Items Tagged with 'Centex'

ARTICLES

  • 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.
    Read More
  • 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.
    Read More
  • 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.
    Read More
  • No Bottom in Sight for U.S. Homebuilders: Report

    Due to increased fear regarding job markets and continued home price declines, U.S. home builders may not see a bottom to the market until late 2009, according to a quarterly report released Thursday by Fitch Ratings. "As weak as housing has been, it can soften further," said lead analyst Robert Curran in a media statement regarding the report.
    Read More
  • Nationstar Plans Comeback

    Written off by most after watching its subprime operations implode late last year, Nationstar Mortgage is planning to reinvent itself as a prime retail lender operating nearly nationwide, HousingWire has learned. The company plans to expand a small retail lending platform later this month, various sources have informed HW; representatives at the Dallas-based lender did not immediately return phone calls seeking comment by the time this story was published.
    Read More
  • Billionaire Investor Bets on Housing's Bottom

    Well-known hedge-fund manager Edward S. Lampert is betting on housing's bottom, piling into investments ranging from home improvement retail to mortgage origination and servicing, according to a published report on Thursday. Lampert's ESL Investments Inc., which controls roughly $11.6 billion in investments, recently began picking up shares in some of the housing and mortgage sectors hardest-hit stocks. The Wall Street Journal first reported on the purchases Thursday morning.
    Read More