
Builders don't want to hang on to standing houses -- they have to pay their bills, financing, and taxes.
In our minds it is not a matter of the sky is falling -- it's a matter of reaching that equilibrium point between the supply and demand for housing in the region and positioning us for more sustainable long-term growth.
I don't think there was ever panic, frankly. There was recognition that we are in a new market. It's much more restrained, but it's still good.
I do think there's a supply issue in San Joaquin County. There's not enough being built, but certain markets such as Patterson and Lathrop got too pricey, and sales slowed down.
