SUBSEQUENT EVENTS |
3 Months Ended |
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Mar. 31, 2020 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | SUBSEQUENT EVENTS The COVID-19 pandemic ("COVID-19") has significantly impacted major economic and financial markets beginning in the latter part of March 2020 and up though the date of this report. The impact to the general economy has been very volatile as major developments occur almost daily. Such a fluid environment makes it challenging to estimate the impact that this pandemic may have on the future performance of our business.
Through the date of this report, residential homebuilding has been recognized as an essential service in nearly all of the markets in which we build and sell homes. As such, our construction crews and trade partners have been working steadily, following social distancing guidelines, to ensure that we deliver completed homes on schedule for our homebuyers. With shelter-in-place orders in place across most of our markets, we are offering home tours virtually or by appointment-only. Leveraging our mortgage pre-approval and remote earnest money deposit tools on-line, our customers are able to move through the process of purchasing a home remotely. We have experienced significant declines in demand for new home orders and have also experienced an increase in cancellations on previous home orders stemming from large parts of the economic shut down, causing record job losses, fear and uncertainty about the future. While the extent to which COVID-19 impacts our results will depend on future developments, the outbreak and associated economic impacts could result in a material impact to the our future financial condition, results of operations and cash flows.
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