Meritage Homes Corp is a designer and builder of single-family detached homes. It builds in historically growth regions of the United States and offers a variety of homes that are designed to appeal to homebuyers, including first-time, move-up, active adult and luxury. It has homebuilding operations in three regions: West, Central and East, which are comprised of nine states: Arizona, California, Colorado, Texas, Florida, Georgia, North Carolina, South Carolina and Tennessee. These three regions are the Company's principal homebuilding operating segments. It also operates a wholly-owned title company, Carefree Title Agency, Inc whose business includes title insurance and closing/settlement services it offers to the Company's homebuyers. The Company's homebuilding and marketing activities are conducted under the name of Meritage Homes in each of its homebuilding markets, other than Tennessee, where it currently operates under the name of Phillips Builders, and in the Greenville market where it currently operates under the Legendary Communities brand for all communities open for sales as of the date of its acquisition and as Meritage Homes for all subsequently opened Greenville communities. It also operates under the name Monterey Homes in some markets. At December 31, 2015, it was actively selling homes in 254 communities, with base prices ranging from $132,000 to $1,360,000. The Company operates with two principal business segments: homebuilding and financial services. It has nine homebuilding operating segments. The homebuilding segments are engaged in the business of acquiring and developing land, constructing homes, marketing and selling those homes and providing warranty and customer services. The reportable homebuilding segments are - West - Arizona, California and Colorado; Central -: Texas; and East - Florida, Georgia, North Carolina, South Carolina and Tennessee. The Company competes for sales in each of its markets with national, regional and local developers and homebuilders, as well as existing resale homes, foreclosures, and to a lesser extent, condominiums and rental housing.
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