WASHINGTON, April 10: The subsidence plaguing the foundations of the US housing market deepened on Tuesday as America’s biggest homebuilder, D.R. Horton, Inc., reported a hefty 37pc slump in new home orders.

D.R. Horton is a key bellwether for the US housing industry: It erected tens of thousands of new homes across the country last year and markets luxurious properties, town homes and apartments priced from $90,000 to over $900,000.

The company’s woes, however, reflect a wider downturn in the US housing market.—AFP