The largest builder of U.S. homes by number of units, D.R. Horton Inc., reported an 85 percent decline in profits for its second quarter, and said that it could see an even more significant drop in profits in the short term. The company’s chief executive said high inventory levels across the country and troubles with the mortgage industry are the main reasons for the plunge in demand for residential units. more [WSJ]
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Huge builder posts huge decline
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