- Can't Get A Home Loan? Neither Can D.R.Horton
Can't Get A Home Loan? Neither Can D.R.Horton
29 July 2012 08:00
For the last decade, D.R. Horton has been the largest homebuilder in the United States by units sold. While reading the Seeking Alpha transcript of the DR Horton Q3 July conference call, I was surprised to learn that if your banker is giving you a tough time about refunding your mortgage at new, lower rates, or buying yourself a new place, you have some major company. They dont want to lend to Horton either, even though it is listed on the NYSE, and has a much improved balance sheet over the last few years. Stifel Nicolaus housing analyst Michael Widner asked on this conference call how this housing cycle compared to the Savings and Loan Crisis of the 1980s when half the S&Ls went bust. The response from DHI management was very enlightening. The key difference, it seems, is that while the banks arent viewing DHI much more kindly than they are viewing the typical potential homebuyer, DHI has more options than the average bloke.
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Home, Loan, Neither, Horton
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