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| þ |   | ANNUAL      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF      1934 FOR THE FISCAL YEAR ENDED MARCH 31, 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.) |

| Title      of each class                                               | Name      of each exchange on which registered |
|------------------------------------------------------------------------|------------------------------------------------|
| Common      Stock ($ .25 par value)                                    | New      York Stock Exchange                   |
| Rights      to Purchase Junior Participating Preferred Stock, Series D | New      York Stock Exchange                   |

| þ Large accelerated      filer | ¨ Accelerated      filer | ¨ Non-accelerated      filer                  | ¨ Smaller reporting      company |
|-------------------------------------|-------------------------------|----------------------------------------------------|---------------------------------------|
|                                |                          | (Do not check if a smaller      reporting company) |                                  |

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|       |   | PART I                                                                                                             |   |     |
|------------|--------|-------------------------------------------------------------------------------------------------------------------------|--------|----------|
| Item 1.    |   | Business                                                                                                                |   | 1        |
| Item 1A.   |   | Risk Factors                                                                                                            |   | 9        |
| Item 1B.   |   | Unresolved Staff Comments                                                                                               |   | 19       |
| Item 2.    |   | Properties                                                                                                              |   |  19 |
| Item 3.    |   | Legal Proceedings                                                                                                       |   |  19 |
| Item 4.    |   | Submission of Matters to a Vote of Security      Holders                                                                |   |  19 |
| Item 4A.   |   | Executive Officers of the Registrant                                                                                    |   |  20 |
|       |   |                                                                                                                    |   |     |
|       |   | PART II                                                                                                            |   |     |
| Item 5.    |   | Market for Registrant’s Common Equity, Related Stockholder      Matters and Issuer Purchases of Equity Securities |   |  21 |
| Item 6.    |   | Selected Financial Data                                                                                                 |   |  23 |
| Item 7.    |   | Management’s Discussion and Analysis of Financial Condition      and Results of Operations                        |   |  24 |
| Item 7A.   |   | Quantitative and Qualitative Disclosures About Market      Risk                                                         |   |  59 |
| Item 8.    |   | Financial Statements and Supplementary    Data                                                                          |   |  60 |
| Item 9.    |   | Changes in and Disagreements with Accountants on Accounting      and Financial Disclosure                               |   | 104      |
| Item 9A.   |   | Controls and Procedures                                                                                                 |   | 104      |
| Item 9B.   |   | Other Information                                                                                                       |   | 106      |
|       |   |                                                                                                                    |   |     |
|       |   | PART III                                                                                                           |   |     |
| Item 10.   |   | Directors, Executive Officers and Corporate      Governance                                                             |   | 106      |
| Item 11.   |   | Executive Compensation                                                                                                  |   | 106      |
| Item 12.   |   | Security Ownership of Certain Beneficial Owners and      Management and Related Stockholder Matters                     |   | 106      |
| Item 13.   |   | Certain Relationships and Related Transactions, and      Director Independence                                          |   | 106      |
| Item 14.   |   | Principal Accountant Fees and Services                                                                                  |   | 106      |
|       |   |                                                                                                                    |   |     |
|       |   | PART IV                                                                                                            |   |     |
| Item 15.   |   | Exhibits and Financial Statement    Schedules                                                                           |   | 107      |
| SIGNATURES |   |                                                                                                                    |   | 114      |

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PART I

| ITEM 1. | BUSINESS |
|--------------|----------|

|   |   |
|--------|--------|

| Business                        |   | Date                |   | Description                                                                                                                                      |
|---------------------------------|--------|---------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------|
|                            |   |                |   |                                                                                                                                             |
| Westwood      Insurance         |   | September      2008 |   | We      sold our property and casualty insurance agency operations, which were      previously included in the Financial Services segment.  |
| Home      Services              |   | April      2008     |   | We      sold our home services operations, which were previously included in our      Other segment.                                        |
| Construction      Services      |   | March      2007     |   | We      sold our commercial construction operations, which were previously a      separate reporting segment.                               |
| Home      Equity                |   | July      2006      |   | We      sold our sub-prime home equity lending operations, which were previously      included in the Financial Services segment.           |
| International      Homebuilding |   | September      2005 |   | We      sold our international homebuilding operations, which were previously      included in the Home Building segment.                   |

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| Segment      | States                                                                                                                                                                                                                                                                                                                                                        | Markets                                    | States and Markets    (continued) |
|--------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------|-----------------------------------|
| East         | Florida                                                                                                                                                                                                                                                                                                                                                       | Cape      Coral/Ft. Myers                  | New      Jersey                   | Edison |
|         |                                                                                                                                                                                                                                                                                                                                                          | Jacksonville                               |                              | Newark/Union |
|         |                                                                                                                                                                                                                                                                                                                                                          | Naples/Marco      Island                   |                              | New      York/Wayne/White Plains |
|         |                                                                                                                                                                                                                                                                                                                                                          | Orlando                                    |                              | Trenton/Ewing |
|         |                                                                                                                                                                                                                                                                                                                                                          | Port      St. Lucie/Ft. Pierce             | North      Carolina               | Burlington |
|         |                                                                                                                                                                                                                                                                                                                                                          | Punta      Gorda                           |                              | Charlotte/Gastonia/Concord |
|         |                                                                                                                                                                                                                                                                                                                                                          | Sarasota/Bradenton/Venice                  |                              | Durham |
|         |                                                                                                                                                                                                                                                                                                                                                          | Tampa/St.      Petersburg/Clearwater       |                              | Raleigh/Cary |
|         |                                                                                                                                                                                                                                                                                                                                                          | Vero      Beach                            |                              | Wilmington |
|         |                                                                                                                                                                                                                                                                                                                                                          | West      Palm Beach/Boca Raton/           | South      Carolina               | Charleston/N.      Charleston |
|         |                                                                                                                                                                                                                                                                                                                                                          |     Boynton      Beach |                              | Myrtle      Beach/Conway/ |
|         | Georgia                                                                                                                                                                                                                                                                                                                                                       | Atlanta/Sandy      Springs/Marietta        |                              |     N.      Myrtle Beach |
|         |                                                                                                                                                                                                                                                                                                                                                          | Savannah                                   | Virginia                          | Richmond |
|         | Maryland                                                                                                                                                                                                                                                                                                                                                      | Bethesda/Frederick/Gaithersburg            |                              | Virginia      Beach/Norfolk/ |
|         |                                                                                                                                                                                                                                                                                                                                                          | Washington,      D.C./Arlington/Alexandria |                              |     Newport      News |
|         |                                                                                                                                                                                                                                                                                                                                                          |                                       |                              | Winchester |
| Central      | Colorado                                                                                                                                                                                                                                                                                                                                                      | Denver/Aurora                              | Minnesota                         | Minneapolis/St.      Paul/Bloomington |
|         |                                                                                                                                                                                                                                                                                                                                                          | Ft.      Collins/Loveland                  |                              | Rochester |
|         |                                                                                                                                                                                                                                                                                                                                                          | Greeley                                    | Missouri                          | St.      Louis |
|         | Illinois                                                                                                                                                                                                                                                                                                                                                      | Chicago/Naperville/Joliet                  | Tennessee                         | Nashville/Davidson/ |
|         | Indiana                                                                                                                                                                                                                                                                                                                                                       | Indianapolis                               |                              |     Murfreesboro |
|         | Michigan                                                                                                                                                                                                                                                                                                                                                      | Ann      Arbor                             | Texas                             | Austin/Round      Rock |
|         |                                                                                                                                                                                                                                                                                                                                                          | Detroit/Livonia/Dearborn                   |                              | Dallas/Plano/Irving |
|         |                                                                                                                                                                                                                                                                                                                                                          | Flint                                      |                              | Ft.      Worth/Arlington |
|         |                                                                                                                                                                                                                                                                                                                                                          | Monroe                                     |                              | Houston/Baytown/Sugar      Land |
|         |                                                                                                                                                                                                                                                                                                                                                          | Warren/Farmington      Hills/Troy          |                              | Killeen/Temple/Ft.      Hood |
|         |                                                                                                                                                                                                                                                                                                                                                          |                                       |                              | San      Antonio |
| West         | Arizona                                                                                                                                                                                                                                                                                                                                                       | Phoenix/Mesa                               | Hawaii                            | Honolulu |
|         | California                                                                                                                                                                                                                                                                                                                                                    | Bakersfield                                | Nevada                            | Las      Vegas/Paradise |
|         |                                                                                                                                                                                                                                                                                                                                                          | El      Centro                             |                              | Reno/Sparks |
|         |                                                                                                                                                                                                                                                                                                                                                          | Fresno                                     | New      Mexico                   | Albuquerque |
|         |                                                                                                                                                                                                                                                                                                                                                          | Hanford/Corcoran                           |                              | Santa      Fe |
|         |                                                                                                                                                                                                                                                                                                                                                          | Los      Angeles/Long Beach/Glendale       | Oregon                            | Portland/Vancouver/Beaverton |
|         |                                                                                                                                                                                                                                                                                                                                                          | Merced                                     | Washington                        | Seattle/Bellevue/Everett |
|         |                                                                                                                                                                                                                                                                                                                                                          | Modesto                                    |                              | Tacoma |
|         |                                                                                                                                                                                                                                                                                                                                                          | Oakland/Fremont/Hayward                    |                              |   |
|         |                                                                                                                                                                                                                                                                                                                                                          | Oxnard/Thousand      Oaks/Ventura          |                              |   |
|         |                                                                                                                                                                                                                                                                                                                                                          | Riverside/San      Bernardino/Ontario      |                              |   |
|         |                                                                                                                                                                                                                                                                                                                                                          | Sacramento/Arden/Arcade/Roseville          |                              |   |
|         |                                                                                                                                                                                                                                                                                                                                                          | San      Diego/Carlsbad/San Marcos         |                              |   |
|         |                                                                                                                                                                                                                                                                                                                                                          | San      Luis Obispo/Paso Robles           |                              |   |
|         |                                                                                                                                                                                                                                                                                                                                                          | Santa      Ana/Anaheim/Irvine              |                              |   |
|         |                                                                                                                                                                                                                                                                                                                                                          | Santa      Barbara/Santa Maria/Goleta      |                              |   |
|         |                                                                                                                                                                                                                                                                                                                                                          | Stockton                                   |                              |   |
|         |                                                                                                                                                                                                                                                                                                                                                          | Visalia/Porterville                        |                              |   |
|         |                                                                                                                                                                                                                                                                                                                                                          | Yuba      City                             |                              |   |
|         |                                                                                                                                                                                                                                                                                                                                                          |                                       |                              |   |
| Other        | 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      regions.  |
| homebuilding |
|         |

