D.R. Horton is at the podium now, reiterating the downsizing theme of the day. For them its all about getting rid of land.
Horton CFO Bill Wheat says they want to sell $400 million worth of land, the bulk of it in Florida, California, Arizona and New Mexico. That would get them to a three year supply.
Wheat says the bottom feeders are out there for land, but they're not all jumping in yet as there continues to be downward pressure on land prices.
On the brighter side Wheat says they will continue to maintain a presence in the 82 markets Horton is currently in.
On the inventories, they say they've got 15 thousand units in all stages with 47 percent unsold. He didn't say what month supply that represents but it sounds like a bit more than some of the other big builder players.