Southwest Builder Marks Slowdown
The first quarter results for one home builder indicates a slowdown. "William Lyon Homes is one of the oldest and largest homebuilders in the Southwest with development communities in California, Arizona and Nevada."
"The number of homes closed in the first quarter of 2005 was 459 homes, down 24% from 603 homes in the first quarter of 2004. At March 31, 2005, the backlog of homes sold but not closed totaled 1,580 homes, down 10% from 1,755 homes at March 31, 2004."
"Net new home orders for the quarter ended March 31, 2005 were 873 homes, down 20% from 1,092 homes for the quarter ended March 31, 2004."
The firm ownes almost 10,000 lots in the three states and has options on another 10,000, eleven times its backlog. RE inventories jumped by $163 million, or 15% in the quarter. Cash and receivables declined 56% in the same period."