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Facing Scrutiny, Builder Horton Changes Course on Mineral Rights

Home-builder D.R. Horton has ended a policy of keeping mineral rights in North Carolina.

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Home-builder D.RHorton has ended a policy of keeping mineral rights in North Carolina. As we’ve written, the company, the nation’s largest builder, has been keeping the right to drill for natural resources under homes it sells nationwide for yearsBut, the practice recently caught the attention of buyers and state officials in North Carolina, which is considering legalizing “fracking,” a controversial drilling technique in which drillers use a high-pressure mixture of water, sand and chemicals to break apart energy-rich rock. But Horton notified the North Carolina Real Estate Commission that it will stop separating the mineral rights from property sales and it will return the drilling rights, upon request, to any homeowner whose rights are now owned by Horton, the (Raleigh) News & Observer reports. More In D.RHorton Real-Estate News: Silverstein Seeks New Debt Deal for WTC D.RHorton: If Spring Sales Lag, Big Discounts on Tap Builder Horton Skips Celebration on Quarterly Profit Buyers, Officials Digging Into Mineral Rights Issue New Analyst’s Edge: Been There, Done That Horton maintains that it was completely upfront with home buyers, but the Fort Worth-based company wants to avoid any more negative publicity about the issue“By following procedures that it routinely follows elsewhere in the nation, Horton has unwittingly stepped to the forefront of a brewing controversy in the state, and become a ‘test case’ on this issue,” the company said in a written statement reported by the local press“Therefore, commencing immediately, Horton will suspend its practice of retaining mineral rights not previously retained by prior owners from properties it has acquired or it acquires in North Carolina.” The company might “revisit the issue” down the road. Horton verified the accuracy of the written comments, but declined to comment further. The publicity surrounding this issue hasn’t affected business: Horton detailed a strong quarter earlier this week and Wall Street analysts didn’t raise the mineral issue during the question-and-answer session. Follow Dawn @dwotapka Recommended post x Will 2015 be the Turnaround Year for First-Time Home Buyers? var div_style = document.getElementById('magic').style; function fly(begin, finish) { div_style.display = 'inline-block'; //debugger ; dojo.animateProperty({ node: dojo.byId("magic"), properties: { marginBottom : {start: begin, end: finish , unit: "px"} }, }).play(); } function fly1(begin, finish) { div_style.right = '; dojo.animateProperty({ node: dojo.byId("magic"), properties: { marginLeft : {start: begin, end: finish , unit: "px"} }, }).play(); } function flyover() { if(document.body.scrollHeight - window.pageYOffset Developments HOME PAGE '); //--> Search Developments1 About Developments RSS The Developments blog features exclusive news, analysis and commentary on residential and commercial real estate from The Wall Street Journal’s real estate bureauSend tips, comments and questions to Developments on Twitter Developments on Facebook close Email This Recipient's Email Address (Separate multiple address with commas) Your Email Address Message (Optional) Send me a copy or Cancel close Thank You Your email has been sent. close Error. An error has occured and your email has not been sent Please try again. • Invalid email address. • You can't enter more than 20 emails. • Seperate multiple addresses with Commas. • Must enter an email address. • You must enter the verification code below to send. • Invalid entry: Please type the verification code again. Popular Now What's This? Close Content engaging our readers now, with additional prominence accorded if the story is rapidly gaining attentionOur WSJ algorithm comprises 30% page views, 20% Facebook, 20% Twitter, 20% email shares and 10% comments. 1 U.SProductivity Now Grows Faster Than JobsWhat Changed? Twitter Facebook Email Comments 2 Austin Beats San Francisco in Savills' Tech City Metrics Twitter Facebook Email Comments 3 Schwab Entry Into 'Robo' Advice Gets Closer Twitter Facebook Email Comments 4 Fewer Taxpayers Are Audited Amid IRS Budget Cuts Twitter Facebook Email Comments 5 The Danger of Exhausted Employees Twitter Facebook Email Comments Show 5 More 6 Former Kleiner Partner Trae Vassallo Testifies of Unwanted… Twitter Facebook Email Comments 7 Highlights From Janet Yellen's Report to Congress, Day 2 Twitter Facebook Email Comments 8 Sears Holdings Earnings: What to Expect Twitter Facebook Email Comments 9 Lego's Plan to Find the Next Big Hit: Crowdsource It Twitter Facebook Email Comments 10 Top 16 Books on Wall Street's Spring Break Reading List Twitter Facebook Email Comments Show Less WSJ Web Slice CONTENT LINKS TO ACTUAL PAGE CONTAINING WEB SLICE FUNCTIONALITY. 15 Wall Street Journal Facebook Twitter LinkedIn FourSquare Google+ YouTube Podcasts RSS Feed AppStore Subscribe /Login Back to Top« Customer Service Customer Center New! Live Help Contact Us WSJ Weekend Contact Directory

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