----

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| þ |   | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2009                      |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                      |
|   |   | or                                                                                                                                                        |
|   |   |                                                                                                                                                      |
| ¨ |   | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _______________ TO ______________ |

| Nevada                   |   | 75-0778259                           |
|--------------------------|--------|--------------------------------------|
| (State of incorporation) |   | (I.R.S. Employer Identification No.) |

|  þLarge accelerated filer | o  Accelerated filer | o  Non-accelerated filer                                                     | o  Smaller reporting company |
|-------------------------------------|---------------------------|-----------------------------------------------------------------------------------|-----------------------------------|
|                                |                      |       (Do not check if a smaller reporting company) |                              |

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Centex Corporation and Subsidiaries

| PART I – FINANCIAL INFORMATION     |
|-----------------------------------------------|
| Item 1.                                       |   | Financial Statements  |   2 |
|                                          |   | Statements of Consolidated Operations  |   2 |
|                                          |   | Consolidated Balance Sheets  |   3 |
|                                          |   | Statements of Consolidated Cash Flows  |   4 |
|                                          |   | Notes to Consolidated Financial Statements  |   5 |
| Item 2.                                       |   | Management’s Discussion and Analysis of Financial Condition and Results of Operations  |   28 |
| Item 3.                                       |   | Quantitative and Qualitative Disclosures About Market Risk  |   51 |
| Item 4.                                       |   | Controls and Procedures  |  51 |
|  PART II – OTHER INFORMATION  |
| Item 1.                                       |   | Legal Proceedings  |   52 |
| Item 1A.                                      |   | Risk Factors  |   52 |
| Item 2.                                       |   | Unregistered Sales of Equity Securities and Use of Proceeds  |   52 |
| Item 6.                                       |   | Exhibits  |   53 |
| Signatures                                    |   |   |   55 |

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Table of Contents

PART I - FINANCIAL INFORMATION

Item 1.     Financial Statements

Centex Corporation and Subsidiaries

|                                                                          |   |                                |        |
|-------------------------------------------------------------------------------|--------|-------------------------------------|-------------|
|                                                                          |   | For the Three Months Ended June 30, |        |
|                                                                          |   | 2009                                |        |   | 2008 |   |
| Revenues                                                                      |   |                                |        |   |   |   |
| Home Building:                                                                |   |                                |        |   |   |   |
| Housing                                                                       |   | $                                   | 544,584     |   |   | $ | 1,032,191 |   |
| Land Sales and Other                                                          |   |                                | 6,518       |   |   |   | 17,508 |   |
|                                                                          |   |                                | 551,102     |   |   |   | 1,049,699 |   |
| Financial Services                                                            |   |                                | 22,871      |   |   |   | 76,423 |   |
|                                                                          |   |                                | 573,973     |   |   |   | 1,126,122 |   |
| Cost of Revenues                                                              |   |                                |        |   |   |   |   |   |
| Home Building:                                                                |   |                                |        |   |   |   |   |   |
| Housing                                                                       |   |                                | 480,584     |   |   |   | 909,320 |   |
| Land Sales and Other                                                          |   |                                | 222,255     |   |   |   | 88,262 |   |
|                                                                          |   |                                | 702,839     |   |   |   | 997,582 |   |
| Financial Services                                                            |   |                                | 2,095       |   |   |   | 4,725 |   |
|                                                                          |   |                                | 704,934     |   |   |   | 1,002,307 |   |
|                                                                          |   |                                |        |   |   |   |   |   |
| Selling, General and Administrative Expenses                                  |   |                                | 155,114     |   |   |   | 290,485 |   |
|                                                                          |   |                                |        |   |   |   |   |   |
| Loss from Unconsolidated Entities                                             |   |                                | 15,267      |   |   |   | 20,297 |   |
|                                                                          |   |                                |        |   |   |   |   |   |
| Interest Expense                                                              |   |                                | 26,355      |   |   |   | 6,180 |   |
|                                                                          |   |                                |        |   |   |   |   |   |
| Interest and Other Income                                                     |   |                                | 5,478       |   |   |   | 10,400 |   |
|                                                                          |   |                                |        |   |   |   |   |   |
| Loss from Continuing Operations Before Income Taxes                           |   |                                | (322,219    | ) |   |   | (182,747 | ) |
| Income Tax Benefit                                                            |   |                                | 407,334     |   |   |   | 13,635 |   |
|                                                                          |   |                                |        |   |   |   |   |   |
| Earnings (Loss) from Continuing Operations                                    |   |                                | 85,115      |   |   |   | (169,112 | ) |
| Earnings from Discontinued Operations, net of Tax Provision of $0 and $20,231 |   |                                | –     |   |   |   | 19,013 |   |
|                                                                          |   |                                |        |   |   |   |   |   |
| Net Earnings (Loss)                                                           |   | $                                   | 85,115      |   |   | $ | (150,099 | ) |
|                                                                          |   |                                |        |   |   |   |   |   |
| Basic and Diluted Earnings (Loss) Per Share                                   |   |                                |        |   |   |   |   |   |
| Continuing Operations                                                         |   | $                                   | 0.68        |   |   | $ | (1.36 | ) |
| Discontinued Operations                                                       |   |                                | –     |   |   |   | 0.15 |   |
|                                                                          |   | $                                   | 0.68        |   |   | $ | (1.21 | ) |
| Average Shares Outstanding                                                    |   |                                |        |   |   |   |   |   |
| Basic                                                                         |   |                                | 123,724,483 |   |   |   | 124,231,358 |   |
| Dilutive Securities:                                                          |   |                                |        |   |   |   |   |   |
| Other                                                                         |   |                                | 68,528      |   |   |   | – |   |
| Diluted                                                                       |   |                                | 123,793,011 |   |   |   | 124,231,358 |   |
|                                                                          |   |                                |        |   |   |   |   |   |
| Cash Dividends Per Share                                                      |   | $                                   | –     |   |   | $ | 0.04 |   |
|                                                                          |   |                                |        |   |   |   |   |   |

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Centex Corporation and Subsidiaries

|                                                                                                                   |   |               |      |   |           |   |
|------------------------------------------------------------------------------------------------------------------------|--------|--------------------|-----------|--------|----------------|--------|
|                                                                                                                   |   |               |      |   |           |   |
|                                                                                                                   |   | June 30, 2009 |      |   | March 31, 2009 |   |
| Assets                                                                                                                 |   |               |      |   |           |   |
| Cash and Cash Equivalents                                                                                              |   | $                  | 1,443,365 |   |           | $      | 1,364,556 |   |
| Restricted Cash                                                                                                        |   |               | 454,834   |   |           |   | 403,992 |   |
| Receivables -                                                                                                          |   |               |      |   |           |   |   |   |
| Mortgage Loans, net                                                                                                    |   |               | 187,360   |   |           |   | 214,179 |   |
| Taxes, Trade and Other, including Notes of $18,955 and $20,045                                                         |   |               | 143,239   |   |           |   | 375,762 |   |
| Inventories -                                                                                                          |   |               |      |   |           |   |   |   |
| Direct Construction                                                                                                    |   |               | 882,914   |   |           |   | 898,129 |   |
| Land Under Development                                                                                                 |   |               | 1,567,335 |   |           |   | 1,792,349 |   |
| Land Held for Development and Sale                                                                                     |   |               | 438,527   |   |           |   | 470,561 |   |
| Land Held Under Option Agreements Not Owned                                                                            |   |               | 99,294    |   |           |   | 107,614 |   |
| Other                                                                                                                  |   |               | 19,385    |   |           |   | 21,134 |   |
| Investments in Joint Ventures                                                                                          |   |               | 127,839   |   |           |   | 136,504 |   |
| Property and Equipment, net                                                                                            |   |               | 21,076    |   |           |   | 24,813 |   |
| Other Assets -                                                                                                         |   |               |      |   |           |   |   |   |
| Deferred Income Taxes, net                                                                                             |   |               | 37,587    |   |           |   | – |   |
| Goodwill                                                                                                               |   |               | 9,933     |   |           |   | 9,933 |   |
| Deferred Charges and Other, net                                                                                        |   |               | 92,842    |   |           |   | 98,588 |   |
|                                                                                                                   |   | $                  | 5,525,530 |   |           | $      | 5,918,114 |   |
| Liabilities and Stockholders’ Equity                                                                             |   |               |      |   |           |   |   |   |
| Accounts Payable                                                                                                       |   | $                  | 113,089   |   |           | $      | 96,749 |   |
| Accrued Liabilities                                                                                                    |   |               | 1,197,463 |   |           |   | 1,618,775 |   |
| Senior Notes and Other Debt                                                                                            |   |               | 3,106,122 |   |           |   | 3,104,872 |   |
| Financial Services Mortgage Warehouse Facilities                                                                       |   |               | 49,038    |   |           |   | 119,052 |   |
| Commitments and Contingencies                                                                                          |   |               |      |   |           |   |   |   |
| Stockholders’ Equity -                                                                                           |   |               |      |   |           |   |   |   |
| Preferred Stock,  Authorized 5,000,000 Shares, None Issued                                                   |   |               | –   |   |           |   | – |   |
| Common Stock,  $.25 Par Value; Authorized 300,000,000 Shares; Outstanding 125,319,612 and 124,437,033 Shares |   |               | 32,149    |   |           |   | 31,940 |   |
| Capital in Excess of Par Value                                                                                         |   |               | 87,935    |   |           |   | 87,341 |   |
| Noncontrolling Interests                                                                                               |   |               | 53,462    |   |           |   | 60,852 |   |
| Retained Earnings                                                                                                      |   |               | 1,052,108 |   |           |   | 966,993 |   |
| Treasury Stock, at Cost; 3,276,380 and 3,323,454 Shares                                                                |   |               | (165,836  | )      |           |   | (168,460 | ) |
| Total Stockholders’ Equity                                                                                       |   |               | 1,059,818 |   |           |   | 978,666 |   |
|                                                                                                                   |   | $                  | 5,525,530 |   |           | $      | 5,918,114 |   |
|                                                                                                                   |   |               |      |   |           |   |   |   |

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Centex Corporation and Subsidiaries

|                                                                                           |   |                                |      |
|------------------------------------------------------------------------------------------------|--------|-------------------------------------|-----------|
|                                                                                           |   | For the Three Months Ended June 30, |      |
|                                                                                           |   | 2009                                |      |   | 2008 |   |
| Cash Flows – Operating Activities                                                        |   |                                |      |   |   |   |
| Net Earnings (Loss)                                                                            |   | $                                   | 85,115    |   |   | $ | (150,099 | ) |
| Adjustments                                                                                    |   |                                |      |   |   |   |   |   |
| Depreciation and Amortization                                                                  |   |                                | 5,167     |   |   |   | 11,586 |   |
| Stock-based Compensation                                                                       |   |                                | 4,068     |   |   |   | 6,587 |   |
| Provision for Losses on Mortgage Loans                                                         |   |                                | (2,379    | ) |   |   | 646 |   |
| Impairments and Write-off of Assets                                                            |   |                                | 201,811   |   |   |   | 60,216 |   |
| Deferred Income Tax (Benefit) Provision                                                        |   |                                | (37,587   | ) |   |   | 36,419 |   |
| Reduction in Liability for Uncertain Tax Positions                                             |   |                                | (370,794  | ) |   |   | – |   |
| Loss of Joint Ventures                                                                         |   |                                | 15,267    |   |   |   | 20,297 |   |
| Distributions of Earnings of Joint Ventures                                                    |   |                                | 400       |   |   |   | 8,151 |   |
| Gain (Loss) on Sale of Assets                                                                  |   |                                | 154       |   |   |   | (39,244 | ) |
| Changes in Assets and Liabilities, Excluding Effect of Dispositions                            |   |                                |      |   |   |   |   |   |
| (Increase) Decrease in Restricted Cash                                                         |   |                                | (3,713    | ) |   |   | 1,279 |   |
| Decrease in Taxes, Trade, Notes and Other Receivables                                          |   |                                | 222,503   |   |   |   | 606,204 |   |
| Decrease (Increase) in Mortgage Loans Held for Sale                                            |   |                                | 17,347    |   |   |   | (69,078 | ) |
| Decrease in Direct Construction, Land Under Development and Land Held for Development and Sale |   |                                | 68,567    |   |   |   | 255,817 |   |
| Decrease in Other Inventories                                                                  |   |                                | 10,593    |   |   |   | 10,834 |   |
| Decrease in Accounts Payable and Accrued Liabilities                                           |   |                                | (25,009   | ) |   |   | (209,893 | ) |
| Decrease in Other Assets, net                                                                  |   |                                | 3,722     |   |   |   | 3,500 |   |
| Other                                                                                          |   |                                | 260       |   |   |   | (431 | ) |
|                                                                                           |   |                                | 195,492   |   |   |   | 552,791 |   |
| Cash Flows – Investing Activities                                                        |   |                                |      |   |   |   |   |   |
| Payments received on (Issuance of) Notes Receivable                                            |   |                                | 998       |   |   |   | (1,350 | ) |
| Decrease in Construction Loans                                                                 |   |                                | 3,007     |   |   |   | 16,403 |   |
| Investment in and Advances to Joint Ventures                                                   |   |                                | (4,659    | ) |   |   | (40,528 | ) |
| Distributions of Capital from Joint Ventures                                                   |   |                                | 118       |   |   |   | 396 |   |
| Purchases of Property and Equipment, net                                                       |   |                                | (275      | ) |   |   | (1,352 | ) |
| Proceeds from Dispositions                                                                     |   |                                | 74        |   |   |   | 136,923 |   |
|                                                                                           |   |                                | (737      | ) |   |   | 110,492 |   |
| Cash Flows – Financing Activities                                                        |   |                                |      |   |   |   |   |   |
| Increase in Restricted Cash                                                                    |   |                                | (47,129   | ) |   |   | – |   |
| Net Issuance (Repayment) of Senior Notes and Other Debt                                        |   |                                | 1,201     |   |   |   | (71,732 | ) |
| Net (Repayment) Issuance of Financial Services Mortgage Warehouse Facilities                   |   |                                | (70,014   | ) |   |   | 63,387 |   |
| Proceeds from Stock Option Exercises                                                           |   |                                | –   |   |   |   | (1,569 | ) |
| Excess Tax Benefit from Stock-Based Awards                                                     |   |                                | –   |   |   |   | 126 |   |
| Purchases of Common Stock, net                                                                 |   |                                | (4        | ) |   |   | (8 | ) |
| Dividends Paid                                                                                 |   |                                | –   |   |   |   | (4,942 | ) |
|                                                                                           |   |                                | (115,946  | ) |   |   | (14,738 | ) |
|                                                                                           |   |                                |      |   |   |   |   |   |
| Net Increase in Cash and Cash Equivalents                                                      |   |                                | 78,809    |   |   |   | 648,545 |   |
| Cash and Cash Equivalents at Beginning of Period (1)                                           |   |                                | 1,364,556 |   |   |   | 586,838 |   |
| Cash and Cash Equivalents at End of Period                                                     |   | $                                   | 1,443,365 |   |   | $ | 1,235,383 |   |
|                                                                                           |   |                                |      |   |   |   |   |   |

