D.R. Horton Inc., a large Fort Worth, Texas-based home builder, cut its 2006 earnings forecast Thursday due to the slower real estate market conditions. Quarterly home sales orders were down from a year ago, while orders in the first nine months of the fiscal year were up, the builder said. Donald R. Horton, chairman, cited the "difficult selling conditions the home-building industry is experiencing." The company reported net sales orders of 14,316 homes for the third quarter ended June 30, representing $3.8 billion, compared with 14,980 homes, or $4.1 billion, for the same quarter of fiscal year 2005. Net sales orders for the first nine months of fiscal year 2006 increased 6 percent to 41,550 homes, or $11.4 billion, compared with 39,282 homes, or $10.9 billion, for the same period of f...
Get Inman via Facebook Messenger
Our top headlines delivered once a day.