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."
Thanks to Senen Antonio
Read the full story: Home builders report steep declines in new orders
Planetizen Federal Action Tracker
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