| (1) | Amount includes cash and cash equivalents of discontinued operations of $0 as of March 31, 2009 and $28 as of March 31, 2008. |
|-----|-------------------------------------------------------------------------------------------------------------------------------|

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Centex Corporation and Subsidiaries

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Table of Contents

|                                 |   |                                |    |
|--------------------------------------|--------|-------------------------------------|---------|
|                                 |   | For the Three Months Ended June 30, |    |
|                                 |   | 2009                                |    |   | 2008 |   |
|                                 |   |                                |    |   |   |   |
| Total Interest Incurred              |   | $                                   | 55,167  |   |   | $ | 61,752 |   |
| Less - Interest Capitalized          |   |                                | (27,059 | ) |   |   | (51,269 | ) |
| Financial Services Interest Expense  |   |                                | (1,753  | ) |   |   | (4,303 | ) |
| Interest Expense, net                |   | $                                   | 26,355  |   |   | $ | 6,180 |   |
| Capitalized Interest Charged to Home |   |                                |    |   |   |   |   |   |
| Building Cost of Revenues            |   | $                                   | 37,106  |   |   | $ | 25,535 |   |

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Table of Contents

|                                               |   |   |        |
|----------------------------------------------------|--------|--------|-------------|
| Net Earnings                                       |   | $      | 85,115      |   |
| Earnings attributable to Unvested Restricted Stock |   |   | (871        | ) |
| Net Earnings available to Common Stockholders      |   | $      | 84,244      |   |
|                                               |   |   |        |   |
| Basic and Diluted Earnings Per Share               |   | $      | 0.68        |   |
|                                               |   |   |        |   |
| Average Shares Outstanding                         |   |   |        |   |
| Basic                                              |   |   | 123,724,483 |   |
| Diluted                                            |   |   | 123,793,011 |   |

|                                     |   |                   |   |   |                     |   |   |                |     |
|------------------------------------------|--------|------------------------|--------|--------|--------------------------|--------|--------|---------------------|----------|
|  Period of Grant                    |   | Grant Type             |   |   | Number of Shares Granted |   |   | Fair Value of Grant |     |
|                                     |   |                   |   |   |                     |   |   |
| For the year ended March 31, 2009        |   | Stock Options          |   |   | 1,827.0                  |   |   | $                   | 14,072.9 |   |
|                                     |   | Restricted Stock Units |   |   | 375.2                    |   |   | $                   | 8,265.7  |   |
|                                     |   | Restricted Stock       |   |   | 663.0                    |   |   | $                   | 9,699.8  |   |
|                                     |   |                   |   |   |                     |   |   |                |     |   |
| For the three months ended June 30, 2009 |   | Restricted Stock Units |   |   | 278.5                    |   |   | $                   | 2,612.2  |   |
|                                     |   | Restricted Stock       |   |   | 835.5                    |   |   | $                   | 7,837.0  |   |

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|                       |   |                                |     |
|----------------------------|--------|-------------------------------------|----------|
|                       |   | For the Three Months Ended June 30, |     |
|                       |   | 2009                                |     |   | 2008 |   |
|                       |   |                                |     |   |   |   |
| Cash Paid for Interest (1) |   | $                                   | 59,794   |   |   | $ | 59,293 |   |
| Net Cash Refund for Taxes  |   | $                                   | (203,415 | ) |   | $ | (625,105 | ) |

| (1)  | Amounts include capitalized interest. |
|-----------|---------------------------------------|

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|                                                    |   |         |    |   |                   |   |    |            |   |   |           |   |   |                 |    |   |          |   |
|---------------------------------------------------------|--------|--------------|---------|--------|------------------------|--------|---------|-----------------|--------|--------|----------------|--------|--------|----------------------|---------|--------|---------------|--------|
|                                                    |   |         |    |   | Capital in   |   |    |            |   |   |           |   |   | Treasury   |    |   |          |   |
|                                                    |   | Common Stock |    |   | Excess of              |   |    | Noncontrolling  |   |   | Retained  |   |   | Stock,               |    |   |          |   |
|                                                    |   | Shares       |    |   | Amount                 |   |    |  Par Value |   |   | Interests      |   |   | Earnings             |    |   |  at Cost |   |   | Total |   |
|                                                    |   |         |    |   |                   |   |    |            |   |   |           |   |   |                 |    |   |          |   |   |   |   |
| Balance, March 31, 2009                                 |   |         | 124,437 |   |                   | $      | 31,940  |            |   | $      | 87,341         |   |   | $                    | 60,852  |   |          | $      | 966,993 |   |   | $ | (168,460 | ) |   | $ | 978,666 |   |
| Issuance of Restricted Stock and Restricted Stock Units |   |         | 884     |   |                   |   | 209     |            |   |   | (3,474         | )      |   |                 | – |   |          |   | – |   |   |   | 2,628 |   |   |   | (637 | ) |
| Stock Compensation                                      |   |         | – |   |                   |   | – |            |   |   | 4,068          |   |   |                 | – |   |          |   | – |   |   |   | – |   |   |   | 4,068 |   |
| Purchase of Common Stock for Treasury                   |   |         | (1      | )      |                   |   | – |            |   |   | –        |   |   |                 | – |   |          |   | – |   |   |   | (4 | ) |   |   | (4 | ) |
| Changes in Agreements                              |   |         | – |   |                   |   | – |            |   |   | –        |   |   |                 | (7,390  | )      |          |   | – |   |   |   | – |   |   |   | (7,390 | ) |
| Net Earnings                                            |   |         | – |   |                   |   | – |            |   |   | –        |   |   |                 | – |   |          |   | 85,115 |   |   |   | – |   |   |   | 85,115 |   |
|                                                    |   |         |    |   |                   |   |    |            |   |   |           |   |   |                 |    |   |          |   |   |   |   |   |   |   |   |   |   |   |
| Balance, June 30, 2009                                  |   |         | 125,320 |   |                   | $      | 32,149  |            |   | $      | 87,935         |   |   | $                    | 53,462  |   |          | $      | 1,052,108 |   |   | $ | (165,836 | ) |   | $ | 1,059,818 |   |

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|                         |   |          |    |
|------------------------------|--------|---------------|---------|
|                         |   | As of         |    |
|                         |   | June 30, 2009 |    |   | March 31, 2009 |   |
|                         |   | Gross         |    |   | Allowance |   |   | Net |   |   | Gross |   |   | Allowance |   |   | Net |   |
|                         |   |          |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Mortgage Loans Held for Sale |   | $             | 141,518 |   |   | $ | (775 | ) |   | $ | 140,743 |   |   | $ | 153,416 |   |   | $ | (837 | ) |   | $ | 152,579 |   |
| Other Mortgage Loans         |   |          | 104,023 |   |   |   | (57,406 | ) |   |   | 46,617 |   |   |   | 148,683 |   |   |   | (87,083 | ) |   |   | 61,600 |   |
| Mortgage Loans Receivable    |   | $             | 245,541 |   |   | $ | (58,181 | ) |   | $ | 187,360 |   |   | $ | 302,099 |   |   | $ | (87,920 | ) |   | $ | 214,179 |   |

|                           |   |          |    |   |               |   |
|--------------------------------|--------|---------------|---------|--------|--------------------|--------|
|                           |   | June 30, 2009 |    |   | March 31, 2009 (1) |   |
|                           |   |          |    |   |               |   |
| Balance at Beginning of Period |   | $             | 87,920  |   |               | $      | 155,696 |   |
| Provision for Losses           |   |          | (2,379  | )      |               |   | 1,723 |   |
| Charge-offs/Recoveries         |   |          | (27,360 | )      |               |   | (69,499 | ) |
|                           |   |          |    |   |               |   |   |   |
| Balance at End of Period       |   | $             | 58,181  |   |               | $      | 87,920 |   |

| (1) | For the three months ended June 30, 2008, provision for losses and charge-offs/recoveries were $646 and $(14,383), respectively. |
|-----|----------------------------------------------------------------------------------------------------------------------------------|

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|                                                              |   |          |    |
|-------------------------------------------------------------------|--------|---------------|---------|
|                                                              |   | As of         |    |
|                                                              |   | June 30, 2009 |    |   | March 31, 2009 |   |
|                                                              |   |          |    |   |   |   |
| Number of Land Option Agreements                                  |   |          | 61      |   |   |   | 55 |   |
|                                                              |   |          |    |   |   |   |   |   |
| Total Cash Deposits in Inventory                                  |   | $             | 26,774  |   |   | $ | 25,684 |   |
| Letters of Credit                                                 |   |          | 747     |   |   |   | 747 |   |
| Total Invested through Deposits or Secured with Letters of Credit |   | $             | 27,521  |   |   | $ | 26,431 |   |
|                                                              |   |          |    |   |   |   |   |   |
| Total Purchase Price of Land Option Agreements                    |   | $             | 445,729 |   |   | $ | 476,974 |   |

|                                         |   |                               |    |   |                                        |   |
|----------------------------------------------|--------|------------------------------------|---------|--------|---------------------------------------------|--------|
|                                         |   | As of June 30, 2009                |    |   | As of March 31, 2009                        |   |
|                                         |   | Land Held for Development and Sale |    |   | Land Held Under Option Agreements Not Owned |   |   | Land Held for Development and Sale |   |   | Land Held Under Option Agreements Not Owned |   |
|                                         |   |                               |    |   |                                        |   |   |   |   |   |   |   |
| Cash Deposits                                |   | $                                  | 8,137   |   |                                        | $      | 18,637 |   |   | $ | 6,397 |   |   | $ | 19,287 |   |
| Pre-acquisition Development Costs            |   |                               | 1,541   |   |                                        |   | 4,830 |   |   |   | 1,687 |   |   |   | 4,700 |   |
| Remaining Purchase Price of Land             |   |                               |    |   |                                        |   |   |   |   |   |   |   |   |   |   |   |
| Options Recorded Pursuant to:                |   |                               |    |   |                                        |   |   |   |   |   |   |   |   |   |   |   |
| FIN 46 (1)                                   |   |                               | – |   |                                        |   | 56,448 |   |   |   | – |   |   |   | 64,231 |   |
| SFAS 49 (2)                                  |   |                               | – |   |                                        |   | 19,379 |   |   |   | – |   |   |   | 19,396 |   |
| Owned Land Held for Development and Sale (3) |   |                               | 428,849 |   |                                        |   | – |   |   |   | 462,477 |   |   |   | – |   |
|                                         |   | $                                  | 438,527 |   |                                        | $      | 99,294 |   |   | $ | 470,561 |   |   | $ | 107,614 |   |

