Texas Homebuilders Have Grim Outlook for 2008

By: Associated Press
By: Associated Press

DALLAS (AP) - Shares of two Texas-based homebuilders slipped after their chief executives predicted the troubled housing market will weaken in 2008.

D.R. Horton CEO Donald Tomnitz says his Fort Worth-based company will continue to decrease housing starts to cut its inventory of unsold homes.

Centex CEO Timothy Eller says there's no way to predict "when this thing will bottom."

Centex is based in Dallas.

The executives spoke yesterday at a Las Vegas conference sponsored by JP Morgan.

Homebuilders enjoyed a boom for several years but were caught with a glut of unsold homes in 2007 when mortgages became hard to get and sales slowed.

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