Cheryl Pate-Yow rushed to LGI Homes Inc.’s sales office south of Houston the day after receiving a mailer that said she could own a new home for $689 a month, only $24 more than rent on her one-bedroom apartment.
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.
PulteGroup Inc. and D.R. Horton Inc., the largest U.S. homebuilders, tumbled after reporting lower-than-expected orders, adding to concerns that higher mortgage rates will hamper the nation’s housing recovery.
D.R. Horton Inc., the largest U.S. homebuilder by revenue, rose the most in a year after reporting that it’s charging more for houses and that sales are strengthening heading into the busiest season for demand.