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| Units      Closed:                             |   |                               |   |
|------------------------------------------------|--------|------------------------------------|--------|
|                                           |   | For      the Years Ended March 31, |   |
|                                           |   | 2009                               |   |   | 2008 |   |   | 2007 |   |   | 2006 |   |   | 2005 |   |
|                                           |   |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |
| East                                           |   |                               | 4,621  |   |   |   | 8,334 |   |   |   | 11,606 |   |   |   | 13,164 |   |   |   | 10,296 |   |
| Central                                        |   |                               | 5,930  |   |   |   | 10,306 |   |   |   | 12,766 |   |   |   | 13,851 |   |   |   | 12,577 |   |
| West                                           |   |                               | 3,847  |   |   |   | 8,211 |   |   |   | 10,512 |   |   |   | 10,763 |   |   |   | 8,788 |   |
| Other      homebuilding                        |   |                               | 36     |   |   |   | 351 |   |   |   | 901 |   |   |   | 1,454 |   |   |   | 1,726 |   |
|                                           |   |                               | 14,434 |   |   |   | 27,202 |   |   |   | 35,785 |   |   |   | 39,232 |   |   |   | 33,387 |   |
|                                           |   |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Average      Revenue Per Unit (in 000’s) |   | $                                  | 248    |   |   | $ | 277 |   |   | $ | 308 |   |   | $ | 304 |   |   | $ | 270 |   |
|                                           |   |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

| Sales      Order (in Units): |   |                               |   |
|------------------------------|--------|------------------------------------|--------|
|                         |   | For      the Years Ended March 31, |   |
|                         |   | 2009                               |   |   | 2008 |   |   | 2007 |   |   | 2006 |   |   | 2005 |   |
|                         |   |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |
| East                         |   |                               | 3,923  |   |   |   | 7,505 |   |   |   | 8,521 |   |   |   | 12,085 |   |   |   | 12,255 |   |
| Central                      |   |                               | 4,636  |   |   |   | 9,586 |   |   |   | 11,992 |   |   |   | 13,619 |   |   |   | 12,703 |   |
| West                         |   |                               | 2,274  |   |   |   | 7,406 |   |   |   | 8,431 |   |   |   | 11,262 |   |   |   | 9,800 |   |
| Other      homebuilding      |   |                               | 33     |   |   |   | 160 |   |   |   | 105 |   |   |   | 1,064 |   |   |   | 1,804 |   |
|                         |   |                               | 10,866 |   |   |   | 24,657 |   |   |   | 29,049 |   |   |   | 38,030 |   |   |   | 36,562 |   |
|                         |   |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

| Backlog      Units:              |   |                               |   |
|----------------------------------|--------|------------------------------------|--------|
|                             |   | For      the Years Ended March 31, |   |
|                             |   | 2009                               |   |   | 2008 |   |   | 2007 |   |   | 2006 |   |   | 2005 |   |
|                             |   |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |
| East                             |   |                               | 1,750  |   |   |   | 2,448 |   |   |   | 3,277 |   |   |   | 6,362 |   |   |   | 7,441 |   |
| Central                          |   |                               | 1,661  |   |   |   | 2,955 |   |   |   | 3,989 |   |   |   | 4,763 |   |   |   | 4,995 |   |
| West                             |   |                               | 767    |   |   |   | 2,340 |   |   |   | 3,173 |   |   |   | 5,254 |   |   |   | 4,755 |   |
| Other      homebuilding          |   |                               | -      |   |   |   | 3 |   |   |   | 212 |   |   |   | 1,008 |   |   |   | 1,398 |   |
|                             |   |                               | 4,178  |   |   |   | 7,746 |   |   |   | 10,651 |   |   |   | 17,387 |   |   |   | 18,589 |   |
|                             |   |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Backlog      Value (in millions) |   | $                                  | 999    |   |   | $ | 2,016 |   |   | $ | 3,176 |   |   | $ | 5,774 |   |   | $ | 5,941 |   |
|                             |   |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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|                                  |   |                               |    |
|---------------------------------------|--------|------------------------------------|---------|
|                                  |   | For      the Years Ended March 31, |    |
|                                  |   | 2009                               |    |   | 2008 |   |   | 2007 |   |   | 2006 |   |   | 2005 |   |
| Loan      Types (originations):       |   |                               |    |   |   |   |   |   |   |   |   |   |   |   |   |
| Builder                               |   |                               | 11,230  |   |   |   | 20,431 |   |   |   | 27,141 |   |   |   | 27,364 |   |   |   | 22,517 |   |
| Retail                                |   |                               | 8,970   |   |   |   | 24,729 |   |   |   | 30,638 |   |   |   | 43,319 |   |   |   | 44,816 |   |
|                                  |   |                               | 20,200  |   |   |   | 45,160 |   |   |   | 57,779 |   |   |   | 70,683 |   |   |   | 67,333 |   |
|                                  |   |                               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Origination      Volume (in millions) |   | $                                  | 4,137.8 |   |   | $ | 9,991.3 |   |   | $ | 13,826.0 |   |   | $ | 15,827.4 |   |   | $ | 13,039.0 |   |
| Percent      of Home Building         |   |                               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Closings Financed (1)                 |   |                               | 84      | % |   |   | 79 | % |   |   | 80 | % |   |   | 75 | % |   |   | 73 | % |

| (1) | Excludes      non-financed cash-onlyclosings. |
|-----|-----------------------------------------------|

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|                         |   |                 |   |
|------------------------------|--------|----------------------|--------|
|                         |   | As      of March 31, |   |
|                         |   | 2009                 |   |   | 2008 |   |   | 2007 |   |
|                         |   |                 |   |   |   |   |   |   |   |
| Home      Building           |   |                 | 1,568  |   |   |   | 4,143 |   |   |   | 6,668 |   |
| Financial      Services      |   |                 | 529    |   |   |   | 1,920 |   |   |   | 2,787 |   |
| Corporate                    |   |                 | 366    |   |   |   | 467 |   |   |   | 464 |   |
| Discontinued      Operations |   |                 | -      |   |   |   | - |   |   |   | 1,499 |   |
| Total                        |   |                 | 2,463  |   |   |   | 6,530 |   |   |   | 11,418 |   |

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| ITEM 1A. | RISK      FACTORS |
|---------------|-------------------|

|   | ●    | 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 8.5% in      March 2009, a level last seen in 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.                                                                              |

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|   | ● | If      the merger is terminated, we may be required in specified circumstances to      pay a termination fee of $24 million or $48 million to Pulte, which may      result in a decline in the trading price of our common stock. In addition,      we expect to incur significant costs associated with negotiation of the      merger agreement and seeking stockholder approval.  If the      transaction is not completed, we will not be able to recover these      costs. |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | ● | The      fact that the transaction was not completed may be viewed negatively by      investors, suppliers, contractors and customers, which may cause a decline      in the trading price of our common stock or demand for our products, and      may harm our ability to do business.                                                                                                                                                                                                   |
|   | ● | Our      stock price could be adversely affected if the transaction is not      completed since the current price reflects a premium as a result of the      pending transaction.                                                                                                                                                                                                                                                                                                          |

|   | ● | We      could lose key management personnel who may be experiencing uncertainty      about their future roles with the combined      company.  Additionally, as a result of a decline in our stock      price, previous retention mechanisms such as equity awards to such key      personnel have diminished in value.                                                                                                                                                                                                                      |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | ● | Our      employees may become distracted during the period between the announcement      of the transaction and the special meeting to approve the transaction, and      may not perform at their customary high level.                                                                                                                                                                                                                                                                                                                                |
|   | ● | Restrictions      in the merger agreement on solicitation prohibit us from soliciting any      acquisition proposal or offer for a merger or business combination with      any other party, including a proposal that might be advantageous to our      stockholders when compared to the terms and conditions of the      merger.  These provisions may deter third parties from proposing      or pursuing alternative business combinations with us that might result in      greater value to our stockholders than the    transaction. |
|   | ● | Our      suppliers and contractors may question our commitment or ability to      continue operations in the homebuilding industry and may not be willing to      perform services or deliver supplies on as favorable terms or they may      cease or significantly reduce doing business with us.                                                                                                                                                                                                                                                    |
|   | ● | Our      customers may question our commitment or ability to complete construction      of new homes or the availability of construction defect and other warranty      coverage and may be less likely to purchase a new home from      us.                                                                                                                                                                                                                                                                                                           |

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|   | ● | operating      results that differ from the expectations of securities analysts and      investors;                                                                                                                                                  |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | ● | factors      influencing home purchases, such as availability of home mortgage loans      and interest rates, credit criteria applicable to prospective borrowers,      ability to sell existing residences and homebuyer sentiment in      general; |
|   | ● | the      operating and securities price performance of companies that investors      consider to be comparable to us;                                                                                                                                |
|   | ● | announcements      relating to the merger transaction with Pulte as well as other strategic      developments and other material events by us or our competitors;      and                                                                           |
|   | ● | changes      in global financial markets and global economics and general market      conditions, such as interest rates, commodity and equity prices and the      value of financial assets.                                                        |