| (1) | In accordance with the provisions of FIN 46, the Company is the primary beneficiary of certain option agreements to purchase land.  Land consolidated under FIN 46 is recorded with a corresponding increase to noncontrolling interests.  At June 30, 2009, eight land option agreements wereconsolidated pursuant to FIN 46. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | As of June 30, 2009, the Company recorded two land option agreements as financing arrangements pursuant to the provisions of SFAS 49.  The remaining obligation under such financing arrangements is recorded in accrued liabilities. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Amount includes owned land, including development costs, that is not currently anticipated to be developed for more than two years and land that the Company intends to sell within one year. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                |   |          |   |   |           |   |
|---------------------|--------|---------------|--------|--------|----------------|--------|
|                |   | As of         |   |
|                |   | June 30, 2009 |   |   | March 31, 2009 |   |
| Home Building       |   |          |   |   |           |   |
| Central             |   | $             | 4,569  |   |           | $      | 4,569 |   |
| Total Home Building |   |          | 4,569  |   |           |   | 4,569 |   |
| Financial Services  |   |          | 5,364  |   |           |   | 5,364 |   |
| Total               |   | $             | 9,933  |   |           | $      | 9,933 |   |

|                                                           |   |          |      |
|----------------------------------------------------------------|--------|---------------|-----------|
|                                                           |   | As of         |      |
|                                                           |   | June 30, 2009 |      |   | March 31, 2009 |   |
| Senior Notes (unsecured):                                      |   |          |      |   |   |   |
| Senior Notes due September 2009 at 5.8%                        |   | $             | 210,920   |   |   | $ | 210,920 |   |
| Senior Notes due November 2010 at 4.55%                        |   |          | 300,000   |   |   |   | 300,000 |   |
| Senior Notes due February 2011 at 7.875%                       |   |          | 392,495   |   |   |   | 392,495 |   |
| Senior Notes due January 2012 at 7.5%                          |   |          | 324,422   |   |   |   | 324,373 |   |
| Senior Notes due August 2012 at 5.45%                          |   |          | 295,000   |   |   |   | 295,000 |   |
| Senior Notes due October 2013 at 5.125%                        |   |          | 300,000   |   |   |   | 300,000 |   |
| Senior Notes due May 2014 at 5.7%                              |   |          | 350,000   |   |   |   | 350,000 |   |
| Senior Notes due June 2015 at 5.25%                            |   |          | 450,000   |   |   |   | 450,000 |   |
| Senior Notes due May 2016 at 6.5%                              |   |          | 480,000   |   |   |   | 480,000 |   |
| Land Acquisition Notes and Other due through May 2017 (1)      |   |          | 3,285     |   |   |   | 2,084 |   |
|                                                           |   |          |      |   |   |   |   |   |
| Total Senior Notes and Other                                   |   |          | 3,106,122 |   |   |   | 3,104,872 |   |
|                                                           |   |          |      |   |   |   |   |   |
| Financial Services Mortgage Warehouse Facilities (secured) (2) |   |          | 49,038    |   |   |   | 119,052 |   |
|                                                           |   |          |      |   |   |   |   |   |
| Total Debt                                                     |   | $             | 3,155,160 |   |   | $ | 3,223,924 |   |

| (1) | Weighted-average interest rates of 5.48% and 7.01% at June 30, 2009 and March 31, 2009, respectively. |
|-----|-----------------------------------------------------------------------------------------------------------------|

| (2) | Weighted-average interest rates of 2.79% and 2.72% at June 30, 2009 and March 31, 2009, respectively. |
|-----|-----------------------------------------------------------------------------------------------------------------|

|                             |   |                                |   |
|----------------------------------|--------|-------------------------------------|--------|
|                             |   | For the Three Months Ended June 30, |   |
|                             |   | 2009                                |   |   | 2008 |   |
| Centex:                          |   |                                |   |   |   |   |
| Senior Notes                     |   |                                | 6.05%  |   |   |   | 6.01% |   |
| Land Acquisition Notes and Other |   |                                | 5.47%  |   |   |   | 7.97% |   |
|                             |   |                                |   |   |   |   |   |   |
| Financial Services:              |   |                                |   |   |   |   |   |   |
| Mortgage Warehouse Facilities    |   |                                | 6.43%  |   |   |   | 4.81% |   |

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|       |   |                                  |      |
|------------|--------|---------------------------------------|-----------|
|       |   | For the Fiscal Years Ending March 31, |      |
|       |   |                                  |      |
| 2010       |   | $                                     | 211,012   |   |
| 2011       |   |                                  | 692,607   |   |
| 2012       |   |                                  | 325,799   |   |
| 2013       |   |                                  | 296,364   |   |
| 2014       |   |                                  | 300,150   |   |
| Thereafter |   |                                  | 1,280,190 |   |
|       |   | $                                     | 3,106,122 |   |

|                                       |   |              |    |   |               |   |
|--------------------------------------------|--------|-------------------|---------|--------|--------------------|--------|
|                                       |   | Credit Facilities |    |   | Available Capacity |   |
|                                       |   |              |    |   |               |   |   |   |
| Multi-Bank Revolving Credit Facility       |   | $                 | 500,000 |   |               | $      | 196,639 |   |
| Financial Services Secured Credit Facility |   |              | 100,000 |   |               |   | 53,057 |   |
|                                       |   |              |    |   |               |   |   |   |
|                                       |   | $                 | 600,000 |   |               | $      | 249,696 |   |

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|                       |   |                |   |   |                 |   |
|----------------------------|--------|---------------------|--------|--------|----------------------|--------|
|                       |   | As of June 30, 2009 |   |   | As of March 31, 2009 |   |
|                       |   | Numberof JVs (1)    |   |   | Investments          |   |   | Centex’s Shareof Debt (2) |   |   | Numberof JVs (1) |   |   | Investments |   |   | Centex’s Shareof Debt (2) |   |
|                       |   |                |   |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Unleveraged Joint Ventures |   |                | 27     |   |                 | $      | 124,856 |   |   | $ | – |   |   |   | 29 |   |   | $ | 133,149 |   |   | $ | –  |   |
| Joint Ventures with Debt:  |   |                |   |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Repayment Guarantee (3)    |   |                | 1      |   |                 |   | 899 |   |   |   | 3,819 |   |   |   | 1 |   |   |   | 836 |   |   |   | 4,357  |   |
| Completion Guarantee (4)   |   |                | 2      |   |                 |   | 2,084 |   |   |   | – |   |   |   | 3 |   |   |   | 2,519 |   |   |   | 84,861 |   |
|                       |   |                | 30     |   |                 |   | 127,839 |   |   |   | 3,819 |   |   |   | 33 |   |   |   | 136,504 |   |   |   | 89,218 |   |
| No Recourse or Guarantee   |   |                | 2      |   |                 |   | – |   |   |   | – |   |   |   | 4 |   |   |   | – |   |   |   | 35,385 |   |
|                       |   |                |   |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                       |   |                | 32     |   |                 | $      | 127,839 |   |   | $ | 3,819 |   |   |   | 37 |   |   | $ | 136,504 |   |   | $ | 124,603 |   |

| (1) | The number of joint ventures includes unconsolidated Home Building joint ventures for which the Company has an investment balance as of the end of the period and/or current fiscal year activity.  The Company was the managing member of 18 and 22 of the active joint ventures as of June 30, 2009 and March 31, 2009, respectively.  The number of joint ventures includes11 and 13 joint ventures as of June 30, 2009 and March 31, 2009, respectively,  for which substantially all of the joint ventures’ activities are complete. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Centex’s share of debt represents the Company’s maximum exposure related to the joint ventures’ debt at each date.  Amounts shown in the column as of June 30, 2009 do not include $34.9 million in debt-related and other joint venture obligations recorded by the Companyas accrued liabilities in its Consolidated Balance Sheets. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | The Company has guaranteed repayment of a portion of certain joint venture debt limited to its ownership percentage of the joint venture or a percentage thereof. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Certain joint venture agreements require the Company to guarantee the completion of a project or phase if the joint venture does not perform the required land development.  A portion of these completion guarantees are joint and several with the Company’s partners. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                        |   |                |   |   |                 |   |
|-----------------------------|--------|---------------------|--------|--------|----------------------|--------|
|                        |   | As of June 30, 2009 |   |   | As of March 31, 2009 |   |
|                        |   | Letters of Credit   |   |   | Surety Bonds         |   |   | Letters of Credit |   |   | Surety Bonds |   |
|                        |   |                |   |   |                 |   |   |   |   |   |   |   |
| Home Building               |   | $                   | 82.1   |   |                 | $      | 790.7 |  (1) |   | $ | 85.6 |   |   | $ | 863.3 |   |
| Financial Services          |   |                | 30.9   |   |                 |   | 7.3 |   |   |   | 30.9 |   |   |   | 7.2 |   |
| Other                       |   |                | 158.1  |   |                 |   | 0.2 |   |   |   | 158.1 |   |   |   | 0.2 |   |
| Discontinued Operations (2) |   |                | 33.1   |   |                 |   | 1,604.3 |   |   |   | 33.1 |   |   |   | 1,583.7 |   |
|                        |   | $                   | 304.2  |   |                 | $      | 2,402.5 |   |   | $ | 307.7 |   |   | $ | 2,454.4 |   |

| (1) | The Company estimates that $319.5 million of work remains to be performed on these projects as of June 30, 2009. |
|-----|-----------------------------------------------------------------------------------------------------------------------|

| (2) | After the sale of Construction Services, the Company remains responsible to a surety for certain surety bond obligations relating to Construction Services projects commenced prior to March 30, 2007.   These surety bonds have a total face amount of $1.60 billion at June 30, 2009, although the risk of liabilitywith respect to these surety bonds declines as the relevant construction projects are performed.   At June 30, 2009, the Company estimates that $177.5 million of work remains to be performed on these projects.  In connection with certain of these surety bond obligations, the Company posted a $100 million letter of credit to such surety which is included in Other above.  The purchaser of Construction Services agreed to indemnify the Company against losses relating to suchsurety bond obligations, including amounts drawn under such letter of credit.  The Company purchased for its benefit an additional back-up indemnity provided by a financial institution with an A (S&P) and A2 (Moody’s) credit rating. The obligation of such financial institution under the back-up indemnity is $400.0 million as of June 30, 2009 and will remain at $400.0 million until termination in 2016. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                                                   |   |          |   |   |               |   |
|------------------------------------------------------------------------|--------|---------------|--------|--------|--------------------|--------|
|                                                                   |   | June 30, 2009 |   |   | March 31, 2009 (1) |   |
|                                                                   |   |          |   |   |               |   |
| Balance at Beginning of Period                                         |   | $             | 13,550 |   |               | $      | 29,155 |   |
| Warranties Issued                                                      |   |          | 2,368  |   |               |   | 15,201 |   |
| Settlements Made                                                       |   |          | (2,352 | )      |               |   | (17,251 | ) |
| Changes in Liability of Pre-Existing Warranties, Including Expirations |   |          | (1,475 | )      |               |   | (13,555 | ) |
| Balance at End of Period                                               |   | $             | 12,091 |   |               | $      | 13,550 |   |

| (1) | For the three months ended June 30, 2008, warranties issued, settlements made and changes in liability of pre-existing warranties were $3,918, $(4,517) and $(3,419), respectively. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                             |   |          |   |   |               |   |
|----------------------------------|--------|---------------|--------|--------|--------------------|--------|
|                             |   | June 30, 2009 |   |   | March 31, 2009 (1) |   |
|                             |   |          |   |   |               |   |
| Balance at Beginning of Period   |   | $             | 28,968 |   |               | $      | 13,903 |   |
| Provision for Losses             |   |          | 73     |   |               |   | 765 |   |
| Settlements                      |   |          | (4,921 | )      |               |   | (9,890 | ) |
| Changes in Pre-Existing Reserves |   |          | 13,643 |   |               |   | 24,190 |   |
| Balance at End of Period         |   | $             | 37,763 |   |               | $      | 28,968 |   |

| (1) | For the three months ended June 30, 2008, provision for losses, settlements and changes in pre-existing reserves were $309, $(810) and $2,619, respectively. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | ● | Level  1 -  Quoted prices in active markets for identical assets or liabilities. |
|--------|---------|------------------------------------------------------------------------------------------------------|

|   | ● | Level 2 - Inputs other than quoted prices included within Level 1 that are observable either directly or indirectly through corroboration with market data. |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ● | Level 3 - Unobservable inputs that reflect the Company’s own estimates about the assumptions market participants would use in pricing the asset or liability. |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                             |   |    |    |   |    |   |    |    |   |   |    |   |
|----------------------------------|--------|---------|---------|--------|---------|--------|---------|---------|--------|--------|---------|--------|
|                             |   | Level 1 |    |   | Level 2 |   |    | Level 3 |   |   | Total   |   |
| Assets                           |   |    |    |   |    |   |    |    |   |   |    |   |
| Mortgage Loans Held for Sale     |   | $       | – |   |    | $      | 138,106 |    |   | $      | – |   |   | $ | 138,106 |   |
| Servicing Asset                  |   |    | – |   |    |   | 194     |    |   |   | – |   |   |   | 194 |   |
| Interest Rate Lock Commitments   |   |    | – |   |    |   | – |    |   |   | 2,933   |   |   |   | 2,933 |   |
| Forward Trade Commitments        |   |    |    |   |    |   |    |    |   |   |    |   |   |   |   |   |
| (Mortgage Loans Held for Sale)   |   |    | – |   |    |   | 2,637   |    |   |   | – |   |   |   | 2,637 |   |
| Total                            |   | $       | – |   |    | $      | 140,937 |    |   | $      | 2,933   |   |   | $ | 143,870 |   |
|                             |   |    |    |   |    |   |    |    |   |   |    |   |   |   |   |   |
| Liabilities                      |   |    |    |   |    |   |    |    |   |   |    |   |   |   |   |   |
| Interest Rate Swap Agreements    |   | $       | – |   |    | $      | 4,949   |    |   | $      | – |   |   | $ | 4,949 |   |
| Forward Trade Commitments        |   |    |    |   |    |   |    |    |   |   |    |   |   |   |   |   |
| (Interest Rate Lock Commitments) |   |    | – |   |    |   | 1,053   |    |   |   | – |   |   |   | 1,053 |   |
| Total                            |   | $       | – |   |    | $      | 6,002   |    |   | $      | – |   |   | $ | 6,002 |   |

