Industry News

Home builder MDC boosts earnings, net orders

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Major home builder MDC Holdings Inc. today announced a growth in net orders during the third quarter this year, a 21 percent year-over-year increase. The company, with subsidiaries that build homes under the name Richmond American Homes, received orders, net of cancellations, for 3,551 homes and 12,929 homes, respectively, during the third quarter and first nine months of 2005, compared with net orders for 2,925 homes and 11,586 homes during the same periods in 2004. Home orders in the third quarter of 2005 increased from 2004 levels in most of the company's markets, particularly Nevada and California, mainly due to year-over-year increases in active subdivisions and the continued strong demand for new homes in these two states, according to a company announcement this week. MDC received 604 net home orders in third-quarter 2005 from its newer markets in Florida, Philadelphia/Delaware Valley, Utah and Illinois, compared with 286 home orders during the same period in 2004. These in...