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| ITEM 1B. | UNRESOLVED      STAFF COMMENTS |
|----------|--------------------------------|

| ITEM 2. | PROPERTIES |
|---------|------------|

| ITEM 3. | LEGAL      PROCEEDINGS |
|---------|------------------------|

| ITEM 4. | SUBMISSION      OF MATTERS TO A VOTE OF SECURITYHOLDERS |
|---------|---------------------------------------------------------|

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| ITEM 4A. | EXECUTIVE      OFFICERS OF THE REGISTRANT |
|----------|-------------------------------------------|

| Name                    |   | Age    |   | Positions      with the Company or Business Experience                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|-------------------------|--------|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                    |   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| Joseph      A. Bosch    |   | 51     |   | Senior      Vice President – Human Resources since July 2006; Senior Vice President –      Human Resources at Tenet Healthcare Corporation from August 2004 to June      2006; Chief People Officer at Pizza Hut, a unit of YUM! Brands, Inc. from      June 1997 to July 2004                                                                                                                                                                                                                                                                                                                                                                                                                |
|                    |   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| Timothy      R. Eller   |   | 60     |   | Chairman      of the Board, Chief Executive Officer, President and Chief Operating      Officer of Centex Corporation (Chairman of the Board and Chief Executive      Officer since April 2004; President and Chief Operating Officer since      April 2002); Executive Vice President of Centex Corporation from August      1998 to April 2002; Chairman of the Board of Centex Real Estate      Corporation from April 1998 to April 2003, and since April 2006; Chief      Executive Officer of Centex Real Estate Corporation from July 1991 to      April 2002, and since April 2006; President and Chief Operating Officer of      Centex Real Estate Corporation from January 1990 to May    1996 |
|                    |   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| Mark      D. Kemp       |   | 47     |   | Senior      Vice President and Controller of Centex Corporation since September 2004;      interim Chief Financial Officer from June 2006 to October 2006; Vice      President and Controller of Centex Corporation from December 2002 to      September 2004; Partner and employee at Arthur Andersen LLP from December      1983 to August 2002                                                                                                                                                                                                                                                                                                                                                         |
|                    |   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| Scott      J. Richter   |   | 50     |   | Executive      Vice President – Operations Support of Centex Real Estate Corporation      since May 2007; Executive Vice President of Centex Real Estate Corporation      from December 2006 to May 2007; President of the Minnesota Division and      President of various California Divisions of Centex Real Estate      Corporation from May 1990 to December 2006                                                                                                                                                                                                                                                                                                                              |
|                    |   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| Catherine      R. Smith |   | 45     |   | Executive      Vice President and Chief Financial Officer of Centex Corporation since      October 2006; Executive Vice President and Chief Financial Officer of      Kennametal, Inc. from April 2005 to October 2006; Executive Vice President      and Chief Financial Officer of Bell Systems, a business segment of      Textron, Inc., from October 2003 to April 2005; various financial      positions including Vice President and Chief Financial Officer of the      Intelligence and Information Systems business segment of Raytheon Company      from August 1986 to September 2003                                                                                                         |
|                    |   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| Robert      S. Stewart  |   | 55     |   | Senior      Vice President – Strategy, Marketing, Sales, and Corporate Development of      Centex Corporation since July 2007; Senior Vice President – Strategy and      Corporate Development from April 2005 to June 2007; Senior Vice President      – Strategic Planning and Marketing from May 2000 to March 2005; Employee      at the Weyerhaeuser Company from March 1977 to May 2000, during which time      he held a range of key management positions, including positions in      strategic planning                                                                                                                                                                       |
|                    |   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| Brian      J. Woram     |   | 48     |   | Senior      Vice President, Chief Legal Officer, General Counsel and Assistant      Secretary of Centex Corporation since December 2004 (Secretary from      December 2004 to March 2005); Senior Vice President, General Counsel and      Assistant Secretary of Centex Real Estate Corporation from September 1998      to December 2004                                                                                                                                                                                                                                                                                                                                                                |

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PART II

| ITEM 5. | MARKET      FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER      PURCHASES OF EQUITYSECURITIES |
|--------------|-----------------------------------------------------------------------------------------------------------------------------|

|    |   | Stock      Prices and Dividends |   |
|---------|--------|---------------------------------|--------|
|    |   |                            |   |   |   |   |
|    |   | Year      Ended March 31, 2009  |   |   | Year      Ended March 31, 2008 |   |
|    |   | Price                           |   |   |   |   |   | Price |   |   |   |   |
|    |   | High                            |   |   | Low |   |   | Dividends |   |   | High |   |   | Low |   |   | Dividends |   |
| Quarter |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| First   |   | $                               | 27.72  |   |   | $ | 13.33 |   |   | $ | .04 |   |   | $ | 49.85 |   |   | $ | 39.59 |   |   | $ | .04 |   |
| Second  |   | $                               | 18.71  |   |   | $ | 10.91 |   |   | $ | .04 |   |   | $ | 44.23 |   |   | $ | 24.55 |   |   | $ | .04 |   |
| Third   |   | $                               | 17.16  |   |   | $ | 4.91 |   |   | $ | - |   |   | $ | 30.75 |   |   | $ | 17.77 |   |   | $ | .04 |   |
| Fourth  |   | $                               | 12.49  |   |   | $ | 5.03 |   |   | $ | - |   |   | $ | 30.29 |   |   | $ | 18.17 |   |   | $ | .04 |   |
|    |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

|                           |   |                                                  |   |
|--------------------------------|--------|-------------------------------------------------------|--------|
|                           |   | Issuer      Purchases of Equity Securities            |   |
|                           |   |  Total      Number of Shares      Purchased |   |   |  Average      PricePaid      Per Share |   |   | Total      Number ofShares      Purchasedas      Part of PubliclyAnnounced      Plan |   |   | Maximum      Number of Shares      that May Yet Be      Purchased Under the      Plan |   |
| Period                         |   |                                                  |   |   |   |   |   |   |   |   |   |   |
|   January      1-31  |   |                                                  | -      |   |   | $ | - |   |   |   | - |   |   |   | 9,399,700 |   |
|   February      1-29 |   |                                                  | -      |   |   | $ | - |   |   |   | - |   |   |   | 9,399,700 |   |
|   March      1-31    |   |                                                  | 5,718  |   |   | $ | 7.50 |   |   |   | - |   |   |   | 9,399,700 |   |
|   Total      (1)     |   |                                                  | 5,718  |   |   | $ | 7.50 |   |   |   | - |   |   |   |   |   |
|                           |   |                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

| (1)   | The      5,718 shares repurchased for the three months ended March 31, 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 equity plans 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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|                    | 2004 | 2005 | 2006 | 2007            | 2008            | 2009 |
|-------------------------|------|------|------|-----------------|-----------------|------|
| Centex      Corporation | $100 | $106 | $115 | $       78 | $       45 | $14  |
| S&P      500 Index  | $100 | $107 | $119 | $133            | $127            | $78  |
| S&P      HB Index   | $100 | $126 | $138 | $       95 | $       56 | $30  |

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| ITEM 6. | SELECTED      FINANCIAL DATA |
|---------|------------------------------|

|                                       |   |                               |        |
|--------------------------------------------|--------|------------------------------------|-------------|
|                                       |   | For      the Years Ended March 31, |        |
|                                       |   | 2009                               |        |   | 2008 |   |   | 2007 |   |   | 2006 |   |   | 2005 |   |
|                                       |   |                               |        |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenues                                   |   | $                                  | 3,826,530   |   |   | $ | 8,275,562 |   |   | $ | 11,887,601 |   |   | $ | 12,742,666 |   |   | $ | 9,842,700 |   |
| Earnings      (Loss) from Continuing       |   |                               |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operations                                 |   | $                                  | (1,440,151  | ) |   | $ | (2,660,968 | ) |   | $ | (9,477 | ) |   | $ | 1,212,665 |   |   | $ | 898,571 |   |
| Net      Earnings (Loss)                   |   | $                                  | (1,388,754  | ) |   | $ | (2,657,482 | ) |   | $ | 268,366 |   |   | $ | 1,289,313 |   |   | $ | 1,011,364 |   |
| Stockholders’      Equity            |   | $                                  | 917,814     |   |   | $ | 2,298,661 |   |   | $ | 5,112,269 |   |   | $ | 5,011,658 |   |   | $ | 4,280,757 |   |
| Total      Assets                          |   | $                                  | 5,918,114   |   |   | $ | 8,137,332 |   |   | $ | 13,199,933 |   |   | $ | 21,364,999 |   |   | $ | 20,011,163 |   |
| Total      Debt                            |   | $                                  | 3,223,924   |   |   | $ | 3,662,220 |   |   | $ | 5,565,157 |   |   | $ | 6,055,197 |   |   | $ | 4,799,365 |   |
|                                       |   |                               |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Per      Common Share                      |   |                               |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings      (Loss) from Continuing       |   |                               |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operations      Per Share – Basic    |   | $                                  | (11.58      | ) |   | $ | (21.71 | ) |   | $ | (0.08 | ) |   | $ | 9.56 |   |   | $ | 7.18 |   |
| Earnings      (Loss) from Continuing       |   |                               |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operations      Per Share – Diluted  |   | $                                  | (11.58      | ) |   | $ | (21.71 | ) |   | $ | (0.08 | ) |   | $ | 9.13 |   |   | $ | 6.79 |   |
| Net      Earnings (Loss) Per Share – |   |                               |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                      |   | $                                  | (11.17      | ) |   | $ | (21.68 | ) |   | $ | 2.23 |   |   | $ | 10.16 |   |   | $ | 8.08 |   |
| Net      Earnings (Loss) Per Share – |   |                               |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Diluted                                    |   | $                                  | (11.17      | ) |   | $ | (21.68 | ) |   | $ | 2.23 |   |   | $ | 9.71 |   |   | $ | 7.64 |   |
| Cash      Dividends                        |   | $                                  | 0.08        |   |   | $ | 0.16 |   |   | $ | 0.16 |   |   | $ | 0.16 |   |   | $ | 0.16 |   |
| Book      Value Per Share Based            |   |                               |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| on      Shares Outstanding at              |   |                               |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Year End                                   |   | $                                  | 7.38        |   |   | $ | 18.65 |   |   | $ | 42.61 |   |   | $ | 41.04 |   |   | $ | 33.51 |   |
|                                       |   |                               |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Average      Shares Outstanding            |   |                               |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                      |   |                               | 124,308,846 |   |   |   | 122,577,071 |   |   |   | 120,537,235 |   |   |   | 126,870,887 |   |   |   | 125,226,596 |   |
| Diluted                                    |   |                               | 124,308,846 |   |   |   | 122,577,071 |   |   |   | 120,537,235 |   |   |   | 132,749,797 |   |   |   | 132,397,961 |   |
|                                       |   |                               |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stock      Prices                          |   |                               |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| High                                       |   | $                                  | 27.72       |   |   | $ | 49.85 |   |   | $ | 64.62 |   |   | $ | 79.66 |   |   | $ | 66.14 |   |
| Low                                        |   | $                                  | 4.91        |   |   | $ | 17.77 |   |   | $ | 40.41 |   |   | $ | 55.10 |   |   | $ | 39.94 |   |
|                                       |   |                               |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

