The great thing about following the housing market is that however bad the news might be today, you know it will be worse tomorrow. The crap just keeps pouring on. Nothing can stop it.

Today, D.R. Horton - the second-largest U.S. homebuilder - supplied the misery. According to Bloomberg, the company will report a third-quarter loss after orders tanked 40 percent. Moreover, the company conceded that there is absolutely no sign of a housing rebound.

Orders dropped in every region, with the biggest declines in California, where the number of net sales orders fell 53 percent in California. The situation was also bad in the northeast, where orders tumbled 42 percent. More worrying for their long term viability, the average price for its houses slid 12 percent to $233,672.

With D.R. Horton the bad numbers just kept-a-coming. During the third quarter, the company accepted just 8,559 home orders, compared with 14,316 in the year earlier. The cancellation rate was a staggering 38 percent. The value of houses ordered took a hammering, plunging 47 percent to $2 billion.

Unsuprisingly, shareholders of D.R. Horton took fright and sold off the stock. This morning, the stock fell 58 cents, or 2.9 percent. Since the beginning of the year, the stock has dropped 25 percent. I wonder how bad the numbers will be next quarter?