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.
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.
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.