Southern Housing Starts Merely a Speedbump in Recovering Residential Construction Activity
Although housing starts fell 5.8% sequentially to a disappointing rate of 1.14 million units, we believe this will be temporary as the housing market continues to heat up. Weakness in the South was the largest drag, falling by 56,000 units sequentially. We attribute this, in part, to a sustained period of poor weather that resulted in 20 Louisiana parishes being declared federal disaster areas, with the surrounding areas pounded by heavy rainfall. Supporting our argument that this weakness is tr...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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