by Calculated Risk on 1/11/2007 11:15:00 AM

From MarketWatch: M/I Homes quarterly contracts plunge 61%

[M/I Homes] said its cancellation rate rose to 63% in the fourth quarter from 27% in the year-ago period, and from 42% in the third quarter.

And 2007 doesn't look any better:

"... housing conditions are likely to remain challenging throughout 2007 and we see no reason to deviate from that belief."
[said Chief Executive Robert Schottenstein]