D.R. Horton Sees ‘Challenging’ Year as Home Sales Drop
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D.R. Horton Inc., the second-largest U.S. homebuilder by revenue, expects 2011 to be “challenging” for the industry as consumer confidence and employment remain weak, Chief Executive Officer Donald Tomnitz said.
The company’s home sales and closing volume probably will fall from this year, Tomnitz said on an earnings conference call today. The spring selling season, the strongest for builders, may fail to bring the traditional boost in demand, he said.