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REAL ESTATE
OCTOBER 3, 2008

Developer Sells Land Dirt Cheap To Reap Tax Benefits

D.R. Horton Unloads California Parcels, Signaling a Shift Amid Housing Slump

Article
Comments

As it struggles through the housing crisis, home builder D.R. Horton Inc. is unloading land across California at big discounts.

Horton, the nation's largest home builder by unit volume, is jettisoning thousands of house lots in far-flung areas, partly to reap the tax benefits from selling property at a loss.

As builders try to survive one of the worst housing downturns in U.S. history, land buyers and brokers expect more such tax-motivated fire sales of undeveloped land this year. That could set a new low for land prices in California and other troubled housing markets. The sales also could indicate ...