shares of dr horton inc dhi dropped 20 in premarket trading wednesday after the home builder reported fiscal fourthquarter results that came up short of expectations as sales orders fell and cancellation rates increased net income for the quarter to sept 30 rose to 163 billion or 467 a share from 134 billion 370 a share in the yearago period the factset consensus was for earnings per share of 507 revenue grew 189 to 964 billion but was below the factset consensus of 987 billion sales orders fell 148 to 13582 homes and the value of orders declined 100 to 54 billion the cancellation rate jumped to 32 from 19 total inventory climbed 314 to 2166 billion beginning in june and continuing through today we have seen a moderation in housing demand caused by significant increases in mortgage interest rates and general economic uncertainty said chairman donald horton while these pressures may persist for some time the supply of homes at affordable price points remains limited and demographics supporting housing demand remain favorable the stock has slipped 22 over the past three months through tuesday while the ishares us home construction etf itb has dropped 83 and the sp 500 spx has lost 71