- Cutting Jobless Will Take Time: White House's Summers
- GE, Vivendi Agree to Value NBCU Stake at $5.8 Billion
- Tuesday's ISM in Focus as Bulls Call for Turn in Dollar
- Arrest Imminent in Florida Ponzi Case: Report
- Cramer: Dubai Can’t Sink These 6 Dividend Stocks
- White House to Crank Up Pressure on Mortgage Industry
- Treasury Threatens Banks, Not Borrowers
- Good Sign for the Economy: 'Greed' Makes a Comeback
- The World's Biggest Debtor Nations
- Treasury Threatens Banks, Not Borrowers
- We're Approaching a Market Bubble: Portfolio Manager
- Hershey Shares: What Options Are Saying
- Nov. 30: Unusual Volume Leaders
- Why Careful Shoppers Are Great for the Box Office
- Blue Nile CEO: 'We're Having the Best Cyber Monday Ever'
- Best Online Retailers to Buy Now: Internet Analyst
- ESPN The Magazine’s Body Issue: A Financial Success
- Cyber Monday: The Last Vestige of Dotcom Hype
MOST SHARED
- Timeless and Time-Tested Warren Buffett Watch Predictions
- Dubai Stocks Could Fall a Further 30%: Charts
- Dubai World Set to Restructure About $26 Billion of Total Debt
- Good Sign for the Economy: 'Greed' Makes a Comeback
- Dubai Markets Open Sharply Lower for Second Day
- Should Homeowners Be Able To Walk Away From Mortgage?
- Bove: 26 Banks May Need To Raise More Capital
- Treasury Threatens Banks, Not Borrowers
- Nov. 30: Unusual Volume Leaders
- Notre Dame Fires Charlie Weis After 5 Seasons
Text Size 
Homebuilder DR Horton tried to kill two birds with one stone this past weekend: unloading inventory and cleaning up the image of the housing market -- at least in a few towns in Southern California.
The company held what it called an “Un-Auction”: first-come, first-served home sales, with would-be bidders lining up overnight and for days on end, a la the fans who wait for concert and cult-movie tickets.
But as CNBC’s Jane Wells reported, these patient consumers toughed it out on line to get a shot at 30 percent discounts on new houses. One shopper was able to save some $130,000 on a new condominium. And DR Horton was able to sidestep the “messy fallout” of a standard auction.
Wells spoke to a couple who waited more than a decade to be able to afford their first home. At the sale, they nailed a property for $750,000 -- which was originally priced at $950,000.
DR Horton – which reported losses of $128.8 million for its fiscal first quarter – seemed to reap the “Un-Auction” benefits Monday: its shares [DHI
Loading...
()
] trading on the New York Stock Exchange gained as much as 3.45 percent as of this writing.
Shares of rivals across the board – including Lennar [LEN
Loading...
()
], Centex [CTX
Loading...
()
], Pulte Homes [PHM
Loading...
()
] and Toll Brothers [TOL
Loading...
()
] -- likewise gained.
Print
Email
- Ever wished your cab driver would stop chatting and just get to where you're going? Well, that moment is closer than ever.
- UPS is giving its customers the option to offset its carbon emissions when sending a package.
- Romania's presidential campaign has been rocked by a video that may show the president striking a 10-year-old boy.
- Raising alligators is hard work, and the fickle taste of rich consumers has just made it much harder, says the NY Times.
- A recent issue of ESPN Magazine was one of its top sellers ever, and it only took scantily clad athletes to make it happen.
- The continued real estate boom in China is partially fueled by a generational flood of newlyweds.
Data is a real-time snapshot *Data is delayed at least 15 minutes