* Q1 loss of 6 cts/shr vs Street View 3 cts/share loss
* Total revenues down 30 pct; orders down 20 pct
* Chairman: things to stay tough, but some improvement
* DR Horton shares down 1.3 percent; NVR down 1 pct (Adds NVR home orders, share movement)
DR Horton Inc (DHI.N), the top U.S. homebuilder, reported a larger-than-expected quarterly loss, citing an increase in home foreclosures, and lingering anxiety among homebuyers that contributed to a sharp drop in orders, and the company expects little relief.
DR Horton shares fell 1.3 percent to $13.07 in morning trading.
DR Horton Chairman Donald Horton said in a statement that prospective homeowners were still being squeezed by rising foreclosures, significant existing home inventory, high unemployment, tight mortgage lending standards and weak consumer confidence.
Horton also said comparisons of net sales orders to levels of a year ago would remain very difficult in the next two quarters, but said he expects an increase over December sales, because of lower home prices and interest rates that will stoke demand.
Revenue from home and land sales fell 30.8 percent to $767 million. Net sales orders fell 20 percent to 3,363 homes in the quarter, and DR Horton said it contended with a high order cancellation rate of 28 percent during the quarter.
Rival homebuilder NVR Inc (NVR.N) echoed DR Horton's woes, reporting that new orders in its fourth quarter fell 12 percent to 1,765 units, and that it faced a cancellation rate of 18 percent, higher than a year ago. [ID:nASA01G4S] NVR shares were down 1 percent.
DR Horton, which has operations in 26 states, reported a loss of $20.4 million, or 6 cents per share, for the first quarter ended on Dec. 31, compared with a year-earlier profit of $192 million, or 56 cents per share, including a tax benefit of about $150 million.
On average, analysts were expecting a loss of 3 cents a share on revenue of $800.4 million, according to Thomson Reuters I/B/E/S. (Reporting by Phil Wahba; Editing by Lisa Von Ahn, Matthew Lewis, Dave Zimmerman)