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 22, 2008

PULTE HOMES, INC.

(Exact name of registrant as specified in its Charter)

Michigan	1-9804	38-2766606
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer 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:

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

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

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

¨ 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 22, 2008, Pulte Homes, Inc. issued a press release announcing its financial results for its third quarter ended September 30, 2008. 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 2008 earnings press release dated October 22, 2008.

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 23, 2008	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 2008 earnings press release dated October 22, 2008.

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE	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 2008 FINANCIAL RESULTS

• For the Third Quarter 2008, Generated 3,008 Net New Orders and Closed 5,377 Homes

• Backlog at September 30, 2008 of 5,885 Homes, Valued at $1.7 Billion

• Company Ended Q3 2008 With $1.2 Billion of Cash

• Impairments and Land-Related Charges of $266.6 Million for the Third Quarter 2008

• Q3 2008 Net Loss of $1.11 Per Share, Inclusive of Impairments and Land-Related Charges

• Company Targets Year-End 2008 Cash Position of $1.6 Billion to $1.8 Billion

Bloomfield Hills, Mich., October 22, 2008 – Pulte Homes (NYSE: PHM) announced today financial results for its third quarter ended September 30, 2008. For the quarter, the Company reported a net loss of $280.4 million, or $1.11 per share, compared with a $787.9 million net loss for the prior year third quarter, or $3.12 per share. The third quarter 2008 net loss included $266.6 million of pre-tax charges related to inventory impairments and other land-related charges. Impairments and land-related charges for the prior year quarter were $842 million. Consolidated revenues for the quarter were $1.6 billion, a decline of 37% from prior year revenues of $2.5 billion.

“The homebuilding operating environment significantly worsened during the third quarter of 2008,” said Richard J. Dugas, Jr., President and CEO of Pulte Homes. “The industry continues to be plagued by tighter mortgage availability, a growing number of foreclosures, and a historically high supply of unsold homes. In the third quarter of 2008, uncertainty and volatility in the capital markets, higher unemployment, and a weaker economy provided further downward pressure on the housing market. These factors caused buyer confidence to decline even more during the period, as many potential home buyers remain on the sidelines.

“As this industry downturn persists, Pulte remains focused on its goals of cash generation, reducing its overall cost structure, and managing its inventory levels,” Mr. Dugas continued. “The Company generated positive cash flow, ending the quarter with a $1.2 billion cash balance and no debt outstanding under its revolving credit facility. Pulte remains well-positioned to capitalize on opportunities once stability in the housing sector begins to materialize.”

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Third Quarter Results

Revenues from homebuilding settlements in the third quarter decreased 37% to $1.5 billion, compared with $2.4 billion in last year’s third quarter. The change in revenue for the quarter reflects a 28% decrease in closings to 5,377 homes, and a 13% decrease in average selling price to $281,000.

Third quarter homebuilding pre-tax loss was $302 million, compared with a $1.1 billion pre-tax loss for the prior year quarter. Homebuilding SG&A expense decreased $44.6 million, or 19%, compared with the prior year quarter. During the third quarter of 2008, the Company recorded $266.6 million of impairments and land-related charges, including $250.3 million related to land impairments, $15.9 million of impairments of land held for sale and $1.4 million related to the Company’s investment in unconsolidated joint ventures. For the prior year quarter, these impairments and land-related charges totaled $842 million. In addition, goodwill impairments of $336 million were recorded during the prior year quarter.

Net new home orders for the third quarter were 3,008 homes, a decline of 34% from the prior year third quarter. Pulte Homes’ ending backlog as of September 30, 2008 was valued at $1.7 billion (5,885 homes), compared with a value of $4.1 billion (12,042 homes) at the end of last year’s third quarter. At the end of the third quarter 2008, the Company’s debt-to-capitalization ratio was 49.9%, and on a net debt-to-capitalization basis was 38.5%.

The Company’s financial services operations reported pre-tax income of $10.1 million for the third quarter 2008, compared with $12.9 million of pre-tax income for the prior year’s quarter. This decrease in third quarter 2008 pre-tax income was primarily due to a 37% decline in mortgage loans originated during the quarter compared with the prior year quarter. This was partially offset by a shift in the mix of mortgage loans closed toward more profitable agency-backed products. The mortgage capture rate for the quarter was 93%, compared with 92% for the same quarter last year.

