D.R Horton Posts $1.3 Billion Loss

Trying desperately not to be overshadowed by the gargantuan losses posted at Fannie Mae and UBS, D.R. Horton lost $1.3 billion for the quarter on $834 million in land write-downs. This means DHI only punted around $500 million in its core operations of selling houses. Revenues declined to $1.62 billion from $2.62 year-over-year. Net sales orders fell to 7,528 from 9,983 a year ago and the cancellation rate was 33%. Waiting for a rebound in the homebuilders is beginning to bear a remarkable resemblance to the plot of Waiting for Godot, a play by Samuel Beckett, which I have never seen or read. The only thing I know is that a bunch of people sit around and wait for a guy who never shows up. Maybe in Act I these people purchase a bunch of homebuilder and financial stocks because they think Godot is just around the corner? Act II is where they become disappointed again when someone realizes it was just a Godot lookalike. What happens in Act III? I think that's the part where the weakest homebuilders go bust when Godot fails to show up.