by Calculated Risk on 7/06/2007 09:53:00 AM

"Weak demand and high inventory levels have increased competition among homebuilders, pressuring margins despite reductions in new home starts, lot supplies and operating costs."
Steven J. Hilton, chairman and CEO of Meritage Homes.

From a Meritage Homes press release on orders:

Preliminary results for the quarter include approximately $569 million home closing revenue, $502 million home orders, and $1.2 billion ending backlog. These results represent declines of 37%, 28% and 39% from the second quarter of 2006 ...

And on cancellations:

Cancellations rose to approximately 37% of gross orders for the quarter, compared to 32% in the second quarter 2006 and 27% in the first quarter 2007.