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Softening Market Hits Production Home Builders

Posted by: Mike Lydon
Thanks to: Senen Antonio
10 November 2006 - 8:00am

Responding to increasing cancellations and growing inventory, national home builders are being forced to slow production and lay off workers.

"In a sign of a deepening U.S. housing slump, two major home builders on Tuesday reported steep declines in new orders and weaker fourth-quarter results.

Luxury home builder Toll Brothers of Horsham, Pa., said home-building revenue fell by 10 percent and signed contracts were down by 55 percent compared with a year ago. The company, which released its quarterly outlook ahead of earnings, also said it will incur a hefty charge against profits as it pares down the number of lots it controls.

Beazer Homes USA of Atlanta reported a 44 percent decline in profit as higher revenue was offset by squeezed margins. The company said there was 'significant' discounting in most markets."

Full Story: Home builders report steep declines in new orders
Source: The Miami Herald, November 8, 2006
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