| (1)   | The      selected financial data presented in this table, excluding stock prices      for the periods covered by the financial statements included in this      Report and all prior periods, have been derived from our audited financial      statements and adjusted to reflect home services operations (sold in April      2008), Construction Services (sold in March 2007), Home Equity (sold in      July 2006) and International Homebuilding (sold in September 2005) as      discontinued operations. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| ITEM 7. | MANAGEMENT’S      DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF      OPERATIONS |
|---------|-------------------------------------------------------------------------------------------------------|

|                                            |   |                               |       |
|-------------------------------------------------|--------|------------------------------------|------------|
|                                            |   | For      the Years Ended March 31, |       |
|                                            |   | 2009                               |       |   | 2008 |   |   | 2007 |   |
|                                            |   |                               |       |   |   |   |   |   |
| Revenues                                        |   |                               |       |   |   |   |   |   |
| Home Building                                   |   | $                                  | 3,636,530  |   |   | $ | 7,965,614 |   |   | $ | 11,414,827 |   |
| Financial    Services                           |   |                               | 190,000    |   |   |   | 309,948 |   |   |   | 468,001 |   |
| Other                                           |   |                               | -          |   |   |   | - |   |   |   | 4,773 |   |
| Total                                           |   | $                                  | 3,826,530  |   |   | $ | 8,275,562 |   |   | $ | 11,887,601 |   |
|                                            |   |                               |       |   |   |   |   |   |   |   |   |   |
| Earnings      (Loss) from Continuing Operations |   |                               |       |   |   |   |   |   |   |   |   |   |
| Before Income    Taxes                          |   |                               |       |   |   |   |   |   |   |   |   |   |
| Home Building                                   |   | $                                  | (1,246,925 | ) |   | $ | (2,599,576 | ) |   | $ | 205,353 |   |
| Financial    Services                           |   |                               | (59,492    | ) |   |   | (138,153 | ) |   |   | 84,530 |   |
| Other                                           |   |                               | (220,354   | ) |   |   | (137,429 | ) |   |   | (183,097 | ) |
| Total                                           |   | $                                  | (1,526,771 | ) |   | $ | (2,875,158 | ) |   | $ | 106,786 |   |

|   | ● | 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 8.5% in      March 2009, a level last seen in 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,                                                                                                 |

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|   | ● | 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. |

|   | ● | $882.6      million in land-related impairments,                                      |
|--------|---------|---------------------------------------------------------------------------------------|
|   | ● | $157.1      million in our share of joint ventures’  impairments,               |
|   | ● | $46.6      million in write-offs of land deposits and pre-acquisition costs,      and |
|   | ● | $38.1      million in goodwill impairments.                                           |

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|                                                   |   |                               |       |
|--------------------------------------------------------|--------|------------------------------------|------------|
|                                                   |   | For      the Years Ended March 31, |       |
|                                                   |   | 2009                               |       |   | 2008 |   |
|                                                   |   |                               |       |   | Change |   |   |   |   |   | Change |   |
| Revenues      – Housing                          |   | $                                  | 3,578,182  |   |   |   | (52.5 | )% |   | $ | 7,529,191 |   |   |   | (31.6 | )% |
| Revenues      – Land Sales and Other             |   |                               | 58,348     |   |   |   | (86.6 | )% |   |   | 436,423 |   |   |   | 9.1 | % |
| Cost      of Revenues – Housing                  |   |                               | (3,124,648 | ) |   |   | (52.2 | )% |   |   | (6,539,544 | ) |   |   | (24.0 | )% |
| Cost      of Revenues – Land Sales and Other (1) |   |                               | (1,013,358 | ) |   |   | (62.8 | )% |   |   | (2,721,219 | ) |   |   | 160.5 | % |
| Selling,      General and Administrative Expenses      |   |                               | (560,215   | ) |   |   | (49.6 | )% |   |   | (1,111,641 | ) |   |   | (27.0 | )% |
| Goodwill      Impairment                               |   |                               | (38,101    | ) |   |   | (51.3 | )% |   |   | (78,236 | ) |   |   | 100.0 | % |
| Loss      from Unconsolidated Entities (2)             |   |                               | (159,449   | ) |   |   | 23.7 | % |   |   | (128,902 | ) |   |   | 74.7 | % |
| Other      Income                                      |   |                               | 12,316     |   |   |   | (14.2 | )% |   |   | 14,352 |   |   |   | (54.0 | )% |
| Operating      Loss (3)                                |   | $                                  | (1,246,925 | ) |   |   | (52.0 | )% |   | $ | (2,599,576 | ) |   | NM |   |
| Operating      Loss as a Percentage of Revenues:       |   |                               |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Housing Operations (4)                                 |   |                               | (3.0       | )% |   |   | (1.4 | ) |   |   | (1.6 | )% |   |   | (9.7 | ) |
| Total Homebuilding      Operations                     |   |                               | (34.3      | )% |   |   | (1.7 | ) |   |   | (32.6 | )% |   |   | (34.4 | ) |
|                                                   |   |                               |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NM      = Not Meaningful                               |   |                               |       |   |   |   |   |   |   |   |   |   |   |   |   |   |

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

| (2)   | Loss      from Unconsolidated Entities include our share of joint ventures’      impairments totaling $157.1 million and $100.5 million for the years ended      March 31, 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 housing projects.  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. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | Home      Building consists of the following reporting segments with operations      located in the following states: East:  Florida,      Georgia, Maryland, New Jersey, North Carolina, South Carolina and      VirginiaCentral:  Colorado,      Illinois, Indiana, Michigan, Minnesota, Missouri, Tennessee and      TexasWest:  Arizona,      California, Hawaii, Nevada, New Mexico, Oregon and WashingtonOther homebuilding (1)  |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | (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 regions. |

|                          |   |                               |    |
|-------------------------------|--------|------------------------------------|---------|
|                          |   | For      the Years Ended March 31, |    |
|                          |   | 2009                               |    |   | 2008 |   |
|                          |   |                               |    |   | Change |   |   |   |   |   | Change |   |
| Units      Closed             |   |                               |    |   |   |   |   |   |   |   |   |   |
| East                          |   |                               | 4,621   |   |   |   | (44.6 | )% |   |   | 8,334 |   |   |   | (28.2 | )% |
| Central                       |   |                               | 5,930   |   |   |   | (42.5 | )% |   |   | 10,306 |   |   |   | (19.3 | )% |
| West                          |   |                               | 3,847   |   |   |   | (53.1 | )% |   |   | 8,211 |   |   |   | (21.9 | )% |
| Other    homebuilding         |   |                               | 36      |   |   |   | (89.7 | )% |   |   | 351 |   |   |   | (61.0 | )% |
|                          |   |                               | 14,434  |   |   |   | (46.9 | )% |   |   | 27,202 |   |   |   | (24.0 | )% |
|                          |   |                               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Average      Revenue Per Unit |   |                               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| East                          |   | $                                  | 274,676 |   |   |   | (5.6 | )% |   | $ | 290,955 |   |   |   | (9.0 | )% |
| Central                       |   | $                                  | 180,430 |   |   |   | (1.3 | )% |   | $ | 182,855 |   |   |   | (0.5 | )% |
| West                          |   | $                                  | 318,942 |   |   |   | (15.4 | )% |   | $ | 377,012 |   |   |   | (14.3 | )% |
| Other    homebuilding         |   | $                                  | 332,833 |   |   |   | (6.0 | )% |   | $ | 353,900 |   |   |   | (4.7 | )% |
| Total Home    Building        |   | $                                  | 247,900 |   |   |   | (10.4 | )% |   | $ | 276,788 |   |   |   | (10.1 | )% |

