Meritage Homes Narrows Third Quarter Loss

Scottdale, AZ, Oct. 27, 2009--Meritage Homes reported a third-quarter net loss of $18 million, or $0.56 share.

That compares to a net loss of $144 million, or $4.69 a share, in the third quarter of 2008, the homebuilder said.

The improved results in 2009 were partly driven by lower pre-tax real estate-related impairment charges of $13 million, down from $55 million of similar charges a year earlier Meritage noted.

Third quarter home closing revenue dropped 38% to $232 million as 29% fewer homes closed and average closing prices fell 13% to roughly $228,000, the company said.