822416--2/26/2009--PULTE_HOMES

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Downward changes in general economic, real estate construction, or other business conditions could adversely affect our business or our financial results. The homebuilding industry is currently experiencing an economic down cycle, which has had an adverse effect on our business and results of operations. If the market value of our land and homes drops significantly, our profits could decrease. Our success depends on our ability to acquire land suitable for residential homebuilding at reasonable prices, in accordance with our land investment criteria. Future increases in interest rates, reductions in mortgage availability, or increases in the effective costs of owning a home could prevent potential customers from buying our homes and adversely affect our business and financial results. Adverse Capital and Credit Market Conditions May Significantly Affect Our Access to Capital and Cost of Capital Competition for homebuyers could reduce our deliveries or decrease our profitability. Supply shortages and other risks related to the demand for skilled labor and building materials could increase costs and delay deliveries. Our income tax provision and tax reserves may be insufficient if a taxing authority is successful in asserting positions that are contrary to our interpretations and related reserves, if any. We may not realize our deferred income tax assets. Government regulations could increase the cost and limit the availability of our development and homebuilding projects or affect our related financial services operations and adversely affect our business or financial results. Government regulations could increase the cost and limit the availability of our development and homebuilding projects or affect our related financial services operations and adversely affect our business or financial results. Homebuilding is subject to warranty and liability claims in the ordinary course of business that can be significant. Natural disasters and severe weather conditions could delay deliveries, increase costs, and decrease demand for new homes in affected areas. Inflation may result in increased costs that we may not be able to recoup if demand declines. Future terrorist attacks against the United States or increased domestic and international instability could have an adverse effect on our operations.

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822416--2/26/2009--PULTE_HOMES_INC/MI/