From the Washington Post:
Comstock Homebuilding Cos. of Reston yesterday reported that even though it sold 81 houses in the third quarter, 78 sales were canceled, a net of just three sales in three months and a striking reminder of the building industry's deepening troubles.
"Market conditions have continued to deteriorate throughout the year," Christopher Clemente, the company's chief executive, said in a statement.
. . .
In the Washington region, the cancellation rate for newly built homes shot up to 48 percent in July and August from 18 percent at the comparable time last year, according to the most recent data from Hanley Wood Market Intelligence, a real estate research firm. The most dramatic rise was among condominiums, where the cancellation rate jumped to nearly 124 percent from 13.5 percent a year earlier, which means there were more cancellations of previous sales than there were new sales.
Clemente singled out mortgage market disruptions, which were at their worst in August and September, as a main contributor to his company's third-quarter performance.