Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from David Goldberg – UBS.
David Goldberg – UBS
First question is on the debt repurchases and how you guys determined how much of each maturity you were going to buy and how you’re thinking about that. I know you’re not going to talk about the capital structure changes necessarily [inaudible] but just kind of how you figured out what you’re going to buy and how you’re thinking about it moving forward.
Allan P. Merrill
Obviously there are a lot of moving parts there. The yields on the securities were a factor. The maturity wallet that starts in 2011 was a factor. Capturing discount was a factor. Availability of sellers was a factor. So I would say that there isn’t a single answer to that. We tried to be opportunistic and make a good use of shareholder funds.
David Goldberg – UBS
Next question is on the commissions that you outlined in the SG&A slide. It looks like the commissions as a percentage of ASPs are going up slightly each quarter if I did my math right. It looks like it’s going from about 4% to about 4.1% in second quarter and now about 4.2%, 4.25% this quarter. I’m just trying to understand if that’s a pattern that you guys are noticing, that you’re paying maybe more outside commissions or you increase the level of incentives for outside commissions.
Allan P. Merrill
It’s certainly not increasing incentives but what it is reflecting is a slightly higher rate of realtor co-op in certain markets.
David Goldberg – UBS
What do you think you’re paying outside realtors versus internally in terms of percents of ASPs?
Allan P. Merrill
I think outside realtors typically are getting 3 points and the internal sales force, depending on the market, works on different types of programs but it’s substantially below the 3 points we pay on the outside.
Operator
Your next question comes from Michael Rehaut – JPMorgan.
Analyst for Michael Rehaut – JPMorgan
This is actually Ray [inaudible] for Mike. First question, going back to the commentary on the expectations for year-over-year order growth over the next two quarters. Hoping you guys could kind of break that out just like an order of magnitude. Are we talking about 5% growth, 10% growth? Then I guess any type of regional market color that you’re seeing here, which markets are getting better, which ones are getting worse at this point.
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