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|                                                               |   |                           |   |
|--------------------------------------------------------------------|--------|--------------------------------|--------|
|                                                               |   | Interest Rate Lock Commitments |   |
|                                                               |   |                           |   |
| Balance at beginning of period                                     |   | $                              | 3,243  |   |
| Purchases, issuances, and settlements                              |   |                           | (295   | ) |
| Loss included in earnings due to change in valuation of items held |   |                           | (15    | ) |
| Fair value at June 30, 2009                                   |   | $                              | 2,933  |   |

|                               |   |    |    |   |    |   |    |    |   |   |    |   |
|------------------------------------|--------|---------|---------|--------|---------|--------|---------|---------|--------|--------|---------|--------|
|                               |   | Level 1 |    |   | Level 2 |   |    | Level 3 |   |   | Total   |   |
| Assets                             |   |    |    |   |    |   |    |    |   |   |    |   |
| Other Mortgage Loans               |   | $       | – |   |    | $      | – |    |   | $      | 46,617  |   |   | $ | 46,617 |   |
| Land Under Development             |   |    | – |   |    |   | – |    |   |   | 291,615 |   |   |   | 291,615 |   |
| Land Held for Development and Sale |   |    | – |   |    |   | – |    |   |   | 22,580  |   |   |   | 22,580 |   |
| Other Inventories                  |   |    | – |   |    |   | – |    |   |   | 16,198  |   |   |   | 16,198 |   |
|                               |   | $       | – |   |    | $      | – |    |   | $      | 377,010 |   |   | $ | 377,010 |   |

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|                   |   |           |      |   |           |   |      |           |   |   |
|------------------------|--------|----------------|-----------|--------|----------------|--------|-----------|----------------|--------|--------|
|                   |   | As of          |      |
|                   |   | June 30, 2009  |      |   | March 31, 2009 |   |
|                   |   | Carrying Value |      |   | FairValue      |   |      | Carrying Value |   |   | Fair Value |   |
|                   |   |           |      |   |           |   |      |           |   |   |
| Financial Assets:      |   |           |      |   |           |   |      |           |   |   |
| Mortgage Loans, net    |   | $              | 187,360   |   |           | $      | 187,360   |           |   | $      | 214,179 |   | $ | 214,179 |   |
|                   |   |           |      |   |           |   |      |           |   |   |   |   |   |   |   |
| Financial Liabilities: |   |           |      |   |           |   |      |           |   |   |   |   |   |   |   |
| Senior Notes and Other |   | $              | 3,106,122 |   |           | $      | 2,906,666 |           |   | $      | 3,104,872 |   | $ | 2,605,917 |   |

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|                                                    |   |                        |    |   |                             |   |
|---------------------------------------------------------|--------|-----------------------------|---------|--------|----------------------------------|--------|
|                                                    |   | As of June 30, 2009         |    |   | As of March 31, 2009             |   |
|                                                    |   | Mortgage LoansHeld for Sale |    |   | Deferred Chargesand Other Assets |   |   | AccruedLiabilities |   |   | Mortgage LoansHeld for  Sale |   |   | Deferred Chargesand Other Assets |   |   |  Accrued Liabilities |   |
|                                                    |   |                        |    |   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Derivatives Designated as Hedging Instruments           |   |                        |    |   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest Rate Contracts                                 |   |                        |    |   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest Rate Swap Agreements                           |   | $                           | – |   |                             | $      | – |   |   | $ | 4,949 |   |   | $ | – |   |   | $ | – |   |   | $ | 5,000 |   |
|                                                    |   |                        |    |   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                    |   |                        |    |   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Derivatives Not Designated as Hedging Instruments       |   |                        |    |   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest Rate Contracts                                 |   |                        |    |   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest Rate Lock Commitments                          |   |                        | – |   |                             |   | 2,933 |   |   |   | – |   |   |   | – |   |   |   | 3,243 |   |   |   | – |   |
| Forward Trade Commitments                               |   |                        | 2,637   |   |                             |   | – |   |   |   | 1,053 |   |   |   | (4,168 | ) |   |   | – |   |   |   | 1,342 |   |
| Total Derivatives Not Designated as Hedging Instruments |   |                        | 2,637   |   |                             |   | 2,933 |   |   |   | 1,053 |   |   |   | (4,168 | ) |   |   | 3,243 |   |   |   | 1,342 |   |
|                                                    |   |                        |    |   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Derivatives                                       |   | $                           | 2,637   |   |                             | $      | 2,933 |   |   | $ | 6,002 |   |   | $ | (4,168 | ) |   | $ | 3,243 |   |   | $ | 6,342 |   |

|                                                    |   |                                      |   |
|---------------------------------------------------------|--------|-------------------------------------------|--------|
|                                                    |   | For the Three Months Ended June 30,       |   |
|                                                    |   | 2009                                      |   |   | 2008 |   |
|                                                    |   | Gain (Loss) on Sale of Mortgage Loans (1) |   |   | Gain (Loss) on Sale ofMortgage Loans (1) |   |
| Derivatives Not Designated as Hedging Instruments       |   |                                      |   |   |   |   |
| Interest Rate Contracts                                 |   |                                      |   |   |   |   |
| Interest Rate Lock Commitments                          |   | $                                         | (310   | ) |   | $ | (3,490 | ) |
| Forward Trade Commitments                               |   |                                      | 7,094  |   |   |   | 6,221 |   |
| Total Derivatives Not Designated as Hedging Instruments |   | $                                         | 6,784  |   |   | $ | 2,731 |   |

| (1) | Included as a component of Financial Services revenues. |
|-----|---------------------------------------------------------|

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|                                                                        |   |          |     |
|-----------------------------------------------------------------------------|--------|---------------|----------|
|                                                                        |   | As of         |     |
|                                                                        |   | June 30, 2009 |     |   | March 31, 2009 |   |
|                                                                        |   |          |     |   |   |   |
| Gross Unrecognized Tax Benefits, Beginning of Period                        |   | $             | 374,351  |   |   | $ | 353,147 |   |
| Tax positions taken relating to a prior year                                |   |          | (180     | ) |   |   | 17,576 |   |
| Tax positions taken relating to the current year                            |   |          | –  |   |   |   | 4,767 |   |
| Settlements/Effective Settlements of tax positions with taxing authorities  |   |          | (249,321 | ) |   |   | (1,139 | ) |
| Gross Unrecognized Tax Benefits, End of Period                              |   | $             | 124,850  |   |   | $ | 374,351 |   |
|                                                                        |   |          |     |   |   |   |   |   |
| Interest and Penalties relating to Unrecognized Tax Benefits, End of Period |   | $             | 40,976   |   |   | $ | 180,392 |   |

----

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| (1) | Other homebuilding includes certain resort/second home projects in Florida that the Company plans to build out and liquidate, and holding companies.  In addition, Other homebuilding includes amounts consolidated under the caption “land held underoption agreements not owned” and capitalized interest for all regions. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                        |   |          |    |
|---------------------------------------------|--------|---------------|---------|
|                                        |   | As of         |    |
|                                        |   | June 30, 2009 |    |   | March 31, 2009 |   |
|                                        |   |          |    |   |   |   |
| Cash and Cash Equivalents                   |   | $             | 8,104   |   |   | $ | 21,311 |   |
| Restricted Cash                             |   |          | 19,541  |   |   |   | 18,955 |   |
| Mortgage Loan Receivables                   |   |          | 187,360 |   |   |   | 214,179 |   |
| Other Inventories (Real Estate Owned)       |   |          | 16,198  |   |   |   | 16,367 |   |
| Goodwill                                    |   |          | 5,364   |   |   |   | 5,364 |   |
| Deferred Charges and Other Assets           |   |          | 22,086  |   |   |   | 38,301 |   |
| Total Assets                                |   | $             | 258,653 |   |   | $ | 314,477 |   |
|                                        |   |          |    |   |   |   |   |   |
| Accounts Payable and Accrued Liabilities    |   | $             | 75,109  |   |   | $ | 48,215 |   |
| Mortgage Warehouse Facilities               |   |          | 49,038  |   |   |   | 119,052 |   |
| Members’ Equity                       |   |          | 134,506 |   |   |   | 147,210 |   |
| Total Liabilities and Members’ Equity |   | $             | 258,653 |   |   | $ | 314,477 |   |

|                                         |   |                                |    |
|----------------------------------------------|--------|-------------------------------------|---------|
|                                         |   | For the Three Months Ended June 30, |    |
|                                         |   | 2009                                |    |   | 2008 |   |
| Revenues                                     |   |                                |    |   |   |   |
| Gain on Sale of Mortgages                    |   | $                                   | 6,820   |   |   | $ | 30,311 |   |
| Interest Income                              |   |                                | 1,737   |   |   |   | 6,455 |   |
| Title Policy and Other Income                |   |                                | 14,314  |   |   |   | 39,657 |   |
| Cost of Revenues                             |   |                                |    |   |   |   |   |   |
| Interest Expense                             |   |                                | (1,753  | ) |   |   | (4,303 | ) |
| Title Policy Expense                         |   |                                | (342    | ) |   |   | (422 | ) |
| Selling, General and Administrative Expenses |   |                                | (33,769 | ) |   |   | (65,631 | ) |
| Earnings (Loss) from Continuing Operations   |   |                                |    |   |   |   |   |   |
| Before Income Taxes                          |   | $                                   | (12,993 | ) |   | $ | 6,067 |   |

|                                         |   |                                     |    |
|----------------------------------------------|--------|------------------------------------------|---------|
|                                         |   | For the Three Months Ended June 30, |    |
|                                         |   | 2009                                     |    |   | 2008 |   |
| Corporate General and Administrative Expense |   | $                                        | (44,705 | ) |   | $ | (58,639 | ) |
| Interest Expense                             |   |                                     | (26,355 | ) |   |   | (6,180 | ) |
| Interest and Other Income                    |   |                                     | 2,091   |   |   |   | 6,302 |   |
|                                         |   | $                                        | (68,969 | ) |   | $ | (58,517 | ) |

