D.R. Horton Orders Slide

KB Home delays a filing.
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D.R. Horton (DHI) - Get Report said fourth-quarter sales orders fell 25% from a year ago as order cancellations rose to 40% from 29% in the third quarter.

The Fort Worth, Texas, homebuilder said the value of fourth-quarter sales orders fell to $2.5 billion from $3.8 billion last year. For the year, order value slipped to $13.9 billion from $14.6 billion a year earlier.

"The current selling conditions in the homebuilding industry continue to be challenging, with higher than normal cancellation rates and increased use of sales incentives in many of our markets," said Chairman Donald Horton. "We are extremely pleased with the sales effort from our people, which generated over 72,000 gross sales this fiscal year in a difficult environment."

The news came as rival

KB Home

(KBH) - Get Report

said it would delay a third-quarter filing with regulators to continue a review of stock option granting practices. The company said it expects to make $1.93 a share for the quarter ended in August, beating the $1.88-a-share Thomson Financial analyst consensus estimate.