Barron's: "Home Builders Are 40% Overvalued"

A research note in Barron's:

"We believe the home builders have risen substantially above fair value with several home builders being 40% overvalued in our view. Many impediments will affect the home builders going forward (significantly higher-than-average vacancy rates, legacy land positions with subpar gross margins, competitive land market in attractive locations, rising labor/material costs, potential new home-builder entities with stronger balance sheets, trajectory of mortgage rates)."

Mentions TOL, MTH, HOV, and BZH as overpriced (underperform).