D.R. Horton Posts Record Loss

Fort Worth, Texas–D.R. Horton Inc.–the largest U.S. homebuilder–announced a record loss Tuesday that included an $834.1 million land and inventory writedown.The $1.31 billion fiscal second-quarter net loss was nearly seven times more than analysts’ estimates, according to Bloomberg.Revenue fell 38 percent to $1.62 billion. Texas, Oklahoma, Mississippi and Louisiana provided the most quarterly revenue. Fort Worth, Texas-based D.R. Horton’s cancellation rate was 33 percent; last year, it was 32 percent.The company’s backlog of homes dropped 47 percent to 8,947; the backlog’s value fell 57 percent to $2.1 billion.