Major Homebuilder Reports 60% Sales Increase

It seems remarkable -- indeed, almost unbelievable. But the data tells the tale: U.S. homebuilder D.R. Horton reported a profit for the third consecutive quarter yesterday, due to increased home sales and cost cutting. Revenue grew 51 percent to $1.38 billion in most recent quarter as the company sold 6,308 new homes, a 60 percent increase. D.R. Horton, based in Fort Worth, Texas, builds primarily for first-time homebuyers. It has cut costs by spending less on construction and building on cheaper land.