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Table of Contents

|                  |   |                                     |    |
|-----------------------|--------|------------------------------------------|---------|
|                  |   | For the Three Months Ended June 30, 2009 |    |
|                  |   | Revenues                                 |    |   | Earnings (Loss) from UnconsolidatedEntities (1) |   |   | Earnings (Loss) from Continuing Operations Before Income Tax |   |   | Land-related Impairments |   |   |   Land-related Write-offs |   |
| Home Building         |   |                                     |    |   |   |   |   |   |   |   |   |   |   |   |   |
| East                  |   | $                                        | 232,977 |   |   | $ | (4,985 | ) |   | $ | (140,605 | ) |   | $ | 122,878 |   |   | $ | 1,140 |   |
| Central               |   |                                     | 154,971 |   |   |   | 75 |   |   |   | 636 |   |   |   | – |   |   |   | 110 |   |
| West                  |   |                                     | 162,598 |   |   |   | (10,357 | ) |   |   | (81,751 | ) |   |   | 66,577 |   |   |   | – |   |
| Other homebuilding    |   |                                     | 556     |   |   |   | – |   |   |   | (18,537 | ) |   |   | 11,106 |   |   |   | – |   |
| Total Home Building   |   |                                     | 551,102 |   |   |   | (15,267 | ) |   |   | (240,257 | ) |   |   | 200,561 |   |   |   | 1,250 |   |
| Financial Services    |   |                                     | 22,871  |   |   |   | – |   |   |   | (12,993 | ) |   |   | – |   |   |   | – |   |
| Corporate & Other |   |                                     | – |   |   |   | – |   |   |   | (68,969 | ) |   |   | – |   |   |   | – |   |
| Total                 |   | $                                        | 573,973 |   |   | $ | (15,267 | ) |   | $ | (322,219 | ) |   | $ | 200,561 |   |   | $ | 1,250 |   |

| (1) | Included in Home Building loss from unconsolidated entities for the three months ended June 30, 2009 is the Company’s share of joint ventures’ impairments totaling $9.9 million. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                  |   |                                     |      |
|-----------------------|--------|------------------------------------------|-----------|
|                  |   | For the Three Months Ended June 30, 2008 |      |
|                  |   |   Revenues                     |      |   | Loss from UnconsolidatedEntities (1) |   |   | Earnings (Loss) from Continuing Operations Before Income Tax |   |   |   Land-related Impairments |   |   |   Land-related Write-offs |   |
| Home Building         |   |                                     |      |   |   |   |   |   |   |   |   |   |   |   |   |
| East                  |   | $                                        | 308,039   |   |   | $ | (19,983 | ) |   | $ | (86,801 | ) |   | $ | 34,874 |   |   | $ | 5,182 |   |
| Central               |   |                                     | 298,179   |   |   |   | (128 | ) |   |   | (13,470 | ) |   |   | 8,465 |   |   |   | 2,013 |   |
| West                  |   |                                     | 429,187   |   |   |   | (186 | ) |   |   | (30,487 | ) |   |   | 6,776 |   |   |   | 2,906 |   |
| Other homebuilding    |   |                                     | 14,294    |   |   |   | – |   |   |   | 461 |   |   |   | – |   |   |   | – |   |
| Total Home Building   |   |                                     | 1,049,699 |   |   |   | (20,297 | ) |   |   | (130,297 | ) |   |   | 50,115 |   |   |   | 10,101 |   |
| Financial Services    |   |                                     | 76,423    |   |   |   | – |   |   |   | 6,067 |   |   |   | – |   |   |   | – |   |
| Corporate & Other |   |                                     | –   |   |   |   | – |   |   |   | (58,517 | ) |   |   | – |   |   |   | – |   |
| Total                 |   | $                                        | 1,126,122 |   |   | $ | (20,297 | ) |   | $ | (182,747 | ) |   | $ | 50,115 |   |   | $ | 10,101 |   |

| (1) | Included in Home Building loss from unconsolidated entities for the three months ended June 30, 2008 is the Company’s share of joint ventures’ impairments totaling $19.7 million. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                      |   |          |      |
|---------------------------|--------|---------------|-----------|
|                      |   | As of         |      |
|                      |   | June 30, 2009 |      |   | March 31, 2009 |   |
|                      |   | Inventory     |      |   | Total Assets |   |   | Inventory |   |   | Total Assets |   |
| Home Building             |   |          |      |   |   |   |   |   |   |   |   |   |
| East                      |   | $             | 1,553,639 |   |   | $ | 1,719,826 |   |   | $ | 1,712,698 |   |   | $ | 1,878,751 |   |
| Central                   |   |          | 617,312   |   |   |   | 635,431 |   |   |   | 619,555 |   |   |   | 639,516 |   |
| West                      |   |          | 559,135   |   |   |   | 653,856 |   |   |   | 665,663 |   |   |   | 777,361 |   |
| Other homebuilding        |   |          | 261,171   |   |   |   | 1,164,094 |   |   |   | 275,504 |   |   |   | 1,177,702 |   |
| Total Home Building       |   |          | 2,991,257 |   |   |   | 4,173,207 |   |   |   | 3,273,420 |   |   |   | 4,473,330 |   |
| Financial Services        |   |          | 16,198    |   |   |   | 258,653 |   |   |   | 16,367 |   |   |   | 314,477 |   |
| Corporate & Other (1) |   |          | –   |   |   |   | 1,093,670 |   |   |   | – |   |   |   | 1,130,307 |   |
| Total                     |   | $             | 3,007,455 |   |   | $ | 5,525,530 |   |   | $ | 3,289,787 |   |   | $ | 5,918,114 |   |

| (1) | The Company’s Other segment includes cash, income taxes receivable and substantially all of the Company’s deferred income tax valuation allowance. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Table of Contents

|                                                |   |                                     |    |
|-----------------------------------------------------|--------|------------------------------------------|---------|
|                                                |   | For the Three Months Ended June 30, 2008 |    |
|                                                |   |                                     |    |
| Sales and Related Proceeds, net of Related Expenses |   | $                                        | 124,320 |   |
| Assets Sold                                         |   |                                     | (85,076 | ) |
| Pre-tax Gain on Sale                                |   |                                     | 39,244  |   |
| Income Tax Expense                                  |   |                                     | (20,231 | ) |
| Net Gain on Sale                                    |   | $                                        | 19,013  |   |

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Table of Contents

Item 2.     Management’s Discussion and Analysis of Financial Condition and Results of Operations

|                                                |   |                                |     |
|-----------------------------------------------------|--------|-------------------------------------|----------|
|                                                |   | For the Three Months Ended June 30, |     |
|                                                |   | 2009                                |     |   | 2008 |   |   | Change |   |
|                                                |   |                                |     |   |   |   |   |   |   |
| Revenues                                            |   |                                |     |   |   |   |   |   |   |
| Home Building                                       |   | $                                   | 551,102  |   |   | $ | 1,049,699 |   |   |   | (47.5 | )% |
| Financial Services                                  |   |                                | 22,871   |   |   |   | 76,423 |   |   |   | (70.1 | )% |
| Total                                               |   | $                                   | 573,973  |   |   | $ | 1,126,122 |   |   |   | (49.0 | )% |
|                                                |   |                                |     |   |   |   |   |   |   |   |   |   |
| Loss from Continuing Operations Before Income Taxes |   |                                |     |   |   |   |   |   |   |   |   |   |
| Home Building                                       |   | $                                   | (240,257 | ) |   | $ | (130,297 | ) |   |   | 84.4 | % |
| Financial Services                                  |   |                                | (12,993  | ) |   |   | 6,067 |   |   |   | (314.2 | )% |
| Other                                               |   |                                | (68,969  | ) |   |   | (58,517 | ) |   |   | 17.9 | % |
| Total                                               |   | $                                   | (322,219 | ) |   | $ | (182,747 | ) |   |   | 76.3 | % |

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|   | ● | current economic conditions, including disruptions in the broader financial and credit markets and the current national economic recession, as evidenced by, among other things, high unemployment rates, which were 9.5% in June 2009, a level last seen in August 1983, |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ● | declining homebuyer demand due to lower consumer confidence and an inability of many homebuyers to sell their existing homes, |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------|

|   | ● | elevated levels of new and existing homes for sale, including the impact of increases in residential foreclosures, which are expected to continue for the foreseeable future, |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ● | reduced availability and stricter terms of mortgage financing due to the significant mortgage market disruptions and tightened credit standards for homebuyers, and |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ● | pricing pressures resulting from a variety of factors, including the decision of homebuilders to offer significant discounts and sales incentives to liquidate unsold inventories of new homes. |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ● | $200.6 million in land-related impairments, |
|--------|---------|---------------------------------------------|

|   | ● | $9.9 million in our share of joint ventures’ impairments, and |
|--------|---------|---------------------------------------------------------------------|

|   | ● | $1.3 million in write-offs of land deposits and pre-acquisition costs. |
|--------|---------|------------------------------------------------------------------------|

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Table of Contents

|                                              |   |                                |     |   |
|---------------------------------------------------|--------|-------------------------------------|----------|--------|
|                                              |   | For the Three Months Ended June 30, |     |   |
|                                              |   | 2009                                |     |   | 2008 |   |   |
|                                              |   |                                |     |   |   | Change |   |   |   |   |   | Change |   |   |
| Revenues – Housing                          |   | $                                   | 544,584  |   |   |   | (47.2 | )% |   | $ | 1,032,191 |   |   |   | (41.8 | )% |   |
| Revenues – Land Sales and Other             |   |                                | 6,518    |   |   |   | (62.8 | )% |   |   | 17,508 |   |   |   | (39.8 | )% |   |
| Cost of Revenues – Housing                  |   |                                | (480,584 | )      |   |   | (47.1 | )% |   |   | (909,320 | ) |   |   | (38.6 | )%  |   |
| Cost of Revenues – Land Sales and Other (1) |   |                                | (222,255 | )      |   |   | 151.8 | % |   |   | (88,262 | ) |   |   | (49.7 | )% |   |
| Selling, General and Administrative Expenses      |   |                                | (76,640  | )      |   |   | (53.9 | )% |   |   | (166,215 | ) |   |   | (44.3 | )%  |   |
| Loss from Unconsolidated Entities (2)             |   |                                | (15,267  | )      |   |   | (24.8 | )% |   |   | (20,297 | ) |   |   | (19.9 | )%  |   |
| Other Income                                      |   |                                | 3,387    |   |   |   | (17.3 | )% |   |   | 4,098 |   |   |   | (22.7 | )%  |   |
| Operating Loss(3)                                 |   | $                                   | (240,257 | )      |   |   | 84.4 | % |   | $ | (130,297 | ) |   |   | (24.1 | )%  |   |
| Operating Loss as a Percentage of                 |   |                                |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenues:                                         |   |                                |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Housing Operations (4)                            |   |                                | (2.3     | )%     |   |   | 1.9 |   |   |   | (4.2 | )% |   |   | (3.9 | ) |   |
| Total Homebuilding Operations                     |   |                                | (43.6    | )%     |   |   | (31.2 | ) |   |   | (12.4 | )% |   |   | (2.9 | ) |   |

| (1) | Includes land-related impairments and write-offs of deposits and pre-acquisition costs. |
|-----|-----------------------------------------------------------------------------------------|

| (2) | Loss from Unconsolidated Entities represents our share of the earnings (losses) incurred by unconsolidated joint ventures, including impairments totaling $9.9 million and $19.7 million for the three months ended June 30, 2009 and 2008, respectively. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Operating loss represents Home Building reporting segments’ earnings exclusive of certain corporate general and administrative expenses. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Operating loss from housing operations is a non-GAAP financial measure, which we believe is useful to investors as it allows them to separate housing operations from activities related to land holdings, options to acquire land and related land valuation adjustments.  Management uses this non-GAAP financial measure to aid in evaluating the performance of its ongoing housingprojects.  Operating earnings from housing operations is equal to Housing Revenues less Housing Cost of Revenues and Selling, General and Administrative Expenses, all of which are set forth in the table above. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (1) | Other homebuilding includes certain resort/second home projects in Florida that we plan to build out and liquidate, and holding companies.  In addition, Other homebuilding includes amounts consolidated under the caption “land held under option agreements not owned” and capitalized interest for all homebuilding reporting segments. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Table of Contents

|                     |   |                                |    |
|--------------------------|--------|-------------------------------------|---------|
|                     |   | For the Three Months Ended June 30, |    |
|                     |   | 2009                                |    |   | 2008 |   |
|                     |   |                                |    |   | Change |   |   |   |   |   | Change |   |
| Units Closed             |   |                                |    |   |   |   |   |   |   |   |   |   |
| East                     |   |                                | 851     |   |   |   | (21.8 | )% |   |   | 1,088 |   |   |   | (38.5 | )% |
| Central                  |   |                                | 902     |   |   |   | (42.5 | )% |   |   | 1,569 |   |   |   | (34.8 | )% |
| West                     |   |                                | 544     |   |   |   | (56.3 | )% |   |   | 1,246 |   |   |   | (31.2 | )% |
| Other homebuilding       |   |                                | – |   |   |   | (100.0 | )% |   |   | 36 |   |   |   | (67.3 | )% |
|                     |   |                                | 2,297   |   |   |   | (41.7 | )% |   |   | 3,939 |   |   |   | (35.4 | )% |
|                     |   |                                |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Average Revenue Per Unit |   |                                |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| East                     |   | $                                   | 269,626 |   |   |   | (1.9 | )% |   | $ | 274,902 |   |   |   | (11.8 | )% |
| Central                  |   | $                                   | 171,363 |   |   |   | (9.3 | )% |   | $ | 188,957 |   |   |   | 2.4 | % |
| West                     |   | $                                   | 295,153 |   |   |   | (13.4 | )% |   | $ | 340,805 |   |   |   | (17.0 | )% |
| Other homebuilding       |   | $                                   | – |   |   |   | (100.0 | )% |   | $ | 332,833 |   |   |   | 2.1 | % |
| Total Home Building      |   | $                                   | 237,085 |   |   |   | (9.5 | )% |   | $ | 262,044 |   |   |   | (10.0 | )% |

|                                |   |                                |   |
|-------------------------------------|--------|-------------------------------------|--------|
|                                |   | For the Three Months Ended June 30, |   |
|                                |   | 2009                                |   |   | 2008 |   |
|                                |   |                                |   |   | Change |   |   |   |   |   | Change |   |
| Average Operating Neighborhoods (1) |   |                                | 447    |   |   |   | (21.3 | )% |   |   | 568 |   |   |   | (16.0 | )% |
| Closings Per Average Neighborhood   |   |                                | 5.1    |   |   |   | (26.1 | )% |   |   | 6.9 |   |   |   | (23.3 | )% |

| (1) | We define a neighborhood as an individual active selling location targeted to a specific buyer segment with greater than ten homes remaining to be sold. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------|

