Orders plunge for No. 2 US home builder |
| Boston Globe - Apr 11, 2007 |
D.R. Horton Inc., the second-largest US homebuilder by revenue, said orders for houses tumbled 37 percent in the first three months of this year.
Orders for the fiscal second quarter fell to 9,983 houses from 15,771 a year earlier, the Fort Worth -based builder said yesterday. The value of houses ordered plunged 41 percent to $2.6 billion from $4.4 billion a year earlier.
Builders including D.R. Horton and industry leader Lennar Corp. are in their second year of slowing sales as buyers wait for prices to stop falling before making an offer. As lenders raise credit standards because of rising subprime mortgage defaults, D.R. Horton may be hurt more than some competitors because it caters to first-time and first-time move-up buyers, said John Tomlinson, an analyst at Majestic Research in New York.
Read Full Article from Boston Globe
- Posted: 2007-04-11 10:10:13
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