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Thursday, April 19, 2007

D.R. Horton: Spring Sales Weak

by Calculated Risk on 4/19/2007 02:29:00 PM

From Reuters: D.R. Horton orders down 37 pct, spring sales weak

D.R. Horton Inc., 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."
Horton HousingClick on image for larger picture.

This photo of a Bloomberg screen this AM (hat tip Brian) really tells the tale.

Market not "stabilizing". Mortgage market is having "liquidity crisis". CEO says "disappointed" in quarterly sales. CEO sees "continued softness in 2008".

And much more.

More simply, housing is being crushed, and there is no bottom in sight.