NVR yesterday reported earnings for its second quarter, ending
June 30, of $50.7 million, or $10.11 per share, an increase of
8% and 13%, respectively, when compared to the 2012 second
quarter. Consolidated revenues for the second quarter of 2013
totaled $1,009,892,000, a 31% increase from $769,783,000 for the
comparable 2012 quarter.  Analysts' consensus prior to the
earnings announcement was for an EPS of $11.94 vs. the actual
$10.11. Factoring in a one-time charge for a "water intrusion"
issue in one of its communities, costing $15.6 million, the EPS
would have been $12.03.  Positives include NVR's community count
growth, which drove higher than expected revenues, as well as a
price-over-pace metering that over-delivered on revenue even as
it missed on unit volume.  Negatives focus on the fact that
NVR's best-of-breed margin management has less wiggle room than
that of its peers, and therefore, will improve less relative to
other home builders. The other big challenge for NVR is
geography, where land for l