Beazer Homes Closings Fall 38% in Quarter

Atlanta, GA, Nov. 10, 2008--Beazer Homes said that home closings for the quarter ended Sept. 30, totaled 2,441, a 38.2% decline from a year ago.

Net new home orders totaled 1,083 for the quarter, an increase of 10.3% from a year ago.

This year-over-year increase was driven largely by a lower cancellation rate of 45.7% during the fourth quarter, compared to 68.1% in the same period of the prior year.

Beazer said, however, that the fourth quarter cancellation rate of 45.7% was higher than the 36.8% cancellation rate for the third quarter of this year, as market conditions continued to deteriorate during the fourth quarter amid further erosion of consumer confidence, heightened concerns about the overall economy, and disruptions in the financial and credit markets.