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                                                                    EXHIBIT 21.1



        The following is a list of the subsidiaries of the Company,
wholly-owned unless otherwise stated.  This list of subsidiaries includes all
of the significant subsidiaries of the Company as of June 27, 1997.


                                  SUBSIDIARIES


<TABLE>
<CAPTION>
                                                        STATE
     ENTITY NAME                                   OF ORGANIZATION  
     -----------                                   ---------------
     <S>                                                <C>
     111 E. Chestnut Corporation                        Illinois
                                                        
     1629 Service Corporation                           Texas

     21 Housing Corporation                             Nevada
                                                        
     2728 Holding Corporation                           Nevada
                                                        
     900 Development Corporation                        Cayman Islands
                                                        
     Advanced Financial Technology, Inc.                Nevada

     Advanced Protection Systems, Inc.                  Nevada
                                                        
     Armor Insurance Company                            Vermont
                                                        
     BP Sand & Gravel, Inc.                             Delaware
                                                        
     Bradfield Farms Water Company                      North Carolina

     Braewood Development Corp.                         Nevada
                                                        
     Cavco Industries, Inc.                             Arizona
                                                        
     Cavco Industries of New Mexico, Inc.               New Mexico
                                                        
     CCP Cement Company                                 Nevada

     CCP Concrete/Aggregates Company                    Nevada
                                                        
     CCP Gypsum Company                                 Nevada
                                                        
     CCP Land Company                                   Nevada
                                                        
     CDMC Holding, Inc.                                 Nevada

     CEGC Holding Company                               Delaware
                                                        
     Centex Acceptance Corporation                      Nevada
                                                        
     Centex-AIM Construction, L.L.C.                    Michigan

     Centex American Gypsum Company                     New Mexico
                                                        
     Centex Building Services, Inc.                     Nevada
</TABLE>                                                
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<TABLE>                                                 
     <S>                                                <C>
     Centex Cement Corporation                          Nevada
                                                        
     Centex Collateralized Mortgage Corporation         Nevada
                                                        
     Centex Construction Company, Inc.                  Nevada

     Centex Construction Group Services, Inc.           Nevada
                                                        
     Centex Construction Group, Inc.                    Nevada
                                                        
     Centex Construction Products, Inc.                 Delaware
                                                        
     Centex Credit Corporation                          Nevada

     Centex Development Management Company              Nevada
                                                        
     Centex Eagle Gypsum Company, LLC                   Delaware
                                                        
     Centex Eagle Gypsum Company                        Delaware
                                                        
     Centex Equity Corporation                          Nevada

     Centex Escrow Company                              Nevada
                                                        
     Centex Finance Company                             Nevada
                                                        
     Centex Financial Corporation                       Nevada
                                                        
     Centex Financial Management Corporation            Nevada

     Centex Financial Services, Inc.                    Nevada
                                                        
     Centex Forcum Lannom, Inc.                         Nevada
                                                        
     Centex Golden Construction Company                 Nevada
                                                        
     Centex-Great Southwest Corporation                 Florida

     Centex-Hamby Construction, Inc.                    Georgia
                                                        
     Centex Home Services Company                       Nevada
                                                        
     Centex Homes (UK) Limited                          United Kingdom

     Centex Homes, Inc.                                 Texas
                                                        
     Centex Homes Marketing, Inc.                       Georgia
                                                        
     Centex Homes Realty Company                        Nevada
                                                        
     Centex International, Inc.                         Nevada

     Centex International, Inc.                         Texas
                                                        
     Centex Landis Construction Co., Inc.               Louisiana
                                                        
     Centex Life Solutions, Inc.                        Nevada
                                                        
     Centex Materials, Inc.                             Nevada

     Centex Multi-Family Company                        Nevada
</TABLE>                                                
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<TABLE>                                                 
     <S>                                                <C>
     Centex New Jersey Realty, Inc.                     Nevada
                                                        
