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How State Taxes Put a Bigger Pinch on the PoorI love seeing this, especially for a stock like NVR. Although I don't think homebuilders have bottomed for the short term, over the long term I believe most of them are tremendous values. Despite the housing slowdown, NVR still trades for just 15x next year's earnings and 6-7x earnings in a positive housing cycle. I think this buyback shows that management is committed to NVR and strongly believes in the company's long term potential.
Not only is this a logical move financially, but this move has appeased traders who have sent the stock quickly up about 40 points since the announcement. Traders love buybacks because they put a "floor" in a stock's price.
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