Notes from https://www.barrons.com/amp/articles/toll-brothers-lennar-real-estate-stock-picks-ivy-zelman-6407d3cf

• Interview with Ivy Zelman, executive vice president of the real estate research firm Zelman & Associates, a unit of Walker & Dunlop.
• Dream Finders , Lennar , PulteGroup , Toll Brothers , and Taylor Morrison all have a move-up component to their business.
• Toll Brothers has been a big favorite, trading at a discount compared with its peers
• Meritage Homes's competition is the existing-home market.
• Lennar is more entry-level.
• Roughly 30% of the nation’s land is owned by the government. It is skewed to the Western U.S.
• North Carolina - endangered market
• Midwest - affordable
• people eventually migrate away from climate-prone markets in the Sunbelt
• we’ll see more migration to the central part of the country