8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 24, 2007

PULTE HOMES, INC.

(Exact name of registrant as specified in its Charter)

Michigan	1-9804	38-2766606
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	Identification No.)

100 Bloomfield Hills Parkway, Suite 300, Bloomfield Hills,	Michigan 48304
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code (248) 647-2750

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On October 24, 2007, Pulte Homes, Inc. issued a press release announcing its financial results for its third quarter ended September 30, 2007. A copy of this earnings press release is furnished with this Current Report on Form 8-K and is incorporated in Item 2.02 by reference.

Item 9.01 FINANCIAL STATEMENTS AND EXHIBITS

99.1 Third quarter 2007 earnings press release dated October 24, 2007.

The information in Item 2.02 of this Current Report on Form 8-K, including the earnings press release incorporated in such Item 2.02, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be incorporated by reference in any filing under the Securities Act of 1933, except as expressly set forth by specific reference in such filing.

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	PULTE HOMES, INC.
Date: October 25, 2007	By:	/s/ Steven M. Cook
		Name:	Steven M. Cook
		Title:	Vice President, General Counsel and Secretary

INDEX TO EXHIBITS

Exhibit No.	Description
99.1	Third quarter 2007 earnings press release dated October 24, 2007.

EX-99.1

EXHIBIT 99.1

Company Contacts

Investors: Calvin Boyd

(248) 433-4527

email: calvin.boyd@pulte.com

Media: Mark Marymee

(248) 433-4648

email: mark.marymee@pulte.com

PULTE HOMES REPORTS THIRD QUARTER 2007 FINANCIAL RESULTS

• Net New Orders Were 4,582 for the Quarter, Down 37% from the Prior Year Third Quarter

• Closed 7,468 Homes in Third Quarter 2007, a Decrease of 28% From Last Year; Average Sales Price Per Home Decreased 4% from the Prior Year Third Quarter to Approximately $322,000

• Backlog at September 30, 2007 of 12,042 Homes, Valued at $4.1 Billion

• Impairments and Land-Related Charges of $842 Million, and $336 Million in Goodwill Impairment for the Third Quarter 2007

• Q3 2007 Net Loss of $3.12 Per Share, Inclusive of Impairments, Land-Related Charges and Impairment of Goodwill

• Pre-Impairment, Pre-tax Income Exceeded the High End of Previous Guidance Range

• Company Provides Fourth Quarter 2007 Guidance

     Bloomfield Hills, MI, October 24, 2007 — Pulte Homes (NYSE: PHM) announced today financial results for its third quarter and nine months ended September 30, 2007. For the quarter, the Company reported a loss from continuing operations of $787.9 million, or $3.12 per share, compared with income from continuing operations of $191.5 million for the prior year third quarter, or $0.74 per diluted share. The third quarter 2007 loss included $1.18 billion on a pre-tax basis, or $3.33 per share after-tax, recorded for impairments, land-related charges and impairment of goodwill, compared with $87.7 million, or $0.22 per diluted share for the third quarter of 2006.

     Consolidated revenues for the quarter were $2.5 billion, a decline of 31% from prior year revenues of $3.6 billion.

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“The operating environment continues to be challenged with elevated levels of new and resale home inventory, tightening of mortgage liquidity, and weak consumer sentiment for housing,” said Richard J. Dugas, Jr., President and CEO of Pulte Homes. “In the midst of these conditions, in the third quarter we were profitable on a pre-impairment basis, which exceeded the higher end of the guidance we previously provided of $0.10 to $0.20 per diluted share, exclusive of impairments or land-related charges. We also modestly improved our cash position, while reducing outstanding debt under the revolving credit facility. We remain focused on maintaining a strong, transparent balance sheet, generating additional cash, and managing SG&A costs to better match this challenging operating environment.”

The Company ended the quarter with $102 million in cash and paid down $148 million of debt outstanding under its $1.86 billion revolving credit facility since June 30, 2007. Pulte’s debt-to-capitalization ratio was 40.3%, as of September 30, 2007, compared with 39.5% one year ago.

Third Quarter Results

     Revenues from homebuilding settlements in the third quarter decreased 31% to $2.4 billion compared with $3.5 billion last year. The change in revenue for the quarter reflects a 28% decrease in closings to 7,468 homes, and a 4% decrease in average selling price to $322,000.