|                                     |   |                               |   |
|------------------------------------------|--------|------------------------------------|--------|
|                                     |   | For      the Years Ended March 31, |   |
|                                     |   | 2009                               |   |   | 2008 |   |
|                                     |   |                               |   |   | Change |   |   |   |   |   | Change |   |
| Average      Operating Neighborhoods (1) |   |                               | 520    |   |   |   | (19.5 | )% |   |   | 646 |   |   |   | (6.0 | )% |
| Closings      Per Average Neighborhood   |   |                               | 27.8   |   |   |   | (34.0 | )% |   |   | 42.1 |   |   |   | (19.2 | )% |
|                                     |   |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

| (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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|                          |   |                               |   |
|-------------------------------|--------|------------------------------------|--------|
|                          |   | For      the Years Ended March 31, |   |
|                          |   | 2009                               |   |   | 2008 |   |
|                          |   | GoodwillImpairments                |   |   | Land-relatedImpairments |   |   | Land-relatedWrite-offs |   |   | GoodwillImpairments |   |   | Land-relatedImpairments (1) |   |   | Land-relatedWrite-offs |   |
|  East                    |   | $                                  | 30,594 |   |   | $ | 329,915 |   |   | $ | 23,055 |   |   | $ | 24,761 |   |   | $ | 323,738 |   |   | $ | 62,433 |   |
|  Central                 |   |                               | 5,102  |   |   |   | 84,636 |   |   |   | 6,030 |   |   |   | 9,709 |   |   |   | 82,976 |   |   |   | 17,033 |   |
|  West                    |   |                               | 2,405  |   |   |   | 460,839 |   |   |   | 17,485 |   |   |   | 43,766 |   |   |   | 1,213,681 |   |   |   | 40,828 |   |
|  Other      homebuilding |   |                               | -      |   |   |   | 7,163 |   |   |   | - |   |   |   | - |   |   |   | 172,034 |   |   |   | 131 |   |
|                          |   | $                                  | 38,101 |   |   | $ | 882,553 |   |   | $ | 46,570 |   |   | $ | 78,236 |   |   | $ | 1,792,429 |   |   | $ | 120,425 |   |
|                          |   |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

| (1)   | Land-related      impairments include direct construction impairments of $14.9 million for      the year ended March 31, 2008. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------|

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|                                              |   |                               |    |
|---------------------------------------------------|--------|------------------------------------|---------|
|                                              |   | For      the Years Ended March 31, |    |
|                                              |   | 2009                               |    |   | 2008 |   |
|                                              |   |                               |    |   | Change |   |   |   |   |   | Change |   |
| Compensation      and Benefits                    |   | $                                  | 224,318 |   |   |   | (45.1 | )% |   | $ | 408,932 |   |   |   | (35.8 | )% |
| Sales      Commissions                            |   |                               | 162,639 |   |   |   | (55.3 | )% |   |   | 364,236 |   |   |   | (21.6 | )% |
| Advertising      and Marketing                    |   |                               | 57,292  |   |   |   | (60.7 | )% |   |   | 145,919 |   |   |   | (26.9 | )% |
| Other                                             |   |                               | 115,966 |   |   |   | (39.8 | )% |   |   | 192,554 |   |   |   | (13.4 | )% |
| Selling,      General and Administrative Expenses |   | $                                  | 560,215 |   |   |   | (49.6 | )% |   | $ | 1,111,641 |   |   |   | (27.0 | )% |
|                                              |   |                               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| SG&A      as a Percentage of Revenues         |   |                               | 15.4    | % |   |   | 1.4 |   |   |   | 14.0 | % |   |   | 0.7 |   |

|                                |   |                               |   |
|-------------------------------------|--------|------------------------------------|--------|
|                                |   | For      the Years Ended March 31, |   |
|                                |   | 2009                               |   |   | 2008 |   |
|                                |   |                               |   |   | Change |   |   |   |   |   | Change |   |
| Sales      Orders (in Units)        |   |                               |   |   |   |   |   |   |   |   |   |   |
| East                                |   |                               | 3,923  |   |   |   | (47.7 | )% |   |   | 7,505 |   |   |   | (11.9 | )% |
| Central                             |   |                               | 4,636  |   |   |   | (51.6 | )% |   |   | 9,586 |   |   |   | (20.1 | )% |
| West                                |   |                               | 2,274  |   |   |   | (69.3 | )% |   |   | 7,406 |   |   |   | (12.2 | )% |
| Other    homebuilding               |   |                               | 33     |   |   |   | (79.4 | )% |   |   | 160 |   |   |   | 52.4 | % |
|                                |   |                               | 10,866 |   |   |   | (55.9 | )% |   |   | 24,657 |   |   |   | (15.1 | )% |
|                                |   |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Sales      Per Average Neighborhood |   |                               | 20.9   |   |   |   | (45.3 | )% |   |   | 38.2 |   |   |   | (9.7 | )% |

|                            |   |                               |   |
|---------------------------------|--------|------------------------------------|--------|
|                            |   | For      the Years Ended March 31, |   |
|                            |   | 2009                               |   |   | 2008 |   |
|                            |   |                               |   |   | Change |   |   |   |   |   | Change |   |
| Average      Cancellation Rates |   |                               |   |   |   |   |   |   |   |   |   |   |
| East                            |   |                               | 29.1   | % |   |   | 2.8 |   |   |   | 26.3 | % |   |   | (6.1 | ) |
| Central                         |   |                               | 38.2   | % |   |   | 5.4 |   |   |   | 32.8 | % |   |   | 0.3 |   |
| West                            |   |                               | 39.3   | % |   |   | 3.0 |   |   |   | 36.3 | % |   |   | (4.4 | ) |
| Other    homebuilding           |   |                               | 5.7    | % |   |   | (30.0 | ) |   |   | 35.7 | % |   |   | (38.8 | ) |
| Total Home      Building        |   |                               | 35.4   | % |   |   | 3.3 |   |   |   | 32.1 | % |   |   | (3.4 | ) |

----

Table of Contents

|                             |   |                 |   |
|----------------------------------|--------|----------------------|--------|
|                             |   | As      of March 31, |   |
|                             |   | 2009                 |   |   | 2008 |   |
|                             |   |                 |   |   | Change |   |   |   |   |   | Change |   |
| Backlog      Units               |   |                 |   |   |   |   |   |   |   |   |   |   |
| East                             |   |                 | 1,750  |   |   |   | (28.5 | )% |   |   | 2,448 |   |   |   | (25.3 | )% |
| Central                          |   |                 | 1,661  |   |   |   | (43.8 | )% |   |   | 2,955 |   |   |   | (25.9 | )% |
| West                             |   |                 | 767    |   |   |   | (67.2 | )% |   |   | 2,340 |   |   |   | (26.3 | )% |
| Other    homebuilding            |   |                 | -      |   |   |   | (100.0 | )% |   |   | 3 |   |   |   | (98.6 | )% |
|                             |   |                 | 4,178  |   |   |   | (46.1 | )% |   |   | 7,746 |   |   |   | (27.3 | )% |
|                             |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Backlog      Value (in millions) |   | $                    | 999    |   |   |   | (50.4 | )% |   | $ | 2,016 |   |   |   | (36.5 | )% |

|                    |   |                 |   |
|-------------------------|--------|----------------------|--------|
|                    |   | As      of March 31, |   |
|                    |   | 2009                 |   |   | 2008 |   |
|                    |   | Lots      Owned      |   |   | Lots      Controlled |   |   | Total      Lots |   |   | LotsOwned |   |   | Lots      Controlled |   |   | Total      Lots |   |
|                    |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| East                    |   |                 | 29,455 |   |   |   | 3,759 |   |   |   | 33,214 |   |   |   | 35,235 |   |   |   | 8,551 |   |   |   | 43,786 |   |
| Central                 |   |                 | 15,657 |   |   |   | 2,957 |   |   |   | 18,614 |   |   |   | 20,261 |   |   |   | 6,349 |   |   |   | 26,610 |   |
| West                    |   |                 | 10,853 |   |   |   | 329 |   |   |   | 11,182 |   |   |   | 13,634 |   |   |   | 3,247 |   |   |   | 16,881 |   |
| Other      homebuilding |   |                 | 1,324  |   |   |   | - |   |   |   | 1,324 |   |   |   | 1,092 |   |   |   | - |   |   |   | 1,092 |   |
|                    |   |                 | 57,289 |   |   |   | 7,045 |   |   |   | 64,334 |   |   |   | 70,222 |   |   |   | 18,147 |   |   |   | 88,369 |   |
|                    |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Change      from        |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| previous year           |   |                 | (18.4  | )% |   |   | (61.2 | )% |   |   | (27.2 | )% |   |   | (28.6 | )% |   |   | (70.6 | )% |   |   | (44.8 | )% |

----

Table of Contents

|                           |   |                               |       |
|--------------------------------|--------|------------------------------------|------------|
|                           |   | For      the Years Ended March 31, |       |
|                           |   | 2009                               |       |   | 2008 |   |
|                           |   |                               |       |   | Change |   |   |   |   |   | Change |   |
| Revenues                       |   |                               |       |   |   |   |   |   |   |   |   |   |
| East                           |   | $                                  | 1,302,242  |   |   |   | (48.7 | )% |   | $ | 2,536,909 |   |   |   | (34.1 | )% |
| Central                        |   |                               | 1,080,631  |   |   |   | (43.6 | )% |   |   | 1,917,627 |   |   |   | (20.1 | )% |
| West                           |   |                               | 1,235,847  |   |   |   | (62.2 | )% |   |   | 3,268,290 |   |   |   | (31.1 | )% |
| Other    homebuilding          |   |                               | 17,810     |   |   |   | (92.7 | )% |   |   | 242,788 |   |   |   | (41.8 | )% |
|                           |   | $                                  | 3,636,530  |   |   |   | (54.3 | )% |   | $ | 7,965,614 |   |   |   | (30.2 | )% |
|                           |   |                               |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating      Earnings (Loss) |   |                               |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| East                           |   | $                                  | (594,122   | ) |   |   | 16.8 | % |   | $ | (508,655 | ) |   |   | (303.4 | )% |
| Central                        |   |                               | (123,025   | ) |   |   | 4.9 | % |   |   | (117,234 | ) |   |   | (402.5 | )% |
| West                           |   |                               | (533,476   | ) |   |   | (69.4 | )% |   |   | (1,741,273 | ) |   | NM |   |
| Other    homebuilding          |   |                               | 3,698      |   |   |   | (101.6 | )% |   |   | (232,414 | ) |   |   | 755.2 | % |
|                           |   | $                                  | (1,246,925 | ) |   |   | (52.0 | )% |   | $ | (2,599,576 | ) |   | NM |   |

