NVR, Inc., a large home builder reported lower than expected earnings as sales dropped and margins narrowed. Looking through their financials there is not much to be happy about. If, arguably, the strongest public builder in the strongest markets (DC and northeast) can muster -18% on Y-o-Y orders and -75 basis points on Q-o-Q gross margins, it’s not great. And home construction must get healthy for a full economic recovery.