Meritage turns around loss

Meritage Homes posted gains during the third quarter ending Sept. 30, according to its earnings report released Wednesday. Despite a 16 percent drop in the number of closings compared to the third quarter last year, Meritage (NYSE:MTH) reported net income of $1.2 million for the third quarter and $8 million for the first nine months of 2010. That compares with a $110 million loss for the first nine months of 2009. An increase in home closing revenues is attributed to a 21 percent increase in average prices. The average closing price for the third quarter was $275,000 as compared with $228,400 a year ago. The Scottsdale-based builder reported that the increase was due to a different mix of houses selling rather than price appreciation.

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