Pulte Homes Swings to Loss
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The homebuilder lost $787.9 million in the third quarter, hurt by a hefty impairment charge, as its land lost value amid flagging demand for real estate.
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Lennar, a leading home builder, said that it had a second-quarter loss as inventories of unsold homes rose.
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KB Home  on Thursday posted a fiscal third quarter loss, as the U.S. home market suffered a deepening decline in demand, a swelling supply of homes for sale and tighter standards in the mortgage market.
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Homebuilder D.R. Horton Inc.  said on Tuesday declining home values would lead it to post its first quarterly loss since it listed on the New York Stock Exchange in 1995.
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Existing home sales in August dropped 4.3 percent and the homebuilder Lennar posted the largest quarterly loss in its history.
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The nationâs number 2 buyer and backer of home mortgages saw a 45 percent drop in second-quarter profits after setting aside $300 million to account for bad loans.
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Citing a difficult market for home builders, Pulte Homes Inc.  said on Tuesday it would cut 16 percent of its work force.
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Home decor retailer Pier 1 Imports  Inc.  on Thursday posted a wider quarterly loss, citing  lower sales in June and July and higher costs.
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LOS ANGELES -- KB Home, one of the nation's largest homebuilders, said Tuesday its fiscal fourth-quarter loss ballooned as home sales slowed, prompting the company to book charges to write down unsold inventory and for a tax allowance. Its shares dropped almost 2 percent in premarket trading.
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SAN FRANCISCO (CBS.MW) -- Pulte Homes shares dropped nearly 8 percent Tuesday morning, after the home builder lowered its earnings outlook for this year.
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At that rate, about 1.1 million of the homeowners who took out subprime loans in the last two years will lose their houses, at an estimated cost of $74.6 billion.
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Countrywide Financial Corp , the largest U.S. mortgage lender, posted a $1.2 billion third-quarter loss on Friday, hurt by write-downs as the U.S. housing market deteriorated.
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KB Home, one of the nation's biggest builders, yesterday posted an unexpectedly large $772.7 million quarterly loss as industry experts predicted more dismal results from other builders in coming weeks and said a turnaround in the housing market may not come until 2009 or beyond.
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KB Home  posted a quarterly loss of nearly $773 million on Tuesday with abandonment and impairment charges as the U.S. housing market continued to decline, and said it expects another tough year for the industry in 2008.
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The home builder posted a net loss of $1.25 billion after home deliveries and new home orders halved, and it said it saw no signs of a recovery this year.
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Shares of home builder Hovnanian Enterprises Inc  tumbled on Wednesday after the company posted a wider-than-expected loss as the value of its land and inventory continued to deteriorate.
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Bradford & Bingley reports a sharp fall in profits after cutting the value of some housing market linked assets.