by Calculated Risk on 2/07/2008 01:42:00 PM

A few headlines from D.R. Horton (largest U.S. homebuilder):

Cancellation rate 44%.

Housing environment is "Challenging"

Average ordered home price fell 17%.

Inventory of homes is "too high".

Cancellations high in California, Arizona, Florida, Las Vegas.

California housing market won't recover in next 12 months.

Pricing weaker than expected.