D.R. Horton orders plunge 39% in feeble housing market |
| USA Today - Oct 16, 2007 |
D.R. Horton (DHI), the largest U.S. home builder, said Tuesday that quarterly net orders for new homes plunged 39% amid a spike in cancellations as the U.S. housing market continued to skip along rock bottom.
The company said it expected tough selling conditions to persist as banks impose stricter lending standards.
Despite holding a discount sale, D.R. Horton said net orders for the fourth quarter ended Sept. 30 fell to 6,374 worth $1.3 billion from 10,430 worth $2.5 billion a year earlier. The company's cancellation rate in the latest quarter was 48%.
The U.S. housing market has been suffering from a steep downturn as high prices and climbing interest rates have deterred prospective buyers. Problems in the credit market, stemming from defaults on mortgages to those with weak credit, have exacerbated conditions. Tougher lending standards also have affected prospective buyers with good credit.
Read Full Article from USA Today
- Posted: 2007-10-16 10:13:16
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