A fairly remarkable stat from a WSJ story tonight on homebuilder Beazer Homes trying to put recent issues behind it:
Beazer reported that 68% of its prospective home buyers canceled their orders in the company’s fiscal fourth quarter, which ended Sept. 30. The cancellation rate was almost double the 36% of customers who canceled orders and gave up deposits in the prior quarter.
Admittedly, that’s bad, but I have a hard time imagining how it gets much worse. What, does it go to 90%? 100%? Maybe Herb will tell me.