Centex Corp. Sells Only 1,080 Homes For Quarter
Centex Corp., one of the largest home builders in the country, had a dismal 3rd quarter to end 2008.
They sold only 1,080 homes. Now lets put that into perspective.
In 2005, Centex Corp. sold 37,022 homes for the year, or an average of 9,255 homes per quarter as the #4 builder in the country.
This quarter they sold 1,080 homes for the quarter which annualizes to 4,320 homes. That is a drop off of 89%.
And you wonder why builders are hurting?
“Abrupt and sweeping changes in the economy caused unprecedented homebuyer hesitancy, which severely impacted sales early in the quarter,” said CEO Timothy Eller. The company said that, due to current market conditions and because it expects house prices to continue to decline, it will take between $550 million and $600 million in non-cash impairments in the quarter, primarily for land valuation. FOXBusiness.com.
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