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NVR, the Reston, Va.-based home builder, said second-quarter earnings slid 52 percent to $90.7 million from $190.35 million in the second quarter last year. Total revenue for the quarter, from both home building and the company’s mortgage business, was $1.32 billion, down 25 percent from $1.75 billion last year.
New orders in the second quarter decreased 11 percent to 3,745 units from 4,204 units last year. The cancellation rate was 16 percent compared with 13 percent in the second quarter of 2006.
Profit margins also decreased, blamed on “continued pricing pressure in many of our markets and land deposit impairments of approximately $55 million.”
In NVR’s mortgage banking business, closed loan production was down 24 percent.
NVR has home-building operations in 18 metropolitan areas in eleven states, including Maryland, Virginia, West Virginia, Pennsylvania, New York, New Jersey, Delaware, Ohio, North Carolina, South Carolina and Tennessee.