New home orders disaster
Just look at the news out of BZH and TOL this morning -- TOL reported a whopping 55% YOY decline in net new orders for the quarter ended October 31. That compares with a 45% YOY decline in the fiscal third quarter ended July 31. BZH net orders were down 58% YOY. In the June quarter, they were down 15.8%. Especially interesting was the Florida-only orders number for BZH -- 70 in the September quarter vs. 696 a year ago. That's a freaking 90% decline!! Does that look like a "soft landing" to you.
I would LOVE for someone to show me the improvement in these numbers. But the fact is, order trends are getting worse, not better.