Nine Month Results

For the nine months ended September 30, 2008, Pulte Homes’ net loss was $1.1 billion, or $4.48 per share, compared with a $1.4 billion, or $5.48 per share, net loss for the prior year period. Consolidated revenues for the period were $4.6 billion, down 27% from $6.4 billion for the first nine months of last year.

Revenues from homebuilding settlements for the period were $4.5 billion, down 27% from the prior year. Lower revenues for the period resulted from an 11% decrease in average selling price to $287,000, combined with a 17% decrease in the number of homes closed to 15,548.

Homebuilding pre-tax loss for the period was $1.2 billion, compared with a $2.1 billion pre-tax loss for the prior year period. Homebuilding SG&A expense decreased $241.9 million, or 30%, compared with the prior year period. During the first nine months of 2008, the Company recorded $1.2 billion of impairments and land-related charges, including $1 billion related to land

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impairments, $19.4 million associated with the write-off of land deposits and pre-acquisition costs, $125.1 million of impairments of land held for sale, and $3.1 million related to the Company’s investment in unconsolidated joint ventures. For the prior year period, these impairments and land-related charges totaled $1.7 billion. Homebuilding pre-tax loss for the prior year period also includes goodwill impairment of $336 million and a pre-tax restructuring charge of approximately $47 million.

For the first nine months of 2008, the pre-tax income for Pulte’s financial services operations was $35.9 million compared with $32.7 million in the prior year. The positive shift in the mix of mortgage loans toward more profitable agency-backed products was a significant reason for this increase in income, offsetting the 32% decrease in mortgage loans originated during the period.

Fourth Quarter 2008 Guidance

“Due to the high degree of uncertainty and volatility, coupled with a lack of visibility surrounding the housing industry and the overall economy, we are not providing earnings guidance for the fourth quarter of 2008,” said Dugas. “We are targeting a cash position by the end of 2008 of $1.6 billion to $1.8 billion.”

A conference call discussing Pulte Homes’ third quarter results will be held Thursday, October 23, 2008 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.

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) continued volatility and potential further deterioration in the 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 effects from the Emergency Economic Stabilization Act and 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 of national, regional and global scale, including those of a political, economic, business and competitive nature. See the Company’s Annual Report on Form 10-K and Annual Report to Shareholders for the year ended December 31, 2007 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.

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About Pulte Homes

Pulte Homes, Inc., (NYSE: PHM), based in Bloomfield Hills, Mich., is one of America’s largest home building companies with operations in 50 markets and 27 states. During its 58-year history, the company has delivered more than 500,000 new homes. In 2008, Pulte Homes operations ranked highest in customer satisfaction in 11 U.S. markets, the most of any 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 older. Its DiVosta Homes brand is renowned in Florida for its 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 September 30,						Nine Months Ended September 30,
	2008			2007			2008			2007
CONSOLIDATED RESULTS:
Revenues:
Homebuilding	$	1,521,789		$	2,438,556		$	4,500,366		$	6,261,962
Financial Services		36,438			32,743			118,871			99,686
Other non-operating		6,362			499			19,936			2,829
Total revenues	$	1,564,589		$	2,471,798		$	4,639,173		$	6,364,477
Pretax income (loss):
Homebuilding	$	(301,966	)	$	(1,098,679	)	$	(1,228,417	)	$	(2,050,256	)
Financial Services		10,092			12,896			35,938			32,659
Other non-operating		(2,717	)		(8,130	)		(10,395	)		(25,473	)
Loss before income taxes		(294,591	)		(1,093,913	)		(1,202,874	)		(2,043,070	)
Income taxes (benefit)		(14,204	)		(306,042	)		(67,926	)		(661,976	)
Net loss	$	(280,387	)	$	(787,871	)	$	(1,134,948	)	$	(1,381,094	)
EARNINGS PER SHARE - ASSUMING DILUTION
Net loss	$	(1.11	)	$	(3.12	)	$	(4.48	)	$	(5.48	)
Shares used in per share calculations		253,582			252,264			253,401			252,093

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Pulte Homes, Inc.

