Pulte Home Slides on San Antonio Home Repurchase Offer (PHM)

3/11/2010-Shares of Pulte Homes (NYSE: PHM) are trading 1.7% lower to $11.16 Thursday after Dow Jones reported the the homebuilder offered to purchase 27 San Antonio homes damaged by a January retaining-wall collapse.

In addition, Pulte will also construct a new wall, a six-month project with an estimated cost of between $4 million and $5 million.

Pulte's Centex division, which built the homes, offered to buy back the units that were deemed uninhabitable.

Pulte, the nation's largest builder, said it will also cover moving costs, costs of home improvements and reasonable legal fees.

The builder will provide or reimburse for alternative housing until the new wall is finished and certified for owners who want to keep their homes.

Pulte did not provide an estimated cost for the whole endeavor.

Write to Chip Brian at cbrian@tradethetrend.com

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