Including the DC area, which is half of their business. As a result, NVR and CHCI stocks are surging. Centex said on their conf. call that their discounts apply only to a few houses (2% of their overall sales) and only take prices back to where they were 6 months ago. CHCI is, along with MTH, the cheapest homebuilding stock. In a year, the current price will be seen a ridiculously low.
MDC also said in their conf. call that it looks like sales in the DC area are picking up.
I live in the DC area in Fairfax, Virginia and I am seeing more and more for sales signs in my subdevelopment over the last 6 months... I live in (Kings Park West) but no sold signs and the prices for single family homes in KPW are about the lowest in the county but still there are no buyers.
I think the number of homes for sale has dropped off from early December since the traffic was poor. I'm seeing a lot of activity where people who are doing major remodelling or rehabilitation to their homes, and I suspect that people are prepping their homes for listing or re-listing by late February (Presidents Day) or early March.
Their backlog declined from 8875 to 8310 sequentially. Their backlog and orders peaked back in 2nd quarter of 2005 at 9550 and 4830, respectively. We'll have to see what happens in Q1 and Q2 at the seasonal peak.