     Centex Real Estate Corporation                     Nevada
                                                        
     Centex Real Estate Construction Company            Nevada

     Centex Realty Company                              Nevada
                                                        
     Centex Repair & Remodel Corporation                Nevada
                                                        
     Centex-Rodgers Construction Company                Nevada
                                                        
     Centex Roofing Company                             Nevada

     Centex-Rooney Construction Co., Inc.               Florida
                                                        
     Centex Seismic Services, Inc.                      Nevada
                                                        
     Centex Senior Services Corporation                 Nevada
                                                        
     Centex Service Company                             Nevada

     Centex Technology, Inc.                            Nevada
                                                        
     Centex Title & Ancillary Services, Inc.            Nevada
                                                        
     Charles Church Homes Limited                       United Kingdom
                                                        
     Commerce Land Title, Inc.                          Nevada

     Crosland Bond Company                              North Carolina
                                                        
     CTX Commercial Corporation                         Nevada
                                                        
     CTX Holding Company                                Nevada
                                                        
     CTX Insurance Agency, Inc.                         Texas

     CTX Mortgage Company                               Nevada
                                                        
     CTX Mortgage Ventures Corporation                  Nevada
                                                        
     Dundee Insurance Agency, Inc.                      Texas

     Enhanced Safetysystems, Inc.                       Nevada
                                                        
     Fox & Jacobs, Inc.                                 Texas
                                                        
     Genbond Two, Inc.                                  North Carolina
                                                        
     GHQ Company, Inc.                                  Nevada

     Great Lakes Development Co., Inc.                  Nevada
                                                        
     Illinois Cement Company                            Illinois
                                                        
     Independent General Agency, Inc.                   Texas
                                                        
     Insecontrol, Inc.                                  Florida
</TABLE>                                                
<PAGE>   4
<TABLE>                                                 
     <S>                                                <C>
     John Crosland Acceptance Corporation Three         North Carolina
                                                        
     John Crosland Company                              North Carolina
                                                        
     Loan Processing Technologies, Inc.                 Nevada

     M & W Drywall Supply Company                       Nevada
                                                        
     M&W General Construction Company                   Nevada
                                                        
     Matthews Readymix, Inc.                            California
                                                        
     Metropolitan Tax Service, Inc.                     Nevada

     Metropolitan Title & Guaranty Company              Florida
                                                        
     MFH Acquisition Company                            Arizona
                                                        
     MFH Holding Company                                Nevada
                                                        
     Mogul Water Company                                Nevada

     Mountain Cement Company                            Nevada
                                                        
     National Security Containers, Inc.                 Arizona
                                                        
     Nevada Cement Company                              Nevada
                                                        
     Panoramic Land, Inc.                               Nevada

     PDG/Prescott Development Group, LLC                Arizona
                                                        
     Radar Exterminating Company, Inc.                  Georgia
                                                        
     Residential Contractors, Inc.                      Nevada
                                                        
     Rural Southwest Housing Company, LLC               Arizona

     San Juan Land Company                              Nevada
                                                        
     Sun Built Homes, Inc.                              Arizona
                                                        
     Texas Cement Company                               Nevada

     Texas-Lehigh Cement Company                        Texas
                                                        
     Vista General Partner, Inc.                        Nevada
                                                        
     Vista Mortgage & Realty, Inc.                      Delaware
                                                        
     Western Aggregates, Inc.                           Nevada

     Western Cement Company of California               California
                                                        
     Westfest, LLC                                      Arizona
                                                        
     Wisconsin Cement Company                           Wisconsin
</TABLE>                                                
<PAGE>   5
                                  PARTNERSHIPS          
                                                        
                                                        
     ENTITY NAME                                         
     -----------                                         

     A.W. Mortgage, L.P.                                 
                                                         
     American Priority Mortgage Company, L.P.            
                                                         
     Anderson Funding Services, L.P.                     
                                                         
     Bateson Dailey, a Joint Venture                     
                                                         
     Bateson-Fossil Creek, L.P.                          
                                                         
