Another way we are maximizing our opportunities is through expansion in key housing markets. Our geographic diversity, along with our ability to reallocate capital to stronger areas as market conditions require, allows us to take advantage of the strengths of many markets and also reduces our risk in the event of a housing downturn.

Our operations currently span nearly all of the top housing markets in the country. Because of the presence we have established, we are optimally positioned to increase our market share in these locations and expand into other areas of the country. Sound land planning is essential in accomplishing such growth. To effectively carry out this planning, senior management evaluates all prospective land purchases against financial, marketing, product offering, and sales criteria to determine whether acceptable margins and absorption rates can be achieved.

We also evaluate the relative benefits of either optioning, purchasing, or developing the lots. Currently, we maintain a two- to three-year supply of lots for future building, and we control approximately 50 percent of those lots through option contracts. By managing our land acquisition process this way, we have been able to maximize profits, make better decisions, manage risk, and gain access to prime locations - all of which have led to increased growth opportunities for Ryland.

Designed to appeal to the upwardly mobile young family, the Belmont Model (above) in Austin offers a great deal of value with a starting price of $188,490.

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