     Third quarter homebuilding pre-tax loss was approximately $1.1 billion, compared with prior year pre-tax income of $286.1 million. The pre-tax loss for the period reflects a decline in gross margins to -12.2% from 17.1% in the prior year quarter. Homebuilding SG&A expense decreased 15% compared with the prior year quarter, but increased to 9.8% as a percentage of home sale revenues compared with 8% for the same period last year. Homebuilding pre-tax loss for the third quarter is inclusive of approximately $842 million of pre-tax charges, or $2.10 per share on an after-tax basis, resulting from adjustments to land inventory and land held for sale, including the Company’s investment in unconsolidated joint ventures, and the write-off of deposits and other related costs associated with land transactions the Company no longer plans to pursue. The homebuilding pre-tax loss also includes goodwill impairment of $336 million, or $1.23 per share on an after-tax basis, recorded during the quarter.

     Net new home orders for the third quarter were 4,582 homes, valued at $1.3 billion, which represent declines of 37% and 47%, respectively, from prior year third quarter results. Pulte Homes’ ending backlog as of September 30, 2007 was valued at $4.1 billion (12,042 homes), compared with a value of $5.8 billion (16,375 homes) at the end of last year’s third quarter.

     The Company’s financial services operations reported pre-tax income of $12.9 million for the third quarter 2007 compared with $21.4 million of pre-tax income for the prior year’s quarter. The decrease in third quarter 2007 pre-tax income was primarily due to a 38% decline in mortgage loans originated during the quarter compared with the prior year’s quarter. The mortgage capture rate for the quarter was approximately 92%, compared with 91% for the same quarter last year.

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Nine Month Results

     For the nine months ended September 30, 2007, Pulte Homes’ loss from continuing operations was $1.38 billion, or $5.48 per share, compared with prior year income from continuing operations of $697.9 million, or $2.70 per diluted share. Consolidated revenues for the period were $6.4 billion, down from $9.9 billion for the first nine months of last year.

     Revenues from homebuilding settlements for the period were $6.1 billion, down 37% from the prior year. Lower revenues for the period resulted from a 3% decrease in average selling price to $324,000, combined with a 35% decrease in the number of homes closed to 18,826.

     Homebuilding pre-tax loss for the period was approximately $2.05 billion, compared with pre-tax income of $1.04 billion for the prior year period. The pre-tax loss for the period reflects a decline in gross margins to -7.4% from 20.2% in the prior year period. Homebuilding SG&A expense declined 2% for the current year period compared with the prior year period, but increased to 13.3% as a percentage of home sale revenues compared with 8.6% for the same period last year. Homebuilding pre-tax loss for the first nine months of 2007 is inclusive of approximately $1.7 billion of pre-tax charges, or $4.29 per share on an after-tax basis, resulting from adjustments to land inventory and land held for sale, including the Company’s investment in unconsolidated joint ventures, and the write-off of deposits and other related costs associated with land transactions the Company no longer plans to pursue. Homebuilding pre-tax loss also includes goodwill impairment of $336 million, or $1.23 per share on an after-tax basis, recorded during the period. A pre-tax restructuring charge of approximately $47 million was recorded during the period related to the restructuring plan announced by the Company on May 29, 2007.

     For the first nine months of 2007, Pulte’s financial services operations reported pre-tax income of $32.7 million, compared with $85.8 million in the prior year. The prior year results reflect a first-quarter gain of approximately $31.6 million from the sale by Pulte Mortgage LLC of its investment in a Mexico-based mortgage-banking company. In addition, lower loan originations for the nine-month period, down 40% to 16,719 mortgages, also contributed to the decline.

Fourth Quarter 2007 Guidance

     “In part due to our relatively strong backlog position, combined with our lower overhead spending, for the fourth quarter of 2007 we are projecting income from continuing operations in the range from break-even to $0.10 per diluted share, exclusive of any additional impairments, land-related charges or goodwill impairment,” said Dugas. “Due to the lack of longer-term earnings visibility and the difficult market conditions that persist, we are not at this time providing guidance for any period beyond the fourth quarter of this year.”

     A conference call discussing Pulte Homes’ third quarter results will be held Thursday, October 25, 2007 at 8:30 a.m. Eastern Time, and web cast live via Pulte.com. Interested investors can access the call via the Company’s home page at www.pulte.com.

