FORT WORTH, Texas (
) -- Homebuilder
gave another sign that the housing market might be creeping out of its downturn, narrowing its loss in the third quarter.
During the quarter, the company recorded a loss of $142.3 million, or 45 cents a share, compared with a loss of $399.3 million, or $1.26, in the year prior. Analysts expected a loss of 23 cents.
Revenue tumbled 36% to $914.1 million from $1.43 billion last year.
The company sold 4,240 homes during the quarter despite 26% of buyers canceling orders.
The smaller loss follows some positive data in the housing industry. The Commerce Department reported on Monday that
construction spending increased 0.3%
in June, surpassing analysts' forecast.
also reported that it
, even as revenue was nearly halved, although
in the second quarter, to $189.5 million, or 74 cents a share.
-- Reported by Jeanine Poggi in New York.
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