Wednesday, September 20, 2006

Meritage Homes Admits Decline in Orders

Well, another new home builder has reported a decline in new home sales this quarter. Meritage Homes Corporation says its third quarter results to be near or below expectations. Meritage reported net new orders fell 38% below last year.
"Demand has slowed and resale inventories have risen in many markets, making it more difficult for our buyers to sell their existing homes, and in turn causing higher cancellations and inventories industry-wide," said Steven J. Hilton, Meritage CEO...
Meritage Homes joins Toll Brothers and other new home builders who have been effected by the change in the housing market. Monday we reported Builder Confidence at 15 year low.


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