882184--11/27/2007--HORTON_D_R_INC

related topics

{condition, economic, financial}

{acquisition, growth, future}

{competitive, industry, competition}

{cost, contract, operation}

{debt, indebtedness, cash}

The reduction in availability of mortgage financing and the volatility and reduction in liquidity in the financial markets 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 interest rates, reductions in mortgage availability or increases in other costs of owning a home could prevent potential customers from buying our homes and adversely affect our business or our financial results. During fiscal 2007, we experienced a reduction in the mortgage financing available to our customers. Governmental regulations could increase the cost and limit the availability of our development and homebuilding projects or affect our related financial services operations and adversely affect our business or financial results. Our substantial debt could adversely affect our financial condition. Homebuilding and financial services are very competitive, and competitive conditions could adversely affect our business or our financial results. Our future operations may require additional capital, which may not be available. We cannot make any assurances that any future growth strategies will be successful.

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882184--11/27/2007--HORTON_D_R_INC_/DE/