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Table of Contents

|               |   |                                |    |
|--------------------|--------|-------------------------------------|---------|
|               |   | For the Three Months Ended June 30, |    |
|               |   | 2009                                |    |   | 2008 |   |
|               |   | Land-relatedImpairments             |    |   | Land-relatedWrite-offs |   |   | Land-relatedImpairments |   |   | Land-relatedWrite-offs |   |
|               |   |                                |    |   |   |   |   |   |   |   |   |   |
| East               |   | $                                   | 122,878 |   |   | $ | 1,140 |   |   | $ | 34,874 |   |   | $ | 5,182 |   |
| Central            |   |                                | – |   |   |   | 110 |   |   |   | 8,465 |   |   |   | 2,013 |   |
| West               |   |                                | 66,577  |   |   |   | – |   |   |   | 6,776 |   |   |   | 2,906 |   |
| Other homebuilding |   |                                | 11,106  |   |   |   | – |   |   |   | – |   |   |   | – |   |
|               |   | $                                   | 200,561 |   |   | $ | 1,250 |   |   | $ | 50,115 |   |   | $ | 10,101 |   |

|                                         |   |                                |   |
|----------------------------------------------|--------|-------------------------------------|--------|
|                                         |   | For the Three Months Ended June 30, |   |
|                                         |   | 2009                                |   |   | 2008 |   |
|                                         |   |                                |   |   | Change |   |   |   |   |   | Change |   |
| Compensation and Benefits                    |   | $                                   | 30,395 |   |   |   | (58.6 | )% |   | $ | 73,447 |   |   |   | (40.1 | )% |
| Sales Commissions                            |   |                                | 24,408 |   |   |   | (50.7 | )% |   |   | 49,461 |   |   |   | (42.5 | )%  |
| Advertising and Marketing                    |   |                                | 8,759  |   |   |   | (45.1 | )% |   |   | 15,957 |   |   |   | (62.0 | )% |
| Other                                        |   |                                | 13,078 |   |   |   | (52.2 | )% |   |   | 27,350 |   |   |   | (43.1 | )% |
| Selling, General and Administrative Expenses |   | $                                   | 76,640 |   |   |   | (53.9 | )% |   | $ | 166,215 |   |   |   | (44.3 | )% |
|                                         |   |                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| SG&A as a Percentage of Revenues         |   |                                | 13.9   | % |   |   | (1.9 | ) |   |   | 15.8 | %  |   |   | (0.8 | ) |

----

Table of Contents

|                           |   |                                |    |
|--------------------------------|--------|-------------------------------------|---------|
|                           |   | For the Three Months Ended June 30, |    |
|                           |   | 2009                                |    |   | 2008 |   |
|                           |   |                                |    |   | Change |   |   |   |   |   | Change |   |
| Sales Orders (in Units)        |   |                                |    |   |   |   |   |   |   |   |   |   |
| East                           |   |                                | 996     |   |   |   | (33.6 | )% |   |   | 1,500 |   |   |   | (23.0 | )% |
| Central                        |   |                                | 1,172   |   |   |   | (33.0 | )% |   |   | 1,750 |   |   |   | (32.8 | )% |
| West                           |   |                                | 703     |   |   |   | (24.6 | )% |   |   | 932 |   |   |   | (50.8 | )% |
| Other homebuilding             |   |                                | – |   |   |   | (100.0 | )% |   |   | 33 |   |   |   | 10.0 | % |
|                           |   |                                | 2,871   |   |   |   | (31.9 | )% |   |   | 4,215 |   |   |   | (34.9 | )% |
|                           |   |                                |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Sales Per Average Neighborhood |   |                                | 6.4     |   |   |   | (13.5 | )% |   |   | 7.4 |   |   |   | (22.9 | )% |

|                       |   |                                |    |
|----------------------------|--------|-------------------------------------|---------|
|                       |   | For the Three Months Ended June 30, |    |
|                       |   | 2009                                |    |   | 2008 |   |
|                       |   |                                |    |   | Change |   |   |   |   |   | Change |   |
| Average Cancellation Rates |   |                                |    |   |   |   |   |   |   |   |   |   |
| East                       |   |                                | 19.2%   |   |   |   | (1.9 | ) |   |   | 21.1% |   |   |   | (4.8 | ) |
| Central                    |   |                                | 23.5%   |   |   |   | (9.7 | ) |   |   | 33.2% |   |   |   | 1.6 |   |
| West                       |   |                                | 17.7%   |   |   |   | (18.3 | ) |   |   | 36.0% |   |   |   | 1.3 |   |
| Other homebuilding         |   |                                | – |   |   |   | (5.7 | ) |   |   | 5.7% |   |   |   | (56.3 | ) |
| Total Home Building        |   |                                | 20.6%   |   |   |   | (9.3 | ) |   |   | 29.9% |   |   |   | (1.3 | ) |
|                       |   |                                |    |   |   |   |   |   |   |   |   |   |   |   |   |   |

|                        |   |          |    |
|-----------------------------|--------|---------------|---------|
|                        |   | As of         |    |
|                        |   | June 30, 2009 |    |   | March 31, 2009 |   |
|                        |   |          |    |   | Change |   |   |   |   |   | Change |   |
| Backlog Units               |   |          |    |   |   |   |   |   |   |   |   |   |
| East                        |   |          | 1,895   |   |   |   | 8.3 | % |   |   | 1,750 |   |   |   | (28.5 | )% |
| Central                     |   |          | 1,931   |   |   |   | 16.3 | % |   |   | 1,661 |   |   |   | (43.8 | )% |
| West                        |   |          | 926     |   |   |   | 20.7 | % |   |   | 767 |   |   |   | (67.2 | )% |
| Other homebuilding          |   |          | – |   |   |   | – |   |   |   | – |   |   |   | (100.0 | )% |
|                        |   |          | 4,752   |   |   |   | 13.7 | % |   |   | 4,178 |   |   |   | (46.1 | )% |
|                        |   |          |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Backlog Value (in millions) |   | $             | 1,152   |   |   |   | 15.3 | % |   | $ | 999 |   |   |   | (50.4 | )% |

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|               |   |          |   |
|--------------------|--------|---------------|--------|
|               |   | As of         |   |
|               |   | June 30, 2009 |   |   | March 31, 2009 |   |
|               |   | Lots Owned    |   |   | Lots Controlled |   |   | Total Lots |   |   | LotsOwned |   |   | Lots Controlled |   |   | Total Lots |   |
|               |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| East               |   |          | 28,670 |   |   |   | 2,686 |   |   |   | 31,356 |   |   |   | 29,455 |   |   |   | 3,759 |   |   |   | 33,214 |   |
| Central            |   |          | 14,578 |   |   |   | 2,979 |   |   |   | 17,557 |   |   |   | 15,657 |   |   |   | 2,957 |   |   |   | 18,614 |   |
| West               |   |          | 9,796  |   |   |   | 167 |   |   |   | 9,963 |   |   |   | 10,853 |   |   |   | 329 |   |   |   | 11,182 |   |
| Other homebuilding |   |          | 1,948  |   |   |   | – |   |   |   | 1,948 |   |   |   | 1,324 |   |   |   | – |   |   |   | 1,324 |   |
|               |   |          | 54,992 |   |   |   | 5,832 |   |   |   | 60,824 |   |   |   | 57,289 |   |   |   | 7,045 |   |   |   | 64,334 |   |
|               |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Change from        |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| previous year      |   |          | (4.0   | )% |   |   | (17.2 | )% |   |   | (5.5 | )% |   |   | (18.4 | )% |   |   | (61.2 | )% |   |   | (27.2 | )% |

|                      |   |                                |     |
|---------------------------|--------|-------------------------------------|----------|
|                      |   | For the Three Months Ended June 30, |     |
|                      |   | 2009                                |     |   | 2008 |   |
|                      |   |                                |     |   | Change |   |   |   |   |   | Change |   |
| Revenues                  |   |                                |     |   |   |   |   |   |   |   |   |   |
| East                      |   | $                                   | 232,977  |   |   |   | (24.4 | )% |   | $ | 308,039 |   |   |   | (45.3 | )% |
| Central                   |   |                                | 154,971  |   |   |   | (48.0 | )% |   |   | 298,179 |   |   |   | (33.5 | )% |
| West                      |   |                                | 162,598  |   |   |   | (62.1 | )% |   |   | 429,187 |   |   |   | (42.8 | )% |
| Other homebuilding        |   |                                | 556      |   |   |   | (96.1 | )% |   |   | 14,294 |   |   |   | (66.5 | )% |
|                      |   | $                                   | 551,102  |   |   |   | (47.5 | )% |   | $ | 1,049,699 |   |   |   | (41.8 | )% |
|                      |   |                                |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating Earnings (Loss) |   |                                |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| East                      |   | $                                   | (140,605 | ) |   |   | 62.0 | % |   | $ | (86,801 | ) |   | NM |   |
| Central                   |   |                                | 636      |   |   |   | (104.7 | )% |   |   | (13,470 | ) |   |   | (344.5 | )% |
| West                      |   |                                | (81,751  | ) |   |   | 168.2 | % |   |   | (30,487 | ) |   |   | (79.0 | )% |
| Other homebuilding        |   |                                | (18,537  | ) |   | NM |   |   |   | 461 |   |   |   | (101.2 | )% |
|                      |   | $                                   | (240,257 | ) |   |   | 84.4 | % |   | $ | (130,297 | ) |   |   | (24.1 | )% |

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|                                         |   |                                |    |
|----------------------------------------------|--------|-------------------------------------|---------|
|                                         |   | For the Three Months Ended June 30, |    |
|                                         |   | 2009                                |    |   | 2008 |   |
|                                         |   |                                |    |   | Change |   |   |   |   |   | Change |   |
| Revenues                                     |   | $                                   | 22,871  |   |   |   | (70.1 | )% |   | $ | 76,423 |   |   |   | (22.0 | )% |
| Cost of Revenues                             |   |                                | (2,095  | ) |   |   | (55.7 | )% |   |   | (4,725 | ) |   |   | (77.6 | )% |
| Selling, General and Administrative Expenses |   |                                | (33,769 | ) |   |   | (48.5 | )% |   |   | (65,631 | ) |   |   | 5.9 | % |
| Operating Loss                               |   | $                                   | (12,993 | ) |   |   | (314.2 | )% |   | $ | 6,067 |   |   |   | (59.5 | )% |
| Operating Margin                             |   |                                | (56.8   | )% |   |   | (64.7 | ) |   |   | 7.9 | % |   |   | (7.4 | ) |
|                                         |   |                                |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net Interest (Expense) Income                |   | $                                   | (16     | ) |   |   | (100.7 | )% |   | $ | 2,152 |   |   |   | (61.2 | )% |
|                                         |   |                                |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Average Interest Earning Assets              |   | $                                   | 142,363 |   |   |   | (66.8 | )% |   | $ | 428,687 |   |   |   | (70.0 | )% |
| Average Yield                                |   |                                | 4.88    | % |   |   | (1.14 | ) |   |   | 6.02 | % |   |   | (1.27 | ) |
| Average Interest Bearing Liabilities         |   | $                                   | 75,725  |   |   |   | (80.1 | )% |   | $ | 380,167 |   |   |   | (72.6 | )% |
| Average Rate Paid                            |   |                                | 9.26    | % |   |   | 4.50 |   |   |   | 4.76 | % |   |   | (1.22 | ) |

|                                                 |   |                                |   |
|------------------------------------------------------|--------|-------------------------------------|--------|
|                                                 |   | For the Three Months Ended June 30, |   |
|                                                 |   | 2009                                |   |   | 2008 |   |   |
|                                                 |   |                                |   |   |   |
| Provision for (Recovery of) Losses on Mortgage Loans |   | $                                   | (2,379 | ) |   | $ | 646 |   |
| Impairments of Real Estate Owned                     |   |                                | 2,153  |   |   |   | 2,067 |   |
| Anticipated Losses for Loans Originated and Sold     |   |                                | 13,716 |   |   |   | 2,928 |   |
| Total Provisions for Losses and Impairments (1)      |   | $                                   | 13,490 |   |   | $ | 5,641 |   |

