Pulte Homes Announces its Newest Master-Planned Community in Denver; Community Will Offer Eight Price Points and Introduce the Del Webb Brand to Colorado

Business Wire, August 29, 2002

Business Editors

BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)--Aug. 29, 2002

Pulte Homes (NYSE:PHM) will begin development of its new master-planned community, breaking ground in September 2002. The community will be used for both residential and commercial development in the northern metropolitan Denver area.

The Preble Creek Community in Broomfield, Colorado, will have an extensive product offering to meet the needs of a variety of homebuyer segments. Current development plans allow for up to 4,000 single-family homes, 3,600 multi-family housing units (apartments, town homes and condominiums) and more than 800 acres of open land in five distinct areas on the site. The community will also offer substantial retail and commercial space to service the community and surrounding area. The community is also easily accessible from three major highways, I-25, Colorado State Highway 7, and Northwest Parkway, and by an intricate regional and local trail system.

"The planning of Preble Creek incorporates many tenets of Smart Growth to provide an array of live, work, shop, and play opportunities in a pedestrian-friendly environment. The community's mixed land uses and special districts are designed around the site's natural terrain and are planned as compact developments to promote a sense of community," said Dick Strom, Central Area President for Pulte Homes.

Pulte Homes is expected to build approximately 2,000 units in four of the nine neighborhoods, including a new Del Webb community, projected for 850 units. Sales are expected to start in early 2003 for both the Pulte Homes and Del Webb neighborhoods. The remaining land parcels will be sold to other quality builders that can offer complementary products.

Denver and the surrounding suburbs have entered into a period of unparalleled growth with an anticipated doubling of Colorado's population over the next 10 years. A large universe of customers will be attracted to the community's ideal location, amenities and product diversity. When fully built out, the community is expected to add 25,000 new jobs to the City and County of Broomfield.

"We have been working to expand our presence and product offering in the Denver area, and see this community as a huge step in achieving that goal," added Strom. "Preble Creek gives us a solid, long-term position in the market from which to serve the rapidly growing Denver population."

Home prices are expected to start at under $200,000, with initial closings starting in the fourth quarter of 2003. The ultimate development of this community will help fulfill the strategic vision established by the City of Broomfield as part of their Master Plan and I-25 Sub Area Plan.

For more information, visit www.preblecreekinfo.com.

About Pulte Homes

Pulte Homes, Inc., (www.pulte.com) based in Bloomfield Hills, Michigan, has operations in 43 markets across the United States. Through its Del Webb (www.delwebb.com) brand, the Company is also the nation's leading builder of active adult communities for people age 55 and older. Over its history, the Company has constructed more than 300,000 homes and has been named 2002 Builder of the Year. Pulte Mortgage Corporation is a nationwide lender committed to meeting the financing needs of Pulte Homes' customers by offering a wide variety of loan products and superior customer service.

/Web site: http://www.pulte.com/