Investing in home builders has generally required a lot of patience. Century Communities, Inc. (NYSE:CCS) continues to be a prime example. The stock is down 24% from its open as a newly public company. It is down 11% fromwhere I first started writing about the company in mid-August. The stock was cheap then, and it is still very cheap: 7.6 forward P/E, 1.36 price-to-sales, and 1.05 price-to-book. CCS took advantage of the low valuation of its shares by spending $9,728,000 to purchase 608,000 of its own shares under a buyback program (I also doubled down around this time). This sum is significant given the company only has $33.5M of cash and cash equivalents on the balance sheet versus total liabilities of $310.8M, including total debt of $229.6M (numbers from the Seeking Alpha transcript of the conference call). Current float is now 13.95M shares. Read more