Pulte Homes (PHM) Posts A Wide Third Quarter Loss

Pulte Homes Inc (NYSE: PHA)posted a loss in its third quarter at $361.4 million, and a drop in revenue from $1.6 billion the previous year, to a $1.1 billion the current year.

Pulte posted a net loss of $1.3 billion and cut down its credit rating. As demand for new homes deteriorates, the credit rating of Pulte was lowered by S&P to BB+ from BBB-.