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 don't 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 1980's when half the S&L's went bust. The response from DHI management was very enlightening. The key difference, it seems, is that while the banks aren't 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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