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Business Digest |

Housing

Beazer Homes USA Inc., the U.S. homebuilder that's reported losses for seven straight quarters, said sales plunged as the housing market deteriorated. Completed sales fell 38 percent to 2,441 in the quarter ended Sept. 30 from a year earlier, the Atlanta-based company said Monday. Cancellations rose to 46 percent from 37 percent in the previous quarter. Homebuilders are grappling with a tight mortgage market and lost buyer confidence as the slump deepens. New homes are selling at less than half the rate of two years ago. Sales of new homes have fallen 67 percent from the peak, compared with a 33 percent decline in existing home sales, according to Barclays Capital Inc. economists Michelle Meyer and Julia Coronado. Bloomberg News

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