M/I Homes 1Q Deliveries Fall 34 Percent

By Associated Press April 10, 2008 Comments (0)

0 Recommendations

M/I Homes Inc.'s first-quarter deliveries fell 34 percent as the housing market continued to worsen, the homebuilder said Thursday.

The company reduced debt to $42 million from $115 million in the quarter, and amended the terms of an unsecured credit line. M/I did not specify why it made the amendment or what the changes were, but said it provided "additional financial flexibility."

M/I reported deliveries of 450 homes in the quarter, down from 686 a year ago. The percentage of buyers who walked away from contracts fell to 23 percent from 25 percent a year ago.

New contracts for the first quarter fell to 554, from 931 last year.

"Selling conditions in most of our markets remain difficult," Chief Executive Robert Schottenstein said in a statement.

M/I plans to report quarterly results April 30.

Comments (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment icon found on every comment.

Be the first one to comment on this article.

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.