Shares in homebuilder Ryland Group Inc. lost 4.7 percent after reporting poor earnings amid the worst housing slump in 15 years.

Ryland reported fourth quarter net income of $87.2 million ($1.96 per share), a 46 percent fall from $162 million ($3.32) from the same period a year earlier, missing analysts expectations of $2.07 a share, according to a Bloomberg News survey.

Revenue for the Calabasas-based company also was down 11 percent to $1.35 billion. Ryland, the largest homebuilder for first-time buyers, cited weak demand for homes and $54 million in write-down and other costs from unused land.

The company’s construction backlog also was down more than 50 percent to $1.3 billion when compared to the same period a year earlier. Ryland also dropped its 2007 forecast to $3.75 to $4.25 per share, below a $4.72 estimate by analysts surveyed by Bloomberg.

Shares in Ryland were down $2.32 to $53.65 in midday trading.