Post by unlawflcombatnt on Apr 10, 2007 14:51:17 GMT -6
The nation's largest home builder, D.R. Horton, reports new home orders declined 37% in the last quarter. Below are highlights of the aricle from Reuters.
"D.R. Horton Orders down 37%, spring sales weak
CHICAGO, April 10 (Reuters) - D.R. Horton Inc. (DHI.N: Quote, Profile, Research), the largest U.S. home builder, said on Tuesday orders for new homes tumbled 37 percent last quarter and the spring selling season has been slower than usual, suggesting the U.S. housing market has not yet hit bottom.
Chairman Donald Horton said conditions remain tough in most markets because of high inventories of unsold new and existing homes. He also said "the spring selling season has not gotten off to its usual strong start."...
UBS analyst Margaret Whelan said in a research note that the orders decline was larger than expected, and she cut her 2007 and 2008 earnings estimates for D.R. Horton....
Last month, D.R. Horton Chief Executive Don Tomnitz said this year was "going to suck" for home builders. He said the company may have to take further write-offs to reflect unsold homes and lower land values....
DREARY NUMBERS
D.R. Horton's net sales orders in the fiscal second quarter, ended March 31. fell to 9,983 homes from 15,771 a year earlier, and the dollar value of the orders sank 41 percent, to $2.6 billion from $4.4 billion....
The biggest decline was in California, where they fell 59 percent to 1,107 homes. California was also the market that saw the biggest dip in dollar value of orders, down about 57 percent to $533.5 million.
Prospective buyers canceled at a 32 percent rate from January to March...above the usual 16 percent to 20 percent rate, D.R. Horton said...."
The full Reuters story can be found at
D.R. Horton Orders down 37%, spring sales weak
"D.R. Horton Orders down 37%, spring sales weak
CHICAGO, April 10 (Reuters) - D.R. Horton Inc. (DHI.N: Quote, Profile, Research), the largest U.S. home builder, said on Tuesday orders for new homes tumbled 37 percent last quarter and the spring selling season has been slower than usual, suggesting the U.S. housing market has not yet hit bottom.
Chairman Donald Horton said conditions remain tough in most markets because of high inventories of unsold new and existing homes. He also said "the spring selling season has not gotten off to its usual strong start."...
UBS analyst Margaret Whelan said in a research note that the orders decline was larger than expected, and she cut her 2007 and 2008 earnings estimates for D.R. Horton....
Last month, D.R. Horton Chief Executive Don Tomnitz said this year was "going to suck" for home builders. He said the company may have to take further write-offs to reflect unsold homes and lower land values....
DREARY NUMBERS
D.R. Horton's net sales orders in the fiscal second quarter, ended March 31. fell to 9,983 homes from 15,771 a year earlier, and the dollar value of the orders sank 41 percent, to $2.6 billion from $4.4 billion....
The biggest decline was in California, where they fell 59 percent to 1,107 homes. California was also the market that saw the biggest dip in dollar value of orders, down about 57 percent to $533.5 million.
Prospective buyers canceled at a 32 percent rate from January to March...above the usual 16 percent to 20 percent rate, D.R. Horton said...."
The full Reuters story can be found at
D.R. Horton Orders down 37%, spring sales weak