D.R. Horton Reports New Order Growth in 1Q Despite Housing Market Slowdown; Shares Undervalued
By now, it's well known that housing demand slowed in the waning months of 2018. Prior to D.R. Horton's fiscal first-quarter (ended December) earnings release, five peers all reported a year-over-year decline in new orders during their respective fiscal fourth quarters. Toll Brothers' orders fell 13%, Hovnanian's and KB Home's orders both declined 12%, NVR's orders were down 11%, and Lennar's pro forma orders were 2% lower than last year (adjusting for the CalAtantic merger). So, while D.R. Hort...D.R. Horton is a homebuilding company. The company's business operations consist of homebuilding, a majority-owned residential lot development company, financial services and other activities. The company's financial services operations provide mortgage financing and title agency services to homebuyers in its homebuilding markets. The company's subsidiary, DHI Mortgage, provides mortgage financing services primarily to its homebuyers and generally sells the mortgages it originates and the related servicing rights to third-party purchasers. The company's subsidiary title companies serve as title insurance agents by providing title insurance policies, examination and closing services, primarily to its homebuyers.
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