A glut of homes remains on the market thanks to a combination of rising foreclosures, tougher lending requirements, and high levels of unemployment. This makes for a toxic equation for the U.S. homebuilder, which hasn't reported an annual profit since 2006.
But things may finally be heading in the right direction. Pulte posted a smaller loss in 2010 than it did in 2009 and noted that it has seen signs of stabilization in some of its local markets. Its average unit-selling price increased by $1,000 in 2010 over the prior year to $259,000, but that's still down from $337,000 in 2006.
The company also took a significant charge, albeit a smaller one than in previous years, related to its write-off of deposits and other costs on land that it no longer wants to purchase.
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