NVR is still making a profit, which is more than many big builders can say, but the company's numbers are still way off compared to last year.
Net income for the 2007 fourth quarter was $67.3 million, a decrease of about 50 percent compared to $135.2 million a year ago. The company said the fourth-quarter 2007 results were negatively impacted by land deposit impairments of about $97 million.
New orders for the fourth quarter slid 35 percent to 1,948 units, compared to 3,002 units for the fourth quarter of 2006. The cancellation rate for the fourth quarter of 2007 was 32 percent compared to 20 percent a year ago. The cancellation rate in the Washington, D.C., market was especially high in the fourth quarter this year at 46 percent compared to 34 percent in the fourth quarter of 2006.
Total new orders for 2007 were 12,270 units, a 7 percent decrease compared to the 13,217 units for 2006. Net income for fiscal 2007 was $333.9 million, a 43 percent decreased compared to $587.4 million a year ago.