UPDATE 1-Standard Pacific posts much steeper quarterly loss

(Adds estimates, charges, orders, revenue)

NEW YORK, May 12 (Reuters) - Home builder Standard Pacific Corp (SPF.N: Quote, Profile, Research, Stock Buzz) on Monday reported a much steeper quarterly loss due to the continuing market slowdown and the use of incentives to move inventory.

The company, which builds homes chiefly in the western United States, also said it faced a Wednesday deadline for a deal with lenders to extend a waiver of default on its debt.

Standard Pacific said its first-quarter net loss widened to $216.4 million, or $3.34 per share, from $40.8 million, or 63 cents per share, a year earlier.

The results included impairment charges of $1.82 per share for inventory and other items as well as a separate tax-related charge of $1.29 per share.

The average forecast of analysts polled by Reuters Estimates was for a loss of $1.52 per share, but it was not immediately clear which items that figure included.

The U.S. housing market has been in a steep downturn for more than a year, with rising mortgage defaults and falling home prices. As a result, builders have shifted their focus to survival, turning the excess land and inventory accumulated during the boom times of 2002 to 2006 into cash.

Standard Pacific's revenue fell to $348.2 million from $651.1 million and missed the analysts' average forecast of $384 million.

The Irvine, California-based company ended the first quarter with $328.8 million in home building cash.