D.R. Horton Swings to Surprise Profit; Orders Soar

Home builder D.R. Horton Inc. swung to a surprise fiscal second-quarter profit, its second-straight period in the black, helped by a focus on key first-time buyers.

While the second-biggest U.S. home builder also reported a surge in orders, it's unclear if the strength will continue: Friday marks the end of a federal tax credit offering buyers up to $8,000. Industry watchers fear the program—big with first-timers—simply pulled demand forward. And with unemployment and foreclosure issues remaining, there is concern the market could soften in its absence.

"Market conditions in the home-building industry are still challenging," Chairman Donald Horton said. Still, he pointed out that interest rates remain low, new-home inventory is limited and affordability remains near record highs.

Read Full Article from Wall Street Journal

- Posted: 2010-04-30 13:15:43

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