882184--11/26/2008--HORTON_D_R_INC

related topics

{condition, economic, financial}

{acquisition, growth, future}

{debt, indebtedness, cash}

{financial, litigation, operation}

{cost, contract, operation}

{tax, income, asset}

{competitive, industry, competition}

{regulation, government, change}

The downturn in homebuilding and the continuation of the disruptions in the credit markets could limit our ability to access capital and increase our costs of capital. The reduction in availability of mortgage financing and the increase in mortgage interest rates have adversely affected our business, and the duration and ultimate severity of the effects are uncertain. Our strategies in responding to the adverse conditions in the homebuilding industry have had limited success, and the continued implementation of these and other strategies may not be successful. The homebuilding industry continues to be cyclical and affected by changes in general economic, real estate or other business conditions that could adversely affect our business or financial results. Increases in the costs of owning a home could prevent potential customers from buying our homes and adversely affect our business or our financial results. Governmental regulations could increase the cost and limit the availability of our development and homebuilding projects and adversely affect our business or financial results. Governmental regulation of our financial services operations could adversely affect our business or financial results. Our substantial debt could adversely affect our financial condition. Failure to comply with certain financial tests or meet ratios contained in our credit facilities could preclude the payment of dividends, impose restrictions on our business, capital resources or other activities or otherwise adversely affect us. Homebuilding and financial services are very competitive, and competitive conditions could adversely affect our business or our financial results. We cannot make any assurances that any future growth strategies will be successful. We may not realize our deferred income tax asset. Homebuilding is subject to home warranty and construction defect claims in the ordinary course of business that can be significant.

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882184--11/26/2008--HORTON_D_R_INC_/DE/