When end-buyers vanish, sellers become their own best customers.
With financing-dependent buyers frozen out at 7% rates, headline housing demand is now produced by market participants themselves — Lennar's delivery beat depended on $200 million of purchases by its own spinoff, and industry sales prints are the output of margin-funded buydowns rather than organic buyers.
The same conclusion keeps arriving from across the workspace's research — 1 topics independently instantiate this theme. Filter the evidence by where it came from:
The difference between meeting and missing Lennar's delivery forecast was demand manufactured by purchases from its own land-bank spinoff, not end-buyers.
Industry-level sales volumes are self-generated through builder-paid incentives — 66% of builders buying demand — rather than summoned from buyers.