----

Table of Contents

----

Table of Contents

|                                              |   |                               |     |
|---------------------------------------------------|--------|------------------------------------|----------|
|                                              |   | For      the Years Ended March 31, |     |
|                                              |   | 2009                               |     |   | 2008 |   |
|                                              |   |                               |     |   | Change |   |   |   |   |   | Change |   |
| Revenues                                          |   | $                                  | 190,000  |   |   |   | (38.7 | )% |   | $ | 309,948 |   |   |   | (33.8 | )% |
| Cost      of Revenues                             |   |                               | (13,769  | ) |   |   | (75.7 | )% |   |   | (56,608 | ) |   |   | (38.7 | )% |
| Selling,      General and Administrative Expenses |   |                               | (235,723 | ) |   |   | (39.8 | )% |   |   | (391,493 | ) |   |   | 34.5 | % |
| Operating      Loss                               |   | $                                  | (59,492  | ) |   |   | (56.9 | )% |   | $ | (138,153 | ) |   |   | (263.4 | )% |
| Operating      Margin                             |   |                               | (31.3    | )% |   |   | 13.3 |   |   |   | (44.6 | )% |   |   | (62.7 | ) |
|                                              |   |                               |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      Interest Income                          |   | $                                  | 7,529    |   |   |   | (53.0 | )% |   | $ | 16,024 |   |   |   | (49.1 | )% |
|                                              |   |                               |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Average      Interest Earning Assets              |   | $                                  | 333,475  |   |   |   | (66.1 | )% |   | $ | 983,675 |   |   |   | (39.0 | )% |
| Average      Yield                                |   |                               | 5.87     | % |   |   | (1.29 | ) |   |   | 7.16 | % |   |   | (0.39 | ) |
| Average      Interest Bearing Liabilities         |   | $                                  | 259,506  |   |   |   | (71.5 | )% |   | $ | 909,213 |   |   |   | (42.1 | )% |
| Average      Rate Paid                            |   |                               | 4.86     | % |   |   | (1.27 | ) |   |   | 6.13 | % |   |   | 0.29 |   |

----

Table of Contents

|                                                  |   |                               |   |
|-------------------------------------------------------|--------|------------------------------------|--------|
|                                                  |   | For      the Years Ended March 31, |   |
|                                                  |   | 2009                               |   |   | 2008 |   |
|                                                  |   |                               |   |   |   |   |
| Provision      for Losses on Mortgage Loans           |   | $                                  | 1,723  |   |   | $ | 170,365 |   |
| Impairments      of Real Estate Owned                 |   |                               | 12,704 |   |   |   | 5,744 |   |
| Anticipated      Losses for Loans Originated and Sold |   |                               | 24,955 |   |   |   | 6,291 |   |
|                                                  |   |                               |   |   |   |   |   |   |
| Total      Loss Provisions and Impairments (1)        |   | $                                  | 39,382 |   |   | $ | 182,400 |   |
|                                                  |   |                               |   |   |   |   |   |   |

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

|                                |   |                               |    |
|-------------------------------------|--------|------------------------------------|---------|
|                                |   | For      the Years Ended March 31, |    |
|                                |   | 2009                               |    |   | 2008 |   |
|                                |   |                               |    |   | Change |   |   |   |   |   | Change |   |
| Loan      Sales to Investors        |   |                               |    |   |   |   |   |   |   |   |   |   |
| Volume (in      millions)           |   | $                                  | 4,022.6 |   |   |   | (56.6 | )% |   | $ | 9,258.0 |   |   |   | (14.0 | )% |
| Number of Loans      Sold           |   |                               | 20,252  |   |   |   | (54.7 | )% |   |   | 44,687 |   |   |   | (12.7 | )% |
| Gain on Sale of Mortgage      Loans |   | $                                  | 66,290  |   |   |   | (47.2 | )% |   | $ | 125,600 |   |   |   | (23.9 | )% |
| Average Loan    Size                |   | $                                  | 198,630 |   |   |   | (4.1 | )% |   | $ | 207,176 |   |   |   | (1.5 | )% |

----

Table of Contents

|                               |   |                               |    |
|------------------------------------|--------|------------------------------------|---------|
|                               |   | For      the Years Ended March 31, |    |
|                               |   | 2009                               |    |   | 2008 |   |
|                               |   |                               |    |   | Change |   |   |   |   |   | Change |   |
| Open      Applications - Beginning |   |                               | 15,107  |   |   |   | (14.4 | )% |   |   | 17,648 |   |   |   | (24.0 | )% |
| New      Applications              |   |                               | 84,793  |   |   |   | (33.7 | )% |   |   | 127,956 |   |   |   | 33.5 | % |
| Cancelled      Applications        |   |                               | (75,974 | ) |   |   | (11.0 | )% |   |   | (85,337 | ) |   |   | 95.5 | % |
| Originated      Loans              |   |                               | (20,200 | ) |   |   | (55.3 | )% |   |   | (45,160 | ) |   |   | (21.8 | )% |
| Open      Applications - Ending    |   |                               | 3,726   |   |   |   | (75.3 | )% |   |   | 15,107 |   |   |   | (14.4 | )% |

|                                                        |   |                               |    |
|-------------------------------------------------------------|--------|------------------------------------|---------|
|                                                        |   | For      the Years Ended March 31, |    |
|                                                        |   | 2009                               |    |   | 2008 |   |
|                                                        |   |                               |    |   | Change |   |   |   |   |   | Change |   |
| Origination Volume (in      millions)                       |   | $                                  | 4,137.8 |   |   |   | (58.6 | )% |   | $ | 9,991.3 |   |   |   | (27.7 | )% |
| Number of Originated      Loans                             |   |                               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Builder                                               |   |                               | 11,230  |   |   |   | (45.0 | )% |   |   | 20,431 |   |   |   | (24.7 | )% |
|  Retail                                                |   |                               | 8,970   |   |   |   | (63.7 | )% |   |   | 24,729 |   |   |   | (19.3 | )% |
|                                                        |   |                               | 20,200  |   |   |   | (55.3 | )% |   |   | 45,160 |   |   |   | (21.8 | )% |
|                                                        |   |                               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Average      Loan Size – Originated Loans |   | $                                  | 204,845 |   |   |   | (7.4 | )% |   | $ | 221,200 |   |   |   | (7.6 | )% |

----

Table of Contents

|                                              |   |                               |     |
|---------------------------------------------------|--------|------------------------------------|----------|
|                                              |   | For      the Years Ended March 31, |     |
|                                              |   | 2009                               |     |   | 2008 |   |
|                                              |   |                               |     |   | Change |   |   |   |   |   | Change |   |
| Corporate      General and Administrative Expense |   | $                                  | (188,857 | ) |   |   | 22.4 | % |   | $ | (154,308 | ) |   |   | (16.9 | )% |
| Interest      Expense (1)                         |   |                               | (52,716  | ) |   |   | 510.0 | % |   |   | (8,642 | ) |   |   | 100.0 | % |
| Interest      and Other Income                    |   |                               | 21,219   |   |   |   | (16.9 | )% |   |   | 25,521 |   |   |   | 925.8 | % |
| Operating      Loss                               |   | $                                  | (220,354 | ) |   |   | 60.3 | % |   | $ | (137,429 | ) |   |   | (24.9 | )% |
|                                              |   |                               |     |   |   |   |   |   |   |   |   |   |   |   |   |   |

| (1)   | For      further information on interest expense, see Note (A), “Significant      Accounting Policies,” of the Notes to Consolidated Financial      Statements. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                    |   |                               |    |
|-----------------------------------------|--------|------------------------------------|---------|
|                                    |   | For      the Years Ended March 31, |    |
|                                    |   | 2009                               |    |   | 2008 |   |
|                                    |   |                               |    |   | Change |   |   |   |   |   | Change |   |
| Compensation      and Benefits          |   | $                                  | 110,432 |   |   |   | (2.7 | )% |   | $ | 113,544 |   |   |   | (28.5 | )% |
| Professional      and Legal Costs       |   |                               | 44,025  |   |   |   | 101.2 | % |   |   | 21,876 |   |   |   | 8.5 | % |
| Rent      and Utilities                 |   |                               | 12,957  |   |   |   | 94.3 | % |   |   | 6,667 |   |   |   | (1.9 | )% |
| Travel                                  |   |                               | 4,531   |   |   |   | (13.4 | )% |   |   | 5,230 |   |   |   | (23.4 | )% |
| Other                                   |   |                               | 16,912  |   |   |   | 141.9 | % |   |   | 6,991 |   |   |   | (200.9 | )% |
| General      and Administrative Expense |   | $                                  | 188,857 |   |   |   | 22.4 | % |   | $ | 154,308 |   |   |   | (16.9 | )% |

