Horton’s Orders Plunge as It Struggles to Build Enough Homes
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D.R. Horton Inc. fell after it reported an unexpected plunge in new home orders. The problem wasn’t a lack of demand, according to the company. Instead, there was too much of it.
In the three months through June, purchase contracts fell 17% from a year earlier to 17,952, the Arlington, Texas-based builder said in a statement on Thursday. Analysts surveyed by Bloomberg expected 22,385 on average.