Pulte Homes recently acquired Centex Corporation creating the largest home builder in the country. While this may look like a sign of things to come, analysts say that this is not going to ignite a slew of acquisitions in the home-building industry.
The transaction will combine two companies that were already huge players in the home-building industry. Pulte has a large share of the country’s retirement housing market and Centex dominates the first-time buyer market.
According to its website, Centex is currently selling homes in 10 communities in Maryland and 14 in northern Virginia. Pulte is selling homes in 2 communities in Maryland and 9 in northern Virginia. Neither appears to have communities in DC proper.
As noted above, most experts believe that this transaction is essentially a one-off deal. From the Wall Street Journal:
“The news, which stunned the industry before the market opened Wednesday, won’t revive mergers and acquisitions, which have essentially stalled as the worst economic downturn in decades drags on. With lessons learned after gorging on overpriced land during the boom, builders seem more likely to pick up cheap land from the burned lenders. Indeed, most are hoarding cash, waiting to pounce as distressed lots hit the market.”
This article originally published at https://dc.urbanturf.com/articles/blog/pulte_homes_buys_centex_corporation_becomes_nations_largest_home_builder/785.
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