----

Table of Contents

|                      |   |                               |   |
|---------------------------|--------|------------------------------------|--------|
|                      |   | For      the Years Ended March 31, |   |
|                      |   | 2009                               |   |   | 2008 |   |
|                      |   |                               |   |   |   |   |
| Revenues                  |   | $                                  | -      |   |   | $ | 130,118 |   |
| Operating      Income     |   | $                                  | -      |   |   | $ | (1,876 | ) |
| Pre-tax      Gain on Sale |   | $                                  | 39,379 |   |   | $ | - |   |

|                                               |   |                               |       |
|----------------------------------------------------|--------|------------------------------------|------------|
|                                               |   | For      the Years Ended March 31, |       |
|                                               |   | 2008                               |       |   | 2007 |   |
|                                               |   |                               |       |   | Change |   |   |   |   |   | Change |   |
| Revenues      – Housing                      |   | $                                  | 7,529,191  |   |   |   | (31.6 | )% |   | $ | 11,014,975 |   |   |   | (7.6 | )% |
| Revenues      – Land Sales and Other         |   |                               | 436,423    |   |   |   | 9.1 | % |   |   | 399,852 |   |   |   | 13.7 | % |
| Cost      of Revenues – Housing              |   |                               | (6,539,544 | ) |   |   | (24.0 | )% |   |   | (8,599,465 | ) |   |   | 1.7 | % |
| Cost      of Revenues – Land Sales and Other |   |                               | (2,721,219 | ) |   |   | 160.5 | % |   |   | (1,044,455 | ) |   |   | 251.7 | % |
| Selling,      General and Administrative Expenses  |   |                               | (1,111,641 | ) |   |   | (27.0 | )% |   |   | (1,523,001 | ) |   |   | 0.4 | % |
| Goodwill      Impairments                          |   |                               | (78,236    | ) |   |   | 100.0 | % |   |   | - |   |   |   | - |   |
| Loss      from Unconsolidated Entities             |   |                               | (128,902   | ) |   |   | 74.7 | % |   |   | (73,782 | ) |   |   | (194.8 | )% |
| Other      Income                                  |   |                               | 14,352     |   |   |   | (54.0 | )% |   |   | 31,229 |   |   |   | 282.1 | % |
| Operating      Earnings (Loss)                     |   | $                                  | (2,599,576 | ) |   | NM |   |   | $ | 205,353 |   |   |   | (90.2 | )% |
| Operating      Earnings (Loss) as a Percentage of  |   |                               |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenues:                                          |   |                               |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Housing    Operations                              |   |                               | (1.6       | )% |   |   | (9.7 | ) |   |   | 8.1 | % |   |   | (8.2 | ) |
| Total Homebuilding      Operations                 |   |                               | (32.6      | )% |   |   | (34.4 | ) |   |   | 1.8 | % |   |   | (15.2 | ) |
|                                               |   |                               |       |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

Table of Contents

|                          |   |                               |    |
|-------------------------------|--------|------------------------------------|---------|
|                          |   | For      the Years Ended March 31, |    |
|                          |   | 2008                               |    |   | 2007 |   |
|                          |   |                               |    |   | Change |   |   |   |   |   | Change |   |
| Units      Closed             |   |                               |    |   |   |   |   |   |   |   |   |   |
| East                          |   |                               | 8,334   |   |   |   | (28.2 | )% |   |   | 11,606 |   |   |   | (11.8 | )% |
| Central                       |   |                               | 10,306  |   |   |   | (19.3 | )% |   |   | 12,766 |   |   |   | (7.8 | )% |
| West                          |   |                               | 8,211   |   |   |   | (21.9 | )% |   |   | 10,512 |   |   |   | (2.3 | )% |
| Other    homebuilding         |   |                               | 351     |   |   |   | (61.0 | )% |   |   | 901 |   |   |   | (38.0 | )% |
|                          |   |                               | 27,202  |   |   |   | (24.0 | )% |   |   | 35,785 |   |   |   | (8.8 | )% |
|                          |   |                               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Average      Revenue Per Unit |   |                               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| East                          |   | $                                  | 290,955 |   |   |   | (9.0 | )% |   | $ | 319,783 |   |   |   | (0.1 | )% |
| Central                       |   | $                                  | 182,855 |   |   |   | (0.5 | )% |   | $ | 183,686 |   |   |   | (0.1 | )% |
| West                          |   | $                                  | 377,012 |   |   |   | (14.3 | )% |   | $ | 439,892 |   |   |   | (1.3 | )% |
| Other    homebuilding         |   | $                                  | 353,900 |   |   |   | (4.7 | )% |   | $ | 371,255 |   |   |   | 48.2 | % |
| Total Home    Building        |   | $                                  | 276,788 |   |   |   | (10.1 | )% |   | $ | 307,810 |   |   |   | 1.3 | % |

|                                   |   |                               |   |
|----------------------------------------|--------|------------------------------------|--------|
|                                   |   | For      the Years Ended March 31, |   |
|                                   |   | 2008                               |   |   | 2007 |   |
|                                   |   |                               |   |   | Change |   |   |   |   |   | Change |   |
| Average      Operating Neighborhoods   |   |                               | 646    |   |   |   | (6.0 | )% |   |   | 687 |   |   |   | 9.7 | % |
| Closings      Per Average Neighborhood |   |                               | 42.1   |   |   |   | (19.2 | )% |   |   | 52.1 |   |   |   | (16.9 | )% |

----

Table of Contents

|                          |   |                               |   |
|-------------------------------|--------|------------------------------------|--------|
|                          |   | For      the Years Ended March 31, |   |
|                          |   | 2008                               |   |   | 2007 |   |
|                          |   | GoodwillImpairments                |   |   | Land-relatedImpairments |   |   | Land-relatedWrite-offs |   |   | GoodwillImpairments |   |   | Land-relatedImpairments |   |   | Land-relatedWrite-offs |   |
|  East                    |   | $                                  | 24,761 |   |   | $ | 323,738 |   |   | $ | 62,433 |   |   | $ | - |   |   | $ | 114,344 |   |   | $ | 89,046 |   |
|  Central                 |   |                               | 9,709  |   |   |   | 82,976 |   |   |   | 17,033 |   |   |   | - |   |   |   | 35,469 |   |   |   | 41,531 |   |
|  West                    |   |                               | 43,766 |   |   |   | 1,213,681 |   |   |   | 40,828 |   |   |   | - |   |   |   | 163,888 |   |   |   | 227,232 |   |
|  Other      homebuilding |   |                               | -      |   |   |   | 172,034 |   |   |   | 131 |   |   |   | - |   |   |   | 10,212 |   |   |   | 2,190 |   |
|                          |   | $                                  | 78,236 |   |   | $ | 1,792,429 |   |   | $ | 120,425 |   |   | $ | - |   |   | $ | 323,913 |   |   | $ | 359,999 |   |

----

Table of Contents

|                                              |   |                               |      |
|---------------------------------------------------|--------|------------------------------------|-----------|
|                                              |   | For      the Years Ended March 31, |      |
|                                              |   | 2008                               |      |   | 2007 |   |
|                                              |   |                               |      |   | Change |   |   |   |   |   | Change |   |
| Compensation      and Benefits                    |   | $                                  | 408,932   |   |   |   | (35.8 | )% |   | $ | 636,748 |   |   |   | (10.8 | )% |
| Sales      Commissions                            |   |                               | 364,236   |   |   |   | (21.6 | )% |   |   | 464,469 |   |   |   | 6.7 | % |
| Advertising      and Marketing                    |   |                               | 145,919   |   |   |   | (26.9 | )% |   |   | 199,488 |   |   |   | 18.6 | % |
| Other                                             |   |                               | 192,554   |   |   |   | (13.4 | )% |   |   | 222,296 |   |   |   | 11.0 | % |
| Selling,      General and Administrative Expenses |   | $                                  | 1,111,641 |   |   |   | (27.0 | )% |   | $ | 1,523,001 |   |   |   | 0.4 | % |
|                                              |   |                               |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| SG&A      as a Percentage of Revenues         |   |                               | 14.0      | % |   |   | 0.7 |   |   |   | 13.3 | % |   |   | 0.9 |   |

|                                |   |                               |   |
|-------------------------------------|--------|------------------------------------|--------|
|                                |   | For      the Years Ended March 31, |   |
|                                |   | 2008                               |   |   | 2007 |   |
|                                |   |                               |   |   | Change |   |   |   |   |   | Change |   |
| Sales      Orders (in Units)        |   |                               |   |   |   |   |   |   |   |   |   |   |
| East                                |   |                               | 7,505  |   |   |   | (11.9 | )% |   |   | 8,521 |   |   |   | (29.5 | )% |
| Central                             |   |                               | 9,586  |   |   |   | (20.1 | )% |   |   | 11,992 |   |   |   | (11.9 | )% |
| West                                |   |                               | 7,406  |   |   |   | (12.2 | )% |   |   | 8,431 |   |   |   | (25.1 | )% |
| Other    homebuilding               |   |                               | 160    |   |   |   | 52.4 | % |   |   | 105 |   |   |   | (90.1 | )% |
|                                |   |                               | 24,657 |   |   |   | (15.1 | )% |   |   | 29,049 |   |   |   | (23.6 | )% |
|                                |   |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Sales      Per Average Neighborhood |   |                               | 38.2   |   |   |   | (9.7 | )% |   |   | 42.3 |   |   |   | (30.4 | )% |

|                            |   |                               |   |
|---------------------------------|--------|------------------------------------|--------|
|                            |   | For      the Years Ended March 31, |   |
|                            |   | 2008                               |   |   | 2007 |   |
|                            |   |                               |   |   | Change |   |   |   |   |   | Change |   |
| Average      Cancellation Rates |   |                               |   |   |   |   |   |   |   |   |   |   |
| East                            |   |                               | 26.3   | % |   |   | (6.1 | ) |   |   | 32.4 | % |   |   | 11.8 |   |
| Central                         |   |                               | 32.8   | % |   |   | 0.3 |   |   |   | 32.5 | % |   |   | 4.5 |   |
| West                            |   |                               | 36.3   | % |   |   | (4.4 | ) |   |   | 40.7 | % |   |   | 14.9 |   |
| Other    homebuilding           |   |                               | 35.7   | % |   |   | (38.8 | ) |   |   | 74.5 | % |   |   | 42.8 |   |
| Total Home      Building        |   |                               | 32.1   | % |   |   | (3.4 | ) |   |   | 35.5 | % |   |   | 10.3 |   |