| (1) | For additional information on Financial Services provisions, please refer to our Critical Accounting Estimates, “Mortgage Loan Allowances and Related Reserve,” and Note (C), “Mortgage Loans Receivable,” of the Notes to Consolidated Financial Statements. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                           |   |                                |    |
|--------------------------------|--------|-------------------------------------|---------|
|                           |   | For the Three Months Ended June 30, |    |
|                           |   | 2009                                |    |   | 2008 |   |
|                           |   |                                |    |   | Change |   |   |   |   |   | Change |   |
| Loan Sales to Investors        |   |                                |    |   |   |   |   |   |   |   |   |   |
| Volume (in millions)           |   | $                                   | 379.9   |   |   |   | (76.4 | )% |   | $ | 1,608.1 |   |   |   | (31.7 | )% |
| Number of Loans Sold           |   |                                | 1,800   |   |   |   | (77.8 | )% |   |   | 8,093 |   |   |   | (25.4 | )% |
| Gain on Sale of Mortgage Loans |   | $                                   | 6,820   |   |   |   | (77.5 | )% |   | $ | 30,311 |   |   |   | (21.5 | )% |
| Average Loan Size              |   | $                                   | 211,077 |   |   |   | 6.2 | % |   | $ | 198,700 |   |   |   | (8.4 | )% |

|                          |   |                                |   |
|-------------------------------|--------|-------------------------------------|--------|
|                          |   | For the Three Months Ended June 30, |   |
|                          |   | 2009                                |   |   | 2008 |   |
|                          |   |                                |   |   | Change |   |   |   |   |   | Change |   |
| Open Applications - Beginning |   |                                | 3,726  |   |   |   | (75.3 | )% |   |   | 15,107 |   |   |   | (14.4 | )% |
| New Applications              |   |                                | 4,326  |   |   |   | (87.0 | )% |   |   | 33,324 |   |   |   | 21.0 | % |
| Cancelled Applications        |   |                                | (2,325 | ) |   |   | (90.8 | )% |   |   | (25,154 | ) |   |   | 76.9 | % |
| Originated Loans              |   |                                | (1,776 | ) |   |   | (78.6 | )% |   |   | (8,285 | ) |   |   | (30.9 | )% |
| Open Applications - Ending    |   |                                | 3,951  |   |   |   | (73.6 | )% |   |   | 14,992 |   |   |   | (21.0 | )% |

|                                                   |   |                                |    |
|--------------------------------------------------------|--------|-------------------------------------|---------|
|                                                   |   | For the Three Months Ended June 30, |    |
|                                                   |   | 2009                                |    |   | 2008 |   |
|                                                   |   |                                |    |   | Change |   |   |   |   |   | Change |   |
| Origination Volume (in millions)                       |   | $                                   | 368.2   |   |   |   | (78.3 | )% |   | $ | 1,694.0 |   |   |   | (38.9 | )% |
| Number of Originated Loans                             |   |                                |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Builder                                          |   |                                | 1,776   |   |   |   | (39.9 | )% |   |   | 2,957 |   |   |   | (34.9 | )% |
|  Retail                                           |   |                                | – |   |   |   | (100.0 | )% |   |   | 5,328 |   |   |   | (28.5 | )% |
|                                                   |   |                                | 1,776   |   |   |   | (78.6 | )% |   |   | 8,285 |   |   |   | (30.9 | )% |
|                                                   |   |                                |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Average Loan Size – Originated Loans |   | $                                   | 207,327 |   |   |   | 1.4 | % |   | $ | 204,480 |   |   |   | (11.5 | )% |

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|                                         |   |                                |    |
|----------------------------------------------|--------|-------------------------------------|---------|
|                                         |   | For the Three Months Ended June 30, |    |
|                                         |   | 2009                                |    |   | 2008 |   |
|                                         |   |                                |    |   | Change |   |   |   |   |   | Change |   |
| Corporate General and Administrative Expense |   | $                                   | (44,705 | ) |   |   | (23.8 | )% |   | $ | (58,639 | ) |   |   | 30.4 | % |
| Interest Expense (1)                         |   |                                | (26,355 | ) |   |   | 326.5 | % |   |   | (6,180 | ) |   |   | 100.0 | % |
| Other Income                                 |   |                                | 2,091   |   |   |   | (66.8 | )% |   |   | 6,302 |   |   |   | 27.9 | % |
| Operating Loss                               |   | $                                   | (68,969 | ) |   |   | 17.9 | % |   | $ | (58,517 | ) |   |   | 46.1 | % |

| (1) | Due to the reduction in homebuilding inventories, our debt level exceeded our inventory subject to capitalization during the three months ended June 30, 2009 and 2008.  As a result, a portion of the interest incurred during the three months ended June 30, 2009 and 2008 was charged directly to interest expense. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                               |   |                                |   |
|------------------------------------|--------|-------------------------------------|--------|
|                               |   | For the Three Months Ended June 30, |   |
|                               |   | 2009                                |   |   | 2008 |   |
|                               |   |                                |   |   | Change |   |   |   |   |   | Change |   |
| Compensation and Benefits          |   | $                                   | 19,244 |   |   |   | (40.1 | )% |   | $ | 32,128 |   |   |   | (13.9 | )% |
| Professional and Legal Costs       |   |                                | 17,883 |   |   |   | 13.3 | % |   |   | 15,778 |   |   |   | 398.0 | % |
| Rent and Utilities                 |   |                                | 1,776  |   |   |   | (26.6 | )% |   |   | 2,419 |   |   |   | 44.5 | % |
| Other                              |   |                                | 5,802  |   |   |   | (30.2 | )% |   |   | 8,314 |   |   |   | 194.3 | % |
| General and Administrative Expense |   | $                                   | 44,705 |   |   |   | (23.8 | )% |   | $ | 58,639 |   |   |   | 30.4 | % |
|                               |   |                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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|                           |   |                                |     |
|--------------------------------|--------|-------------------------------------|----------|
|                           |   | For the Three Months Ended June 30, |     |
|                           |   | 2009                                |     |   | 2008 |   |
| Net Cash Provided by (Used in) |   |                                |     |   |   |   |
| Operating Activities           |   | $                                   | 195,492  |   |   | $ | 552,791 |   |
| Investing Activities           |   |                                | (737     | ) |   |   | 110,492 |   |
| Financing Activities           |   |                                | (115,946 | ) |   |   | (14,738 | ) |
| Net Increase in Cash           |   | $                                   | 78,809   |   |   | $ | 648,545 |   |

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|                                       |   |              |    |   |               |   |
|--------------------------------------------|--------|-------------------|---------|--------|--------------------|--------|
|                                       |   | Credit Facilities |    |   | Available Capacity |   |
|                                       |   |              |    |   |               |   |
| Multi-Bank Revolving Credit Facility       |   | $                 | 500,000 |   |               | $      | 196,639 |   |
| Financial Services Secured Credit Facility |   |              | 100,000 |   |               |   | 53,057 |   |
|                                       |   |              |    |   |               |   |   |   |
|                                       |   | $                 | 600,000 |   |               | $      | 249,696 |   |

| Senior Debt:                                                               |   |   |      |
|----------------------------------------------------------------------------|--------|--------|-----------|
| Senior Notes, weighted-average 6.04%, due through 2017                     |   | $      | 3,102,837 |   |
| Land Acquisition Notes and Other, weighted-average 5.48%, due through 2018 |   |   | 3,285     |   |
|                                                                       |   |   | 3,106,122 |   |
|                                                                       |   |   |      |   |
| Financial Services Mortgage Warehouse Facility, weighted-average 2.79%     |   |   | 49,038    |   |
|                                                                       |   | $      | 3,155,160 |   |

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|                      |                |   |   |         |         |
|---------------------------|---------------------|--------|--------|--------------|--------------|
|                      | Required Level      |   |   | Actual Level |         |
|                      |                |   |   |         |         |
| Leverage Ratio            |  ≤ 65.0% |   |   |         |   55.4% |   |
| Excess Tangible Net Worth | Greater than $0     |   |   |         | $453,188     |   |
| Excess Borrowing Base     | Greater than $0     |   |   |         | $297,894     |   |
| Liquidity Reserve Deposit | $380,187            |   |   |         | $403,500     |   |

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|                       |   |                |   |   |                                   |   |
|----------------------------|--------|---------------------|--------|--------|----------------------------------------|--------|
|                       |   | As of June 30, 2009 |   |   |    As of March 31, 2009 |   |
|                       |   | Numberof JVs (1)    |   |   | Investments                            |   |   | Centex’s Shareof Debt (2) |   |   |  Numberof JVs (1) |   |   | Investments |   |   | Centex’sShareof Debt (2) |   |
|                       |   |                |   |   |                                   |   |   |   |   |   |   |   |   |   |   |
| Unleveraged Joint Ventures |   |                | 27     |   |                                   | $      | 124,856 |   |   | $ | – |   |   |   | 29 |   |   | $ | 133,149 |   |   | $ |  – |   |
| Joint Ventures with Debt:  |   |                |   |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Repayment Guarantee (3)    |   |                | 1      |   |                                   |   | 899 |   |   |   | 3,819 |   |   |   | 1 |   |   |   | 836 |   |   |   |  4,357 |   |
| Completion Guarantee (4)   |   |                | 2      |   |                                   |   | 2,084 |   |   |   | – |   |   |   | 3 |   |   |   | 2,519 |   |   |   |  84,861 |   |
|                       |   |                | 30     |   |                                   |   | 127,839 |   |   |   | 3,819 |   |   |   | 33 |   |   |   | 136,504 |   |   |   |  89,218 |   |
| No Recourse or Guarantee   |   |                | 2      |   |                                   |   | – |   |   |   | – |   |   |   | 4 |   |   |   | – |   |   |   |  35,385 |   |
|                       |   |                |   |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                       |   |                | 32     |   |                                   | $      | 127,839 |   |   | $ | 3,819 |   |   |   | 37 |   |   | $ | 136,504 |   |   | $ |  124,603 |   |

| (1) | The number of joint ventures includes unconsolidated Home Building joint ventures for which we have an investment balance as of the end of the period and/or current fiscal year activity.  We were the managing member of 18 and 22 of the active joint ventures as of June 30, 2009 and March 31, 2009, respectively.  The number of joint ventures includes 11 and 13joint ventures as of June 30, 2009 and March 31, 2009, respectively, for which substantially all of the joint ventures’ activities are complete. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Centex’s share of debt represents our maximum exposure related to the joint ventures’ debt at each date.  Amounts shown in the column as of June 30, 2009 do not include $34.9 million in debt-related and other joint venture obligations recorded as accrued liabilities in our Consolidated Balance Sheets.. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | We have guaranteed repayment of a portion of certain joint venture debt limited to our ownership percentage of the joint venture or a percentage thereof. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Certain joint venture agreements require us to guarantee the completion of a project or phase if the joint venture does not perform the required land development.  A portion of these completion guarantees are joint and several with our partners. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | ● | estimates of average future selling prices, |
|--------|---------|---------------------------------------------|

|   | ● | estimates of future construction and land development costs, and |
|--------|---------|------------------------------------------------------------------|

|   | ● | estimated future sales rates. |
|--------|---------|-------------------------------|

|   | ● | historical project results such as average sales price and sales rates, if closings have occurred in the project, |
|--------|---------|-------------------------------------------------------------------------------------------------------------------|

|   | ● | competitors’ local market (or neighborhood) presence and their competitive actions, |
|--------|---------|-------------------------------------------------------------------------------------------|

|   | ● | project specific attributes such as location desirability and uniqueness of product offering, |
|--------|---------|-----------------------------------------------------------------------------------------------|

|   | ● | potential for alternative product offerings to respond to local market conditions, and |
|--------|---------|----------------------------------------------------------------------------------------|

|   | ● | current local market economic and demographic conditions and related trends and forecasts. |
|--------|---------|--------------------------------------------------------------------------------------------|

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|   | ● | geographic location of project, |
|--------|---------|---------------------------------|

|   | ● | product type (for example, multifamily high rise product or single family product), |
|--------|---------|-------------------------------------------------------------------------------------|

|   | ● | average sales price of the product, and |
|--------|---------|-----------------------------------------|

|   | ● | estimated project life. |
|--------|---------|-------------------------|

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|   | ● | local market housing inventory levels for both existing and new homes, |
|--------|---------|------------------------------------------------------------------------|

|   | ● | our existing local supply of owned and controlled lots, |
|--------|---------|---------------------------------------------------------|

|   | ● | contract purchase price and terms, |
|--------|---------|------------------------------------|

|   | ● | local regulatory environment and, if not fully entitled, likelihood of obtaining required approvals, and |
|--------|---------|----------------------------------------------------------------------------------------------------------|

|   | ● | local market economic and demographic factors such as job growth, long- and short-term interest rates, consumer confidence, population growth and immigration. |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Item 3.     Quantitative and Qualitative Disclosures About Market Risk

Item 4.     Controls and Procedures

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PART II - OTHER INFORMATION

Item 1.     Legal Proceedings

Item 1A.  Risk Factors

           Our business and operations are subject to various risks and uncertainties, which are described in our various reports, including those set forth in Item 1A of Part I of our 2009 Form 10-K. 

