Pulte Homes posts loss after taking write-down

Pulte Homes Inc., the fourth-largest home builder by revenue, reported a fourth-quarter loss Wednesday after writing down the value of its land as demand for new homes plunged.

The net loss was $8.4 million, or 3 cents a share, compared with a profit of $574.5 million, or $2.19, a year earlier, the Bloomfield Hills, Mich.-based company said in a statement.

The company reported a $350 million charge to write down the value of land it owns and walk away from options it had to purchase land for development. Revenue fell 15% to $4.4 billion.