SPF looking for 5 news from sept. sales up but don't know how much they had to cut prices. Standard Pacific New Home Orders Rise
Monday September 17, 5:12 pm ET
Standard Pacific Says New Home Orders Rise During July, August
IRVINE, Calif. (AP) -- Homebuilder Standard Pacific Corp. said Monday net new home orders in July and August rose 20 percent due to a strong showing in several markets, particularly California.
Standard Pacific said its cancellation rate for the two-month period was 33 percent, down from 51 percent in the prior-year period.
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Home orders were particularly strong in California, where they rose nearly 100 percent during the two months, the company said. Orders also rose by 42 percent in Arizona.
Meanwhile, orders fell 24 percent in Florida, 5 percent in Texas and 13 percent in the Carolinas, said Standard Pacific.
"Despite the positive comparisons in some of our markets, our absolute sales absorption rates continue to reflect the difficult housing conditions in most of our markets which were exacerbated during the quarter by the further tightening of available mortgage credit for homebuyers," the company said.
Standard Pacific expects to take additional impairment charges in its third quarter citing continued pressure on home prices.
Standard Pacific shares rose 27, or 3.3 percent, to $8.50 in electronic after-hours trading. During regular trading hours, the shares rose 20 cents to close at $8.23.
