Thursday, October 30, 2008

Standard Pacific - Losses up, Sales Down

Big Homebuilder Standard Pacific Corp. on Thursday said its third-quarter net loss tripled after a $368.4 million pretax charge to buy down the value of homes and land.

The housing slump seems to be worsening for some.

"Housing market conditions deteriorated further during the quarter," said CEO Jeffrey Peterson, in a statement. "It does not appear at this time that the earlier efforts by the federal government to stabilize the housing market across the country has had any meaningful impact."

Standard Pacific said net new home orders fell 32 percent in the quarter to 921 homes. The worst performance was in Texas, followed by a tie between Southern California and the Carolinas.

Standard's housing backlog of new homes completed but not yet delivered fell 59% to $395.7 million. New home deliveries was down 24 percent to 1,188.

California, which comprised half of revenue for Standard Pacific , saw sales fall by 31 percent. The Southwest was down 42 percent and the Southeast fell 46 percent.

Standard Pacific develops homes in California, Arizona, Texas, Colorado, Nevada, Florida and the Carolinas.

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