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.
Homebuilder executives and economists predict a post-Super Bowl bounce in demand for residential construction as Americans turn their attention from football to another national pastime: house hunting.
U.S. stocks erased gains, failing to rebound after the Standard & Poor’s 500 Index’s biggest weekly retreat since June, as investors awaited budget talks in Washington and European finance chiefs met to discuss Greek aid.
U.S. stocks sank for the week, sending the Dow Jones Industrial Average to its longest losing streak since August 2011, as investors fixated on federal budget negotiations between President Barack Obama and Congress.