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     Certain statements in this release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among other things, (1) general economic and business conditions; (2) interest rate changes and the availability of mortgage financing; (3) the relative stability of debt and equity markets; (4) competition; (5) the availability and cost of land and other raw materials used by the Company in its homebuilding operations; (6) the availability and cost of insurance covering risks associated with the Company’s business; (7) shortages and the cost of labor; (8) weather related slowdowns; (9) slow growth initiatives and/or local building moratoria; (10) governmental regulation, including the interpretation of tax, labor and environmental laws; (11) changes in consumer confidence and preferences; (12) required accounting changes; (13) terrorist acts and other acts of war; and (14) other factors over which the Company has little or no control. See the Company’s Annual Report on Form 10-K and Annual Report to Shareholders for the year ended December 31, 2006 and other public filings with the Securities and Exchange Commission for a further discussion of these and other risks and uncertainties applicable to Pulte’s business. Pulte undertakes no duty to update any forward-looking statement whether as a result of new information, future events or changes in Pulte’s expectations.

About Pulte Homes

     Pulte Homes, Inc., (NYSE: PHM), based in Bloomfield Hills, Mich., is a FORTUNE 200 company with operations in 51 markets and 26 states. In 2006, it delivered 41,487 homes and generated consolidated revenues of $14.3 billion. During its 57-year history, the company has constructed nearly 500,000 homes. Since 2000, Pulte Homes operations have earned more top-three finishes than any other homebuilder in the annual J.D. Power and Associates^® New Home-Builder Customer Satisfaction Study^sm. Under its Del Webb brand, Pulte is the nation’s largest builder of active adult communities for people age 55 and better. Its DiVosta brand is renowned in Florida for its Built Solid™ building system and distinctive master-planned communities. Pulte Mortgage LLC is a nationwide lender offering Pulte customers a wide variety of loan products and superior service.

Websites: www.pulte.com; www.delwebb.com; www.divosta.com

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Pulte Homes, Inc.
Condensed Consolidated Results
Of Operations
(000’s omitted, except per share data)
(Unaudited)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2007			2006			2007			2006
CONSOLIDATED RESULTS:
Revenues:
Homebuilding	$	2,438,556		$	3,513,776		$	6,261,962		$	9,746,583
Financial Services		32,743			49,609			99,686			134,933
Other non-operating		499			574			2,829			3,986
Total Revenues	$	2,471,798		$	3,563,959		$	6,364,477		$	9,885,502
Pre-tax income (loss):
Homebuilding	$	(1,098,679	)	$	286,057		$	(2,050,256	)	$	1,044,462
Financial Services		12,896			21,377			32,659			85,777
Other non-operating		(8,130	)		(11,920	)		(25,473	)		(29,456	)
Income (loss) from continuing operations before income taxes		(1,093,913	)		295,514			(2,043,070	)		1,100,783
Income taxes (benefit)		(306,042	)		104,064			(661,976	)		402,836
Income (loss) from continuing operations		(787,871	)	$	191,450			(1,381,094	)	$	697,947
Loss from discontinued operations		—			(1,231	)		—			(2,064	)
Net income (loss)	$	(787,871	)	$	190,219		$	(1,381,094	)	$	695,883
EARNINGS (LOSS) PER SHARE - ASSUMING DILUTION:
Income (loss) from continuing operations	$	(3.12	)	$	0.74		$	(5.48	)	$	2.70
Loss from discontinued operations		—			—			—			(0.01	)
Net income (loss)	$	(3.12	)	$	0.74		$	(5.48	)	$	2.69
Shares used in per share calculations		252,264			257,215			252,093			258,953

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Pulte Homes, Inc.
Condensed Consolidated Balance Sheets
($000’s omitted)

	September 30,		December 31,		September 30,
	2007		2006		2006
	(Unaudited)				(Unaudited)
ASSETS
Cash and equivalents	$	101,786	$	551,292	$	94,633
Unfunded settlements		44,967		72,597		84,778
House and land inventory		8,130,891		9,374,335		10,826,766
Land held for sale		372,245		465,823		447,414
Land, not owned, under option agreements		31,739		43,609		59,108
Residential mortgage loans available-for-sale		337,941		871,350		579,172
Investments in unconsolidated entities		152,557		150,685		249,448
Goodwill		40,068		375,677		377,040
Intangible assets, net		112,767		118,954		121,017
Other assets		733,999		982,034		1,060,145
Deferred income tax assets		796,676		170,518		16,702
	$	10,855,636	$	13,176,874	$	13,916,223
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Accounts payable, accrued and other liabilities	$	1,826,603	$	2,180,592	$	2,477,401
Unsecured short-term borrowings		25,000		—		754,300
Collateralized short-term debt, recourse solely to applicable subsidiary assets		286,080		814,707		533,846
Income taxes		51,222		66,267		45,610
Senior notes		3,477,882		3,537,947		3,537,592
Total Liabilities		5,666,787		6,599,513		7,348,749
Shareholders’ Equity		5,188,849		6,577,361		6,567,474
	$	10,855,636	$	13,176,874	$	13,916,223