     Bayfront Associates, Ltd.                           
                                                         
     Blakeney Heath Limited Partnership                  
                                                         
     Builder's Mortgage Services, L.P.                   
                                                         
     Centex Auchter, a Joint Venture                     
                                                         
     Centex/Bateson Joint Venture                        
                                                         
     Centex Concord, General Partnership                 
                                                         
     Centex Engle Joint Venture                          
                                                         
     Centex/Goins Rash Cain, a Joint Venture             
                                                         
     Centex Homes                                        
                                                         
     Centex Homes Company, General Partnership           
                                                         
     Centex Lennar Joint Venture                         
                                                         
     Centex Multi-Family Company, L.P.                   
                                                         
     Centex-Corrigan Multi-Family II, Joint Venture      
                                                         
     Centex-Draper 156 Partnership                       
                                                         
     Centex-Draper 162 Partnership                       
                                                         
     Centex-Great Southwest Corporation/ Construct       
     Two, a Joint Venture                                
                                                         
     Centex-Great Southwest Corporation Polote,          
     a Joint Venture                                     
                                                         
     Centex-Kensington (Mankato I) Partnership           
                                                         
     Centex-Rodgers Construction Company-Construction    
     Control Services Corporation, a Joint Venture       
                                                         
     Centex-Rodgers-Sorensen Gross, a Joint Venture      
<PAGE>   6
     Centex-Rooney Construction Co., Inc./               
     Construct Two Construction Managers, Inc.,          
     a Joint Venture                                     
                                                         
                                                         
     Centex-Rooney Construction Co., Inc./Landis         
     Company, Inc., a Joint Venture                      
                                                         
     Centex-Rooney Construction Co., Inc./Huber,         
     Hunt & Nichols, Inc., a Joint Venture               
                                                         
     Centex-Rooney Jones, a Joint Venture                
                                                         
     Centex-Rooney National Development, JV              
                                                         
     Centex-Rooney/Russell, a Joint Venture              
                                                         
     Centex-Rooney/Sierra, J.V.                          
                                                         
     Centex-Schaumberg Industrial Park                   
                                                         
     Central Park Professional Center                    
                                                         
     COINS #1 CCMC A FB                                  
                                                         
     COINS #9 CAC I, J & K, FB                           
                                                         
     Crossland Acceptance Associates V,                  
     a General Partnership                               
                                                         
     Golden Turner, a Joint Venture                      
                                                         
     Golden-Bateson, a Joint Venture                     
                                                         
     Golden-C A B, Joint Venture                         
                                                         
     Harvard Mortgage Company, L.P.                      
                                                         
     Hines Baseball Limited Partnership                  
                                                         
     HMP Home Loans, L.P.                                
                                                         
     Illinois Cement Company                             
                                                         
     Integrity Homes, a Texas General Partnership        
                                                         
     Masters Lending Group, L.P.                         
                                                         
     Mortgage Acceptance Associates No. 2                
                                                         
     Mortgage Collateral Associates No. 1,               
     a General Partnership                               
                                                         
     Mortgage Collateral Associates No. 3,               
     a General Partnership                               
                                                         
     NHC Mortgage Group, L.P.                            
                                                         
     Palmdale 101 Venture                                
                                                         
     PHS Mortgage Company                                
                                                         
     PrideFinancial Services, L.P.                       
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     Roselle Property                                    
                                                         
     Sycamore Creek                                      
                                                         
     Texas-Lehigh Cement Company                         
                                                         
     Vista Development Company, L.P.                     
                                                         
     Vista Industrial Development Company, L.P.          
                                                         
     Vista Office Development Company, L.P.              
                                                         
     Vista Realty Development Company, L.P.              
                                                         
     Vista Retail Development Company, L.P.              



        All of the Company's subsidiaries are included in the Consolidated
Financial Statements of the Company incorporated by reference into this Form
10-K from the Centex 1997 Annual Report to Stockholders.