• Slow going in recent years has produced several acquisitions of smaller builders by giant firms like D.R. Horton, Pulte and Lennar, suggesting that they are staging for jumps into new markets if the now-crawling housing market recovery stands up and runs.
• Three of the top five builders have been bulking up on cash. Horton had $904.3 million in cash and cash equivalents as of June 30, which is 23% more than it had in the bank on Sept. 30. Pulte reported $1.3 billion in cash when the second quarter ended, up 21% from Dec. 31. NVR’s cash position – $587.6 million – was 23.6% higher on June 30 than it had been at the end of 2011.
• The companies  don't talk about their strategies, but recent highs in building permits and builder confidence in the market give credence to the theory that they are marshaling their forces for an offensive, perhaps in 2013.

From the article:

An acquisition spurt that so many industry watchers had anticipated during the housing recession might finally be coming to pass, as several public builders are opening their wallets again to buy market position. ...