BENSALEM, PA -- Residential homebuilder Orleans Homebuilders, Inc. reported a $55.7 million loss during its third quarter, on revenues of $109 million. The average selling price for homes delivered in the fiscal 2008 third quarter was $449,000 compared to $424,000 in the prior year period. The Company experienced a cancellation rate of approximately 31% during the quarter.
The company said that new orders decreased 40% to $121.2 million (266 homes) compared to $201.1 million (437 homes) for the prior year period.
The company said the outlook for housing remains weak in the near term, but that it has refocused its portfolio to so that 88% of it lots are now in its primary Northern and Southern markets.