The backlog at the end of fourth quarter was almost $4.5 billion, down 25% compared with just north of $6 billion for the parallel 2005 time frame. Signed contracts plunged 55% to $709.6 million in the most recent quarter, compared with nearly $1.6 billion in the same quarter a year ago.
Furthermore, the quarterly contract total was negatively impacted by higher-than-normal cancellations. Cancellations represented 37% of contracts signed in this fourth quarter, compared with 18% of those signed in this year's third quarter. Nearly 25% of the cancelled contracts in fourth quarter occurred in two markets: Orlando and Northern California.
In light of these slides, the company has reduced its land position by approximately 6,500 lots. It ended the quarter with approximately 74,000 lots, down 19% from the approximately 91,200 lots it owned in mid-year.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.