Part 6/10:
While D.R. Horton publicly asserts confidence in the market, their internal maneuvers tell a starkly different story. The builders have quietly increased incentives by 60% compared to last year and are offering rate buy-downs on more than 70% of new contracts. They've also scaled back land acquisitions by 35%, indicating a cautious approach amidst uncertainty.
Moreover, D.R. Horton appears to be mirroring pre-2008 behaviors by heavily increasing their joint ventures and creative financing options. They have established multiple financing subsidiaries and are offering novel payment plans reminiscent of risky lending practices from the past.