William Lyon Homes (NYSE:WLH) went public in May of this year, raising ~$200M with shares trading at just over $27 per share on the day of the IPO. Of all the homebuilders that have been involved in IPOs this year, WLH offers investors the opportunity to invest in a company highly levered to the housing markets on the west coast that are seeing the largest rebound in price and pace. There are other small-cap public builders that are focused on the West Coast, but few have the size and land holdings seen at WLH. The company controls over 13,000 lots, which represents enough land for the company to deliver over 10 years' worth of home closings and revenue...
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