Articles Tagged with ''Pulte Homes''

Homebuilders' Losses Mount Amid Low Orders

Two of the country’s largest home-building corporations lost millions in Q209 and said challenges remain amid low buyer demand for new homes. Bloomfield Hills, Mich.-based Pulte Homes [stock PHM][/stock] lost $189.5m ($0.74 per share), an even greater loss than the $158.4m Pulte reported in Q208. The country’s largest builder, Fort Worth-based DR Horton [stock DHI][/stock], lost $142.3m ($0.45 per share) in the quarter. That’s an improvement over Q208’s loss of just under $400m.
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Pulte and Centex Homes Losses Narrow

Pulte Homes [stock PHM][/stock] just reported its Q109 loss narrowed to $514.8m, or $2.02 a share, compared to a loss of $696.1m, or $2.75 a share, from Q108. The quarterly loss includes $410.2m of pre-tax charges related to inventory impairments and other land-related charges. Despite the positive news -- and dismissing the fact that current economic conditions mean narrowing losses are a good thing -- revenue at the Michigan home builder fell by 3X and new orders also continue downward on a year-by-year basis.
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Pulte to Buy Centex in $1.3B Deal

Pulte Homes Inc. [stock PHM][/stock] said Wednesday it would acquire Centex Corp. [stock CTX][/stock] Wednesday in a stock-for-stock deal valued at $1.3 billion that will create the nation's largest homebuilding company. The merger comes as many of the nation's home builders are struggling amid a recession and steep price correction in the nation's most populous housing markets.
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Ryland, Pulte Continue to Struggle

Via MarketWatch: [Ryland] took pretax charges of $60.4 million for inventory valuation adjustments. New orders dropped 31.6%. The company said its inventory of unsold homes stood at 719 units at the end of September, down 12.6% from the end of 2007... (At Pulte) Net new home orders for the quarter totaled 3,008 homes, a 34% decline from the same period a year ago.
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NAHB: Housing Will Bottom in 2008

The National Association of Home Builders went out on a limb late last week and called a bottom for housing in 2008, with NAHB chief economist David Seiders saying he expects to see a "modest recovery" for most U.S. housing markets in 2008. From the press statement: With the housing sector facing a large backlog of unsold inventory, Seiders said that starts and permits won't begin to move forward until sales firm up.
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Moody's Cuts Lennar, Centex, Pulte Debt to Junk Status

And the hits keep coming. Per a press release from Moody's Investors Service today, Lennar, Centex and Pulte were downgraded to junk, with all three companies seeing senior unsecured debt ratings dropped to 'Ba1' on the assessment that the housing downturn will last longer and be stronger than earlier expected.
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Pulte: New Home Orders Off 34 Percent During Fourth Quarter

Joining a chorus of home builders hurt by a downturn in the U.S. housing markets, Pulte Homes said late yesterday that it had closed 12,566 homes during the fourth quarter of 2006, a decline of 20 percent from reported closings during the fourth quarter of 2005. Net new orders for the quarter were reported at 6,446 homes, a 34 percent decrease from last year's fourth quarter. For the full year 2006, Pulte said home closings were reported at 41,487, down 9 percent from one year ago; net new orders for all of 2006 were also off, down 29 percent from the prior year to 33,925 homes.
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