Condensed Consolidated Balance Sheets

($000’s omitted)

	September 30, 2008		December 31, 2007
	(Unaudited)
ASSETS
Cash and equivalents	$	1,173,892	$	1,060,311
Unfunded settlements		15,228		38,714
House and land inventory		5,230,066		7,027,511
Land held for sale		285,951		252,563
Land, not owned, under option agreements		17,254		20,838
Residential mortgage loans available-for-sale		236,648		447,089
Investments in unconsolidated entities		144,950		105,479
Other assets		830,838		1,167,292
Deferred income tax assets		248,204		105,906
	$	8,183,031	$	10,225,703
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Accounts payable, accrued and other liabilities	$	1,481,546	$	1,859,911
Collateralized short-term debt, recourse solely to applicable non-guarantor subsidiary assets		192,407		440,611
Income taxes		159,721		126,758
Senior notes		3,165,998		3,478,230
Total liabilities		4,999,672		5,905,510
Shareholders’ equity		3,183,359		4,320,193
	$	8,183,031	$	10,225,703

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Pulte Homes, Inc.

Segment Data

($000’s omitted)

(Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2008			2007			2008			2007
HOMEBUILDING:
Home sale revenue (settlements)	$	1,508,825		$	2,407,762		$	4,460,393		$	6,098,869
Land sale revenue		12,964			30,794			39,973			163,093
Total Homebuilding revenues		1,521,789			2,438,556			4,500,366			6,261,962
Home cost of sales		(1,599,064	)		(2,700,512	)		(4,981,387	)		(6,549,864	)
Land cost of sales		(27,910	)		(110,041	)		(160,979	)		(285,021	)
Selling, general and administrative expense		(191,997	)		(236,610	)		(571,577	)		(813,476	)
Other income (expense), net		(4,784	)		(490,072	)		(14,840	)		(663,857	)
Pre-tax income (loss)	$	(301,966	)	$	(1,098,679	)	$	(1,228,417	)	$	(2,050,256	)
FINANCIAL SERVICES:
Pre-tax income	$	10,092		$	12,896		$	35,938		$	32,659
OTHER NON OPERATING:
Pre-tax loss:
Net interest income (expense)	$	5,639		$	(268	)	$	17,757		$	134
Other expense, net		(8,356	)		(7,862	)		(28,152	)		(25,607	)
Total other non-operating	$	(2,717	)	$	(8,130	)	$	(10,395	)	$	(25,473	)

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Pulte Homes, Inc.

Business Operating Data

($000’s omitted)

(Unaudited)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2008		2007		2008		2007
Homebuilding settlement revenues	$	1,508,825	$	2,407,762	$	4,460,393	$	6,098,869
Unit settlements:
Northeast		497		729		1,433		1,633
Southeast		776		1,019		2,405		2,798
Florida		808		1,058		2,377		2,944
Midwest		661		1,132		1,899		2,537
Central		545		699		1,698		1,995
Southwest		1,571		2,025		4,191		4,860
California		519		806		1,545		2,059
		5,377		7,468		15,548		18,826
Average selling price	$	281	$	322	$	287	$	324
Net new orders:
Northeast		328		440		1,363		2,000
Southeast		493		883		2,063		2,907
Florida		424		766		2,283		3,362
Midwest		553		631		1,832		2,789
Central		317		521		1,259		1,876
Southwest		629		900		3,516		5,307
California		264		441		1,227		2,372
		3,008		4,582		13,543		20,613
Net new orders - dollars*	$	785,000	$	1,267,000	$	3,659,000	$	6,606,000
Unit backlog:
Northeast						721		1,284
Southeast						939		1,817
Florida						1,158		1,630
Midwest						761		1,649
Central						431		1,003
Southwest						1,335		3,166
California						540		1,493
						5,885		12,042
Dollars in backlog					$	1,708,700	$	4,087,000

* 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 September 30,						Nine Months Ended September 30,
	2008			2007			2008			2007
MORTGAGE ORIGINATIONS:
Origination volume		3,924			6,261			11,369			16,719
Origination principal	$	875,100		$	1,424,100		$	2,555,800		$	3,743,800
Capture rate percentage		93.4	%		92.5	%		91.9	%		92.7	%

Pulte Homes, Inc.

Supplemental Information

($000’s omitted)

(Unaudited)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2008		2007		2008		2007
Interest expense:
Homebuilding (included in home cost of sales)	$	52,526	$	98,205	$	149,650	$	242,585
Financial Services		1,468		4,230		4,893		12,464
Other non-operating		723		767		2,179		2,695
Total interest expense	$	54,717	$	103,202	$	156,722	$	257,744
Depreciation & amortization	$	18,713	$	20,836	$	57,541	$	64,109

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