Stuart Miller. Chief Executive Officer
Not really, I think you have to look at the landscape relative to any of the articulation as a multi-dimensional one lever is probably not going to remove the needle I think we have to properly regard the fact the regulatory landscape really discourage mortgage lending. There is just more than just underwriting criteria, down payments at stake here we got to get people to back in the game of making mortgages to people that really need the money as oppose to making mortgages to people who are so far qualify that we never have to. If the only mortgage we going to make is to Warren Buffet we certainly not going to have any defaults and we not going to make a lot of mortgage and we got to be able to bring the risk profile to a normalize setting. In large part the regulatory environment that is defining some of that I think that the discourse the commentary that have been coming out FSHFA is positive and constructive people recognizing that perhaps we put too strong of a lid on mortgage business and you know if we listen to the commentaries coming out of the banks there still isn’t a lot of appetite to lend. So we haven’t seen a lot of movement in the field from these articulation but they are promising in terms of people, important people starting how the landscape has to migrate in order to bring the buyer back to the market.
Megan McGrath, MKM Partners
Great that’s helpful, thanks.
Stuart Miller. Chief Executive Officer
You bet
Operator
Our next question comes from Michael Doll with Credit Suit your line is open
Michael Doll, CS
Thanks for taking my question. Sir the comments on or the discussion around sound like the implication will be like the landscape will be down again in 2015 and if that’s the case then community count growth will probably moderate further in 2016 is that a fair way to think about how you are doing the landscape.
Stuart Miller. Chief Executive Officer
Well land spendable move around a little bit as we go through the next couple of years it’s a little bit hard to peg down. What I am articulating is a focus on management team to shorten the tail on some of the land that we are purchasing and really looking at the risk profile as we go forward that doesn’t necessarily mean we are curtailment on community count per expansion it might be a moderation of the rate of growth you see in community count I think we have articulated about an 8% growth years over years as we look ahead but I think you can look at that kind of a pace as we go forward as well as the duration of land so we expect to grow at a healthy pace as we go forward and over time. The way that I think of things of this management team is that when we focus we succeed, the articulation internally for our group is hey let’s bring the tail down, let’s bring the risk profile down, lets continue to grow our business but let’s not get over our skies as the market mature, as land pricing mature and let us continue to grow the business as the market permits.
Michael Doll, CS
Great and I guess as a follow up you have clearly articulated a number of things happening across specific market as you think about those is relative to your investments. Where are you looking to grow the most as you look out at the deals as you are instructing your field reps to go out after this year?
Stuart Miller. Chief Executive Officer
Ok so a piece of your question cut out on us but I think you questions where are you looking to grow the most. The answer to that question is almost a quarter by quarter evaluation on market by market basis is what we probably do the best. It’s all about allocating that capital to where that capital is performing the best based on the reading we are getting from the field base on the traffic that is coming in. Market that his healing and that is moving forward well is going to get more capitol allocated to it a market where we see a pattern of pull back, pattern of change in the market is negative, we are going to be investing less capital. So right now if you think about the things we have already talked about its kind of a wait and see mode relative to Houston we want to see a little bit more evidence of how the market is going to present itself and so we probably investing less capital there looking on excellent position to build on in the meantime. There are other markets like the Bay Area that continue to have strong growth we are investing more capitol there but it is a regular assessment that we put in place through our top management team communicating with our division base on the patterns we are seeing in the fields.
