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Housing Market Worsens

August 1, 2008

Dallas-based Centex Corp. said it lost an additional $150 million – $1.21 per share – in the just-completed quarter.

TheDallas Morning News reported,the big homebuilding company’s loss was greater than the $128 million recorded a year earlier. But the latest financial report was an improvement from the $910 million the company lost during the period ending March 31.

Even so, Centex officials aren’t expecting a turnaround in the beleaguered housing market.

"The housing market worsened in the June quarter, and I don’t expect to see it improve this fiscal year," Tim Eller, Centex chairman and chief executive, said in a statement.

Centex’s revenue for the most recent quarter was $1.13 billion, down 41 percent from a year earlier.

And Centex took $80 million in charges and write-offs in the latest quarter.

The company sold 3,939 houses in the period ended June 30, a 35 percent drop in sales from a year earlier. And the average home sales price was 10 percent lower at $262,044.

During the past quarter, Centex’s greatest regional decline in home sales was in the eastern United States, which fell 42 percent.

In Texas, the builder’s sales were down 34 percent from a year ago.

Centex’s nationwide sales orders at the end of June were down 35 percent from the same quarter last year.


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