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                                                                    Exhibit 99.1

[PULTE LETTERHEAD]                                         [DEL WEBB LETTERHEAD]


                PULTE HOMES AND DEL WEBB ANNOUNCE SHARE EXCHANGE
                          RATIO ASSOCIATED WITH MERGER


BLOOMFIELD HILLS, MI AND PHOENIX, AZ (JULY 25, 2001) - Pulte Homes, Inc. (NYSE:
PHM) and Del Webb Corporation (NYSE: WBB) announced today the share exchange
ratio to be utilized with respect to the pending merger of the two companies.
Pursuant to the merger agreement, each outstanding share of Del Webb common
stock will be converted into 0.894 Pulte Homes common shares. The exchange ratio
was based upon the average price of Pulte Homes stock as determined by the
closing stock price for a 15 trading-day period from July 3 to July 24, 2001.

On July 27, 2001, Pulte Homes and Del Webb will each hold a special meeting of
their stockholders to vote on the proposed merger. The merger is scheduled to
close on July 31, 2001.

The combination of Pulte Homes and Del Webb will create a $6.0 billion revenue
powerhouse with a size, geographic presence and product portfolio that is
unrivaled in the homebuilding industry. Together, Pulte Homes and Del Webb will
hold leading market positions throughout the United States in all buyer segments
with home prices ranging from $90,000 to over $1 million. The combined company
will also hold the commanding position in the active adult segment, widely
recognized as the fastest-growing demographic segment of the market.

ABOUT DEL WEBB

Del Webb Corporation (www.delwebb.com), based in Phoenix, Arizona, is the
nation's leading builder of active adult communities for people age 55 and
older. The company operates
ten active adult communities in markets including Phoenix and Tucson, AZ; Las
Vegas, NV; Palm Desert and Lincoln, CA; Hilton Head, SC; Georgetown, TX; Ocala,
FL; and Chicago, IL. The company also builds family and country club communities
in Phoenix and Las Vegas. Four of Del Webb's communities are currently ranked in
the top ten of the best-selling master planned communities in America.

ABOUT PULTE HOMES

Pulte Homes (www.pulte.com), based in Bloomfield Hills, Michigan, has operations
in 41 markets across the United States, Argentina, Puerto Rico and Mexico, where
it is the fifth largest builder. Based on most recent 12-month results, Pulte
Homes delivered more than 20,000 homes in the United States and more than 8,000
homes in Mexico and Puerto Rico. Over its history, the Company has constructed
more than 275,000 homes and has been honored as "America's Best Builder." 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.
FORWARD LOOKING LANGUAGE
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As a cautionary note to investors, except for historical information contained
herein, certain matters discussed in this press release are "forward looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. Such matters involve risks and uncertainties that may cause actual
results to differ materially. Risks and uncertainties include, but are not
limited to, risks associated with: the cyclical nature of real estate
operations; issues and timing surrounding land acquisition and development,
government regulation, growth management, and environmental considerations;
geographic concentration; financing and leverage; changes in economic conditions
and interest rate fluctuations; increases in raw material and labor costs,
future communities and new geographic markets; legal matters; natural risks,
including weather conditions; and other matters set forth in Pulte Homes' Form
10-K for the year ended December 31, 2000 and Pulte Homes' filings made with the
Securities and Exchange Commission (SEC) from time to time and Del Webb's Form
10-K for the year ended June 30, 2000 and Del Webb's filings made with the SEC
from time to time.


CONTACT INFORMATION:

FOR PULTE HOMES                                      FOR DEL WEBB

INVESTORS:                                           INVESTORS:
Jim Zeumer                                           Don Mickus
(248) 433-4597                                       602-808-8004
jzeumer@pulte.com                                    don.mickus@delwebb.com

MEDIA:                                               MEDIA:
Valerie Dolenga                                      Scott Higginson
(248) 433-4633                                       602-808-8299
vdolenga@pulte.com                                   scott.higginson@delwebb.com

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