Housing slump has Pulte looking to reduce costs, target retirees.(News)

Crain's Detroit Business, February, 2007

Byline: Jennette Smith Pulte Homes Inc. plans to combat a national housing slump with land sales, cost-cutting and an even stronger emphasis on retirement-age buyers. The Bloomfield Hills-based home builder (NYSE: PHM) recorded a fourth-quarter net loss of 3 cents a share and a 14 percent decline in revenue.

During its Feb. 1 earnings conference call, the company said it could not accurately predict when the housing industry would turn upward, and the company re-iterated that stance last week. Some cities bottomed out last year and are experiencing more interest from potential home buyers now. For others, including Michigan, it's too early to tell. "It's just hard to get any visibility as to what 2007 in total is going to mean for us,'' said Mark Marymee,...

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