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Pulte Homes, Inc.
Segment Data
($000’s omitted)
(Unaudited)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2007			2006			2007			2006
HOMEBUILDING:
Home sales (settlements)	$	2,407,762		$	3,498,499		$	6,098,869		$	9,692,293
Land sales		30,794			15,277			163,093			54,290
Homebuilding revenues		2,438,556			3,513,776			6,261,962			9,746,583
Home cost of sales		(2,700,512	)		(2,899,981	)		(6,549,864	)		(7,733,989	)
Land cost of sales		(110,041	)		(18,709	)		(285,021	)		(72,313	)
Selling, general & administrative expense		(236,610	)		(279,223	)		(813,476	)		(829,376	)
Other income (expense), net		(490,072	)		(29,806	)		(663,857	)		(66,443	)
Pre-tax income (loss):	$	(1,098,679	)	$	286,057		$	(2,050,256	)	$	1,044,462
FINANCIAL SERVICES:
Pre-tax income	$	12,896		$	21,377		$	32,659		$	85,777
OTHER NON-OPERATING:
Pre-tax loss:
Net interest income (expense)	$	(268	)	$	(1,338	)	$	134		$	1,321
Other expense, net		(7,862	)		(10,582	)		(25,607	)		(30,777	)
Total Other non-operating	$	(8,130	)	$	(11,920	)	$	(25,473	)	$	(29,456	)

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Pulte Homes, Inc.
Business Operating Data
($000’s omitted)
(Unaudited)

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2007		2006		2007		2006
Homebuilding settlement revenues	$	2,407,762	$	3,498,499	$	6,098,869	$	9,692,293
Unit settlements:
Northeast		729		900		1,633		2,435
Southeast		1,019		1,024		2,798		3,028
Florida		1,058		1,872		2,944		5,390
Midwest		987		1,331		2,092		3,179
Central		699		1,265		1,995		3,545
Southwest		2,170		2,853		5,305		7,766
California		806		1,195		2,059		3,578
		7,468		10,440		18,826		28,921
Average selling price	$	322	$	335	$	324	$	335
Net new orders:
Northeast		440		672		2,000		2,190
Southeast		883		821		2,907		3,917
Florida		766		818		3,362		3,732
Midwest		495		1,163		2,291		3,596
Central		521		958		1,876		3,584
Southwest		1,036		1,958		5,805		7,310
California		441		909		2,372		3,150
		4,582		7,299		20,613		27,479
Net new orders — dollars *	$	1,267,000	$	2,396,000	$	6,606,000	$	9,200,000
Unit backlog:
Northeast						1,284		1,348
Southeast						1,817		2,469
Florida						1,630		2,427
Midwest						1,444		1,804
Central						1,003		1,653
Southwest						3,371		4,803
California						1,493		1,871
						12,042		16,375
Dollars in backlog					$	4,087,000	$	5,809,000

* Net new order dollars represent a composite of new order dollars combined with other movements of the dollars in backlog related to cancellations and change orders.

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Pulte Homes, Inc.
Business Operating Data, continued
($000’s omitted)
(Unaudited)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2007			2006			2007			2006
MORTGAGE ORIGINATIONS:
Origination volume		6,261			10,052			16,719			27,641
Origination principal	$	1,424,100		$	2,154,600		$	3,743,800		$	5,921,400
Capture rate percentage		92.5	%		91.1	%		92.7	%		90.5	%

Pulte Homes, Inc.
Supplemental Information
($000’s omitted)
(Unaudited)

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2007		2006		2007		2006
Interest expense:
Homebuilding (included in home cost of sales)	$	98,205	$	65,217	$	242,585	$	162,285
Financial Services		4,230		6,651		12,464		16,798
Other non-operating		767		1,912		2,695		2,665
Total interest expense	$	103,202	$	73,780	$	257,744	$	181,748
Depreciation & amortization	$	20,836	$	20,522	$	64,109	$	58,509

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