D.R. Horton reported its orders today, with orders down a worse than estimated 23% YoY and an improved cancellation rate of 33% (last year it was 40%). Watching the public homebuilders is a good gauge of the national market, and their conference calls are always interesting to listen to for market specific flavor.
Donald R. Horton, Chairman of the Board, said, "Our people worked very hard to achieve these net sales orders during a time when the selling conditions in the homebuilding industry remain challenging. Although our cancellation rate decreased in the first quarter of fiscal 2007 compared to the fourth quarter of fiscal 2006, we continue to experience higher than normal cancellation rates and an increased use of sales incentives in many of our markets."
2 comments:
It's great to read your posts on the Conejo / Ventura area, no other blog like it. Keep up the good work!
Thanks for the encouragement (and you are my first comment!), I will be having a new home development roundup for Ventura coming soon, be sure to check back.
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