Homebuilder D.R. Horton Narrows Loss

Fort Worth, TX, Aug. 4, 2009--D.R. Horton Inc. reported its ninth straight quarterly loss as record foreclosures and rising joblessness hurt demand.

The third-quarter net loss narrowed to $142.3 million, or 45 cents a share, from $399.3 million, or $1.26, a year earlier.

“Market conditions in the homebuilding industry are still challenging, characterized by rising foreclosures, high inventory levels of available homes, increasing unemployment, tight credit for homebuyers and weak consumer confidence,” Chairman Donald Horton said in the statement.

D.R. Horton, the largest homebuilder by sales, saw its revenue fall 36 percent to $914.1 and orders dropped 7.5 percent to 5,089.