This is the highest price/book this company has ever traded at
Even in 2003-2004 at the start of the bubble when they had large backlogs and a PE under 10, they barely got over a 1.25 price/book. I'm calling foul at $27.50. I wonder what managment thinks about the 20% dillutive deal they just did that is already 30% under water (above water depending on your side).
Many of the other house builders are in the same category. People who buy these companies seem to be looking at the peak of the bubble and not the historical prices in normal times. I would not like to buy these expensive stocks right now. I think there will be a rude awakening down the line. JMHO