“We were doing share repurchases before everyone else thought it was a good idea. We spend about 70 percent of free cash flow on growing business and about 30 percent to buy shares back.”

— Cathey Lowe, Senior vice president of finance, The Ryland Group

“There are opportunities in both. We just entered a share buy-back program, committing to buy back 10 million shares in two years. We decided we'd slow our growth down a little bit, and stand alongside investors because we think we can get a valuation improvement for us and for the industry. But if there is a slowdown, we will take market share.

— Ian McCarthy, CEO, Beazer Homes

“We've always been opportunistically driven. If you have a significant downturn, we would take advantage of that. We'd option more ground. We haven't bought back shares to enhance the top line or bottom line on a per share basis.”

— Robert Toll, chairman and CEO, Toll Brothers