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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: regli who wrote (62642)	1/24/2007 1:13:49 AM
From: mishedlo	of 116555

DOW JONES NEWSWIRES January 23, 2007 10:55 a.m. By Janet Morrissey Of DOW JONES NEWSWIRES NEW YORK (Dow Jones)--D.R. Horton Inc. (DHI) Chief Executive Don Tomnitz believes the housing industry is still in the "early stages" of its slowdown. "Most downturns are longer and deeper (than people expect), and we are not seeing anything on the horizon to change that opinion," Tomnitz said during a conference call Tuesday to discuss the company's fiscal first-quarter earnings. Tomnitz, who has weathered through three other housing downturns in the past 23 years prior to this one, said he expects the housing sector to remain "challenging" through at least fiscal 2007. He said he expects it will take two to three quarters before the sector "bottoms out." After that, he said, he doesn't see a sharp rebound. "We're not expecting any rapid improvement" after that, he said. "It will be flat to slightly up in 2008." The CEO's comments come as D.R. Horton reported a 65% earnings decline and took land-related writedowns of $77.7 million in the company's fiscal first quarter that ended Dec. 31.

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