Why are residential construction stocks so undervalued?

[yellowbastard]

Recently, I've been looking at a few stocks in the residential construction industry. Many of the companies look very attractive such as NVR , which reported eps of $98.09 last year against a stock price of only $653 (6.7x earnings). NVR has also grown its earnings at an incredible rate of over 50% compounded annually for the past 10 years. As it turns out, this is not all that uncommon for NVR's competitors,

<u>10 year growth</u>
CTX 29%
PHM 38%
RYL 42%

The avg. P/E for these companies is about 6.58.
Seems almost too good to be true, what am I missing here?