Home builder reports 40 percent rise in profits

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Tuesday, Jan. 29, 2002 | 9:48 a.m.

BLOOMFIELD HILLS, Mich. -- Pulte Homes Inc., the largest U.S. home builder and second largest in Nevada, today said fourth-quarter profit rose 40 percent and its 2002 results will beat expectations, as low mortgage rates boosted home sales.

Fourth-quarter profit from operations was $119.5 million, compared with net income of $85.6 million a year earlier, said company spokesman James Zeumer. Pulte became the No. 1 U.S. home builder with the $1.7 billion purchase in July of Del Webb Corp. Fourth-quarter revenue rose 44 percent to $2 billion, the company said.

The U.S housing market set a record for sales in 2001. Mortgage rates averaged 6.77 percent in the fourth quarter, down from 7.66 percent a year earlier.