The biggest homebuilder in the US, DR Horton, has reported a 37% slump in new home orders.
DR Horton is a key indicator for the US housing industry: It erected tens of thousands of new homes across the country last year and markets luxurious properties, town homes and apartments priced from $90,000 to $900,000.
The company's woes, however, reflect a wider downturn in the US housing market which slowed markedly last year following a boom which saw prices and construction projects rocket.
DR Horton's gloomy update comes after a flurry of rival homebuilders have reported losses in recent weeks, and days after mortgage lender New Century Financial announced it was seeking bankruptcy protection.
DR Horton said net sales orders for the last quarter slumped 37% to 9,983 new properties compared with the same quarter of 2006.
