Shares of developer $KBH rallied almost 15% after the report this morning, but have now given back almost all of the gains (+3%).

I think the problem is the growing inventory of unsold homes. Supply is increasing in the US secondary housing market, and mortgages have gotten expensive again and are limiting demand. So the primary market is under pressure. 

I can't call KBH stock cheap. 
Already priced in very optimistic revenue growth projections. And this is a vulnerability in the current environment.

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