D.R. Horton Homes (company, sales, increase, value)

[DUKE1989]

Looks like Spring is a bust for the home builders as Spring sales fail to appear.

A few quotes from the article:
“Net sales orders for the quarter ended March 31 totaled 9,983 homes, down from 15,771 homes during the prior-year quarter. The value of the orders dropped to $2.6 billion from $4.4 billion in the previous year.”

Drop in number sold and PRICE....Now that is going to leave a mark!!!!!

“Cancellation rate for the second quarter was 32 percent.
"Our cancellation rate is essentially unchanged from the prior quarter, but it remains above our historical range as we continue to see an increase in the use of sales incentives in many of our markets," Donald Horton said.
He said inventory levels of new and existing homes remain high, as market conditions remain challenging.
The company saw declines in every region, but experienced the largest quarterly drop in California, where orders fell 59 percent to 1,107 homes from 2,697 in the prior year. Orders in the Southwest fell 39 percent.
Home orders in the Northeast declined the least, falling 21 percent to 1,564 homes from 1,990 a year earlier.”
DECLINES IN EVERY REGION!!!!!!!!!!!!!!!!!!!!!!!!!!!!


D.R. Horton 2Q Orders Fall 37 Percent
D.R. Horton 2nd-Quarter Net Sales Orders Decline, Hurt by Sagging Market

http://biz.yahoo.com/ap/070410/d_r_horton_orders.html?.v=4 (broken link)

Dominion Homes also reports floundering sales

Dominion Homes sales drop 54 percent in 1Q
http://biz.yahoo.com/bizj/070406/1444263.html?.v=2 (broken link)

So who is next and how does the NAR spin this maybe it will be bad weather, fire ants. moon in the wrong phase... one wonders.

[mrsengle]

Sub-prime bubble bust...Just curious, what's your thing with NAR?