by Calculated Risk on 5/06/2008 09:25:00 AM

From MarketWatch: D.R. Horton swings to $1.3 billion loss

D.R. Horton's latest quarterly results included $834.1 million in pretax charges related to inventory impairments and land options it's walking away from.
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Reflecting ongoing weakness in the residential market, D.R. Horton's net sales orders fell to 7,528 homes from 9,983 homes a year ago. The cancellation rate, measured by cancelled sales orders divided by gross sales orders, was 33% in the fiscal second quarter.

A little good news: This is lowest cancellation rate for Horton in a year. The cancellation rate peaked at 48% last fall.