Item 2.     Unregistered Sales of Equity Securities and Use of Proceeds

|       |                                  |
|------------|---------------------------------------|
|       | Issuer Purchases of Equity Securities |
|       | Total Numberof Shares Purchased       |   |   |  Average Price Paid Per Share |   |   | Total Number of Shares Purchased as Part of Publicly Announced Plans |   |   | Maximum Number of Shares that May Yet Be Purchased Under the Plans |
|       |                                  |   |   |   |   |   |   |   |   |   |
| Period     |                                  |   |   |   |   |   |   |
| April 1-30 |                                  | – |   |   | $ | – |   |   |   | – |   |   |   | 9,399,700 |
| May 1-31   |                                  | – |   |   | $ | – |   |   |   | – |   |   |   | 9,399,700 |
| June 1-30  |                                  | 533 |   |   | $ | 8.46 |   |   |   | – |   |   |   | 9,399,700 |
| Total (1)  |                                  | 533 |   |   | $ | 8.46 |   |   |   | – |   |   |   |   |

| (1) | The 533 shares repurchased for the three months ended June 30, 2009 represent the delivery to the Company by employees or directors of previously issued shares to satisfy the exercise price of options and/or withholding taxes that arise on the exercise of options or the vesting of restricted stock.  These transactions are authorized under the terms of the equityplans under which the options or other equity were awarded; however, these transactions are not considered repurchases pursuant to the Company’s share repurchase program. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Item 6.     Exhibits

|   | 2.1 | Agreement and Plan of Merger dated as of April 7, 2009, by and among Pulte Homes, Inc., Centex Corporation (“Centex”) and Pi Nevada Building Company.  In accordance with the instructions to Item 601(b)(2) of Regulation S-K, the exhibits and schedules to the foregoing Agreement and Plan of Merger are not filed herewith.  The Agreement identifies such exhibits and schedules, includingthe general nature of their content.  Centex undertakes to provide such exhibits and schedules to the Securities and Exchange Commission upon request (incorporated by reference from Exhibit 2.1 to Centex’s Current Report on Form 8-K dated April 10, 2009). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.1 | Amended and Restated Articles of Incorporation of Centex Corporation (incorporated by reference from Exhibit 3.1 to Centex's Current Report on Form 8-K dated July 15, 2008). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.1a | Certificate of Withdrawal of Certificate of Designation of Junior Participating Preferred Stock, Series D, filed with the Secretary of State of Nevada on February 24, 2009 (incorporated by reference from Exhibit 3.1a to Centex’s Annual Report on Form 10-K for the fiscal year ended March 31, 2009). |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.1b | Certificate of Designation of Junior Participating Preferred Stock, Series D, filed with the Secretary of State of Nevada on February 25, 2009 (incorporated by reference from Exhibit 3.1a to Centex’s Registration Statement on Form 8-A dated February 25, 2009). |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.2 | Amended and Restated By-Laws of Centex dated October 8, 2008 (incorporated by reference from Exhibit 3.1 to Centex's Current Report on Form 8-K dated October 14, 2008). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.1 | Specimen Centex common stock certificate (incorporated by reference from Exhibit 4.1 to Centex’s Annual Report on Form 10-K for the fiscal year ended March 31, 2009). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.2 | Rights Agreement, dated as of February 24, 2009, between Centex and Mellon Investor Services LLC, which includes the Form of Rights Certificate as Exhibit B (incorporated by reference from Exhibit 4.1 to Centex’s Current Report on Form 8-K dated February 24, 2009). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.3 | Any instrument with respect to long-term debt, where the securities authorized thereunder do not exceed 10% of the total assets of Centex and its subsidiaries, has not been filed; these instruments relate to (a) long-term senior and subordinated debt of Centex issued pursuant to supplements to the indentures filed as Exhibits 4.3, 4.4 and 4.5 to Centex’s Annual Report on Form 10-K for the fiscalyear ended March 31, 2009, which supplements have also been filed with the SEC as exhibits to various Centex registration statements or to reports incorporated by reference in such registration statements, (b) long-term debt issued pursuant to indentures or other agreements in connection with certain asset securitizations involving certain subsidiaries of Centex in private transactions and (c) other long-term debt of Centex; Centex agrees to furnish a copy of such instruments to the Securities and ExchangeCommission upon request. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.1 | Centex Corporation 2003 Annual Incentive Compensation Plan* (as amended through May 7, 2008, including amendments approved by stockholders on July 10, 2008) (incorporated by reference from Exhibit 10.1 to Centex’s Current Report on Form 8-K dated July 15, 2008). |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.1a | Form of award agreement for incentive compensation* (fiscal 2010) (incorporated by reference from Exhibit 10.2 to Centex’s Current Report on Form 8-K dated May 15, 2009). |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.2 | Centex Corporation 2003 Equity Incentive Plan* (as amended through February 11, 2009) (“2003 Equity Incentive Plan”) (incorporated by reference from Exhibit 10.1 to Centex's Current Report on Form 8-K dated February 13, 2009). |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Table of Contents

|   | 10.2a | Form of stock unit agreement* for 2003 Equity Incentive Plan (May 2009 award) (incorporated by reference from Exhibit 10.5 to Centex’s Current Report on Form 8-K dated May 15, 2009). |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.2b | Form of restricted stock award agreement* for 2003 Equity Incentive Plan (May 2009 award) (incorporated by reference from Exhibit 10.4 to Centex’s Current Report on Form 8-K dated May 15, 2009). |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.3 | Centex Corporation Executive Severance Policy* (incorporated by reference from Exhibit 10.1 to Centex’s Current Report on Form 8-K dated October 14, 2008). |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.3a | Centex Corporation Plan Regarding Severance After a Change in Control dated April 7, 2009* (incorporated by reference from Exhibit 10.1 to Centex’s Current Report on Form 8-K dated April 8, 2009). |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.4 | Executive Separation Agreement* between David L. Barclay and Centex Service Company, LLC effective as of March 31, 2009 (incorporated by reference from Exhibit 99.1 to Centex’s Current Report on Form 8-K dated April 2, 2009). |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.4a | Consulting Agreement* between Barclay Consulting Group, Ltd. and Centex Service Company, LLC dated as of April 1, 2009 (incorporated by reference from Exhibit 99.2 to Centex’s Current Report on Form 8-K dated April 2, 2009). |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 12.1 | Computation of Ratio of Earnings to Fixed Charges (filed herewith). |
|--------|------|---------------------------------------------------------------------|

|   | 31.1 | Certification of the Chief Executive Officer of Centex Corporation pursuant to Rules 13a-14 and 15d-14 promulgated under the Securities Exchange Act of 1934, as amended (filed herewith). |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 31.2 | Certification of the Chief Financial Officer of Centex Corporation pursuant to Rules 13a-14 and 15d-14 promulgated under the Securities Exchange Act of 1934, as amended (filed herewith). |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 32.1 | Certification of the Chief Executive Officer of Centex Corporation pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith). |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 32.2 | Certification of the Chief Financial Officer of Centex Corporation pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith). |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | *  Management contract or compensatory plan or arrangement. |
|--------|-----------------------------------------------------------------------|

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Table of Contents

Signatures

|                       | CENTEX CORPORATION                                                                                        |
|----------------------------|-----------------------------------------------------------------------------------------------------------|
|                       | Registrant                                                                                                |
|   August 4, 2009 |   /s/ Catherine R. Smith                                                                        |
|                       | Catherine R. SmithExecutive Vice President and Chief Financial Officer (principal financial officer) |
|                       |                                                                                                      |
|   August 4, 2009 |   /s/ Mark D. Kemp                                                                              |
|                       | Mark D. KempSenior Vice President and Controller (principal accounting officer)                      |

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Table of Contents

|   | 2.1 | Agreement and Plan of Merger dated as of April 7, 2009, by and among Pulte Homes, Inc., Centex Corporation (“Centex”) and Pi Nevada Building Company.  In accordance with the instructions to Item 601(b)(2) of Regulation S-K, the exhibits and schedules to the foregoing Agreement and Plan of Merger are not filed herewith.  The Agreement identifies such exhibits and schedules, includingthe general nature of their content.  Centex undertakes to provide such exhibits and schedules to the Securities and Exchange Commission upon request (incorporated by reference from Exhibit 2.1 to Centex’s Current Report on Form 8-K dated April 10, 2009). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.1 | Amended and Restated Articles of Incorporation of Centex Corporation (incorporated by reference from Exhibit 3.1 to Centex's Current Report on Form 8-K dated July 15, 2008). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.1a | Certificate of Withdrawal of Certificate of Designation of Junior Participating Preferred Stock, Series D, filed with the Secretary of State of Nevada on February 24, 2009 (incorporated by reference from Exhibit 3.1a to Centex’s Annual Report on Form 10-K for the fiscal year ended March 31, 2009). |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.1b | Certificate of Designation of Junior Participating Preferred Stock, Series D, filed with the Secretary of State of Nevada on February 25, 2009 (incorporated by reference from Exhibit 3.1a to Centex’s Registration Statement on Form 8-A dated February 25, 2009). |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.2 | Amended and Restated By-Laws of Centex dated October 8, 2008 (incorporated by reference from Exhibit 3.1 to Centex's Current Report on Form 8-K dated October 14, 2008). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.1 | Specimen Centex common stock certificate (incorporated by reference from Exhibit 4.1 to Centex’s Annual Report on Form 10-K for the fiscal year ended March 31, 2009). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.2 | Rights Agreement, dated as of February 24, 2009, between Centex and Mellon Investor Services LLC, which includes the Form of Rights Certificate as Exhibit B (incorporated by reference from Exhibit 4.1 to Centex’s Current Report on Form 8-K dated February 24, 2009). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.3 | Any instrument with respect to long-term debt, where the securities authorized thereunder do not exceed 10% of the total assets of Centex and its subsidiaries, has not been filed; these instruments relate to (a) long-term senior and subordinated debt of Centex issued pursuant to supplements to the indentures filed as Exhibits 4.3, 4.4 and 4.5 to Centex’s Annual Report on Form 10-K for the fiscalyear ended March 31, 2009, which supplements have also been filed with the SEC as exhibits to various Centex registration statements or to reports incorporated by reference in such registration statements, (b) long-term debt issued pursuant to indentures or other agreements in connection with certain asset securitizations involving certain subsidiaries of Centex in private transactions and (c) other long-term debt of Centex; Centex agrees to furnish a copy of such instruments to the Securities and ExchangeCommission upon request. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.1 | Centex Corporation 2003 Annual Incentive Compensation Plan* (as amended through May 7, 2008, including amendments approved by stockholders on July 10, 2008) (incorporated by reference from Exhibit 10.1 to Centex’s Current Report on Form 8-K dated July 15, 2008). |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.1a | Form of award agreement for incentive compensation* (fiscal 2010) (incorporated by reference from Exhibit 10.2 to Centex’s Current Report on Form 8-K dated May 15, 2009). |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.2 | Centex Corporation 2003 Equity Incentive Plan* (as amended through February 11, 2009) (“2003 Equity Incentive Plan”) (incorporated by reference from Exhibit 10.1 to Centex's Current Report on Form 8-K dated February 13, 2009). |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Table of Contents

|   | 10.2a | Form of stock unit agreement* for 2003 Equity Incentive Plan (May 2009 award) (incorporated by reference from Exhibit 10.5 to Centex’s Current Report on Form 8-K dated May 15, 2009). |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.2b | Form of restricted stock award agreement* for 2003 Equity Incentive Plan (May 2009 award) (incorporated by reference from Exhibit 10.4 to Centex’s Current Report on Form 8-K dated May 15, 2009). |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.3 | Centex Corporation Executive Severance Policy* (incorporated by reference from Exhibit 10.1 to Centex’s Current Report on Form 8-K dated October 14, 2008). |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.3a | Centex Corporation Plan Regarding Severance After a Change in Control dated April 7, 2009* (incorporated by reference from Exhibit 10.1 to Centex’s Current Report on Form 8-K dated April 8, 2009). |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.4 | Executive Separation Agreement* between David L. Barclay and Centex Service Company, LLC effective as of March 31, 2009 (incorporated by reference from Exhibit 99.1 to Centex’s Current Report on Form 8-K dated April 2, 2009). |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.4a | Consulting Agreement* between Barclay Consulting Group, Ltd. and Centex Service Company, LLC dated as of April 1, 2009 (incorporated by reference from Exhibit 99.2 to Centex’s Current Report on Form 8-K dated April 2, 2009). |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 12.1 | Computation of Ratio of Earnings to Fixed Charges (filed herewith). |
|--------|------|---------------------------------------------------------------------|

|   | 31.1 | Certification of the Chief Executive Officer of Centex Corporation pursuant to Rules 13a-14 and 15d-14 promulgated under the Securities Exchange Act of 1934, as amended (filed herewith). |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 31.2 | Certification of the Chief Financial Officer of Centex Corporation pursuant to Rules 13a-14 and 15d-14 promulgated under the Securities Exchange Act of 1934, as amended (filed herewith). |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 32.1 | Certification of the Chief Executive Officer of Centex Corporation pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith). |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 32.2 | Certification of the Chief Financial Officer of Centex Corporation pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith). |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | *  Management contract or compensatory plan or arrangement. |
|--------|-----------------------------------------------------------------------|

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