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"…the normal seasonality of our business and the price increases we've implemented resulted in a slowdown in the pace of activity. While the slowdown impacted our sales in the short-term, it did not alter our outlook on the housing recovery over the long-term provided the economy continues to improve and the employment levels return to healthier levels."

-Ryland Group CEO Larry Nicholson

The quote above by CEO Larry Nicholson on Ryland Groups (RYL) third quarter earnings call did an excellent job summarizing the homebuilding industry during the past few months. The tone was eerily similar to that of other publicly traded builders, and coupled with somewhat disappointing housing data from numerous providers, has given many investors a...

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