Types Of Bankruptcy

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January 31st, 2008

Horton warns of grim 2008

“We just think that in order to get bonuses, they should be outperforming their peer group”

The chairman of Fort Worth-based D.R. Horton home builder warned Thursday that the sharp downtown in housing sales nationwide is expected to continue in 2008.

Donald R. Horton told company shareholders at their annual meeting that 2008 is going to be more difficult than 2007.

‘The home-building industry is not in a recession,’ he said. ‘It’s in a depression.’

Horton said the company will continue to cut costs as it adjusts to weakened consumer demand. It is pulling back on starts, having cut back by 42 percent in 2007. And it is paring back its exposure in areas hit hard by the bursting of the housing bubble, trying to reduce its five offices in California to one, for example, he said. Read more



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