----

Table of Contents

|                  |   |                 |   |
|-----------------------|--------|----------------------|--------|
|                  |   | As      of March 31, |   |
|                  |   | 2008                 |   |   | 2007 |   |
|                  |   |                 |   |   | Change |   |   |   |   |   | Change |   |
| Backlog      Units    |   |                 |   |   |   |   |   |   |   |   |   |   |
| East                  |   |                 | 2,448  |   |   |   | (25.3 | )% |   |   | 3,277 |   |   |   | (48.5 | )% |
| Central               |   |                 | 2,955  |   |   |   | (25.9 | )% |   |   | 3,989 |   |   |   | (16.3 | )% |
| West                  |   |                 | 2,340  |   |   |   | (26.3 | )% |   |   | 3,173 |   |   |   | (39.6 | )% |
| Other    homebuilding |   |                 | 3      |   |   |   | (98.6 | )% |   |   | 212 |   |   |   | (79.0 | )% |
|                  |   |                 | 7,746  |   |   |   | (27.3 | )% |   |   | 10,651 |   |   |   | (38.7 | )% |

|                    |   |                 |   |
|-------------------------|--------|----------------------|--------|
|                    |   | As      of March 31, |   |
|                    |   | 2008                 |   |   | 2007 |   |
|                    |   | Lots      Owned      |   |   | Lots      Controlled |   |   | Total      Lots |   |   | LotsOwned |   |   | Lots      Controlled |   |   | Total      Lots |   |
|                    |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| East                    |   |                 | 35,235 |   |   |   | 8,551 |   |   |   | 43,786 |   |   |   | 42,341 |   |   |   | 32,513 |   |   |   | 74,854 |   |
| Central                 |   |                 | 20,261 |   |   |   | 6,349 |   |   |   | 26,610 |   |   |   | 27,547 |   |   |   | 16,618 |   |   |   | 44,165 |   |
| West                    |   |                 | 13,634 |   |   |   | 3,247 |   |   |   | 16,881 |   |   |   | 24,247 |   |   |   | 12,498 |   |   |   | 36,745 |   |
| Other      homebuilding |   |                 | 1,092  |   |   |   | - |   |   |   | 1,092 |   |   |   | 4,176 |   |   |   | 80 |   |   |   | 4,256 |   |
|                    |   |                 | 70,222 |   |   |   | 18,147 |   |   |   | 88,369 |   |   |   | 98,311 |   |   |   | 61,709 |   |   |   | 160,020 |   |
|                    |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Change                  |   |                 | (28.6  | )% |   |   | (70.6 | )% |   |   | (44.8 | )% |   |   | (9.7 | )% |   |   | (67.0 | )% |   |   | (45.9 | )% |

----

Table of Contents

|                           |   |                               |       |
|--------------------------------|--------|------------------------------------|------------|
|                           |   | For      the Years Ended March 31, |       |
|                           |   | 2008                               |       |   | 2007 |   |
|                           |   |                               |       |   | Change |   |   |   |   |   | Change |   |
| Revenues                       |   |                               |       |   |   |   |   |   |   |   |   |   |
| East                           |   | $                                  | 2,536,909  |   |   |   | (34.1 | )% |   | $ | 3,849,577 |   |   |   | (11.9 | )% |
| Central                        |   |                               | 1,917,627  |   |   |   | (20.1 | )% |   |   | 2,401,108 |   |   |   | (7.3 | )% |
| West                           |   |                               | 3,268,290  |   |   |   | (31.1 | )% |   |   | 4,746,666 |   |   |   | (1.7 | )% |
| Other    homebuilding          |   |                               | 242,788    |   |   |   | (41.8 | )% |   |   | 417,476 |   |   |   | (14.0 | )% |
|                           |   | $                                  | 7,965,614  |   |   |   | (30.2 | )% |   | $ | 11,414,827 |   |   |   | (7.0 | )% |
|                           |   |                               |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating      Earnings (Loss) |   |                               |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| East                           |   | $                                  | (508,655   | ) |   |   | (303.4 | )% |   | $ | 250,046 |   |   |   | (69.4 | )% |
| Central                        |   |                               | (117,234   | ) |   |   | (402.5 | )% |   |   | 38,753 |   |   |   | (77.8 | )% |
| West                           |   |                               | (1,741,273 | ) |   | NM |   |   |   | (56,269 | ) |   |   | (105.5 | )% |
| Other    homebuilding          |   |                               | (232,414   | ) |   |   | 755.2 | % |   |   | (27,177 | ) |   |   | (138.6 | )% |
|                           |   | $                                  | (2,599,576 | ) |   | NM |   |   | $ | 205,353 |   |   |   | (90.2 | )% |

----

Table of Contents

|                                              |   |                               |     |
|---------------------------------------------------|--------|------------------------------------|----------|
|                                              |   | For      the Years Ended March 31, |     |
|                                              |   | 2008                               |     |   | 2007 |   |
|                                              |   |                               |     |   | Change |   |   |   |   |   | Change |   |
| Revenues                                          |   | $                                  | 309,948  |   |   |   | (33.8 | )% |   | $ | 468,001 |   |   |   | 1.3 | % |
| Cost      of Revenues                             |   |                               | (56,608  | ) |   |   | (38.7 | )% |   |   | (92,407 | ) |   |   | 35.4 | % |
| Selling,      General and Administrative Expenses |   |                               | (391,493 | ) |   |   | 34.5 | % |   |   | (291,064 | ) |   |   | (6.0 | )% |
| Operating      Earnings (Loss)                    |   | $                                  | (138,153 | ) |   |   | (263.4 | )% |   | $ | 84,530 |   |   |   | 0.1 | % |
| Operating      Margin                             |   |                               | (44.6    | )% |   |   | (62.7 | ) |   |   | 18.1 | % |   |   | (0.2 | ) |
|                                              |   |                               |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      Interest Income                          |   | $                                  | 16,024   |   |   |   | (49.1 | )% |   | $ | 31,478 |   |   |   | (17.6 | )% |
|                                              |   |                               |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Average      Interest Earning Assets              |   | $                                  | 983,675  |   |   |   | (39.0 | )% |   | $ | 1,612,739 |   |   |   | 2.4 | % |
| Average      Yield                                |   |                               | 7.16     | % |   |   | (0.39 | ) |   |   | 7.55 | % |   |   | 0.94 |   |
| Average      Interest Bearing Liabilities         |   | $                                  | 909,213  |   |   |   | (42.1 | )% |   | $ | 1,571,509 |   |   |   | (0.2 | )% |
| Average      Rate Paid                            |   |                               | 6.13     | % |   |   | 0.29 |   |   |   | 5.84 | % |   |   | 1.66 |   |

----

Table of Contents

|                                                  |   |                               |    |
|-------------------------------------------------------|--------|------------------------------------|---------|
|                                                  |   | For      the Years Ended March 31, |    |
|                                                  |   | 2008                               |    |   | 2007 |   |
|                                                  |   |                               |    |   |   |   |
| Provision      for Losses on Mortgage Loans           |   | $                                  | 170,365 |   |   | $ | 11,957 |   |
| Impairments      of Real Estate Owned                 |   |                               | 5,744   |   |   |   | - |   |
| Anticipated      Losses for Loans Originated and Sold |   |                               | 6,291   |   |   |   | (459 | ) |
|                                                  |   |                               |    |   |   |   |   |   |
| Total      Loss Provisions and Impairments            |   | $                                  | 182,400 |   |   | $ | 11,498 |   |

|                                       |   |                               |    |
|--------------------------------------------|--------|------------------------------------|---------|
|                                       |   | For      the Years Ended March 31, |    |
|                                       |   | 2008                               |    |   | 2007 |   |
|                                       |   |                               |    |   | Change |   |   |   |   |   | Change |   |
| Loan      Sales to Investors               |   |                               |    |   |   |   |   |   |   |   |   |   |
| Volume (in      millions)                  |   | $                                  | 9,258.0 |   |   |   | (14.0 | )% |   | $ | 10,766.4 |   |   |   | (9.1 | )% |
| Number of Loans      Sold                  |   |                               | 44,687  |   |   |   | (12.7 | )% |   |   | 51,170 |   |   |   | (17.4 | )% |
| Gain on Sale of Mortgage      Loans        |   | $                                  | 125,600 |   |   |   | (23.9 | )% |   | $ | 164,995 |   |   |   | 0.1 | % |
|                                       |   |                               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loans      Brokered to Third Party Lenders |   |                               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Volume (in      millions)                  |   | $                                  | 1,807.1 |   |   |   | (46.1 | )% |   | $ | 3,353.8 |   |   |   | (6.0 | )% |
| Number of Brokered      Loans              |   |                               | 5,378   |   |   |   | (51.1 | )% |   |   | 11,005 |   |   |   | (14.5 | )% |
| Broker Fees                                |   | $                                  | 32,382  |   |   |   | (50.7 | )% |   | $ | 65,663 |   |   |   | (4.8 | )% |
|                                       |   |                               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Average      Loan Size                     |   |                               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loans Sold to      Investors               |   | $                                  | 207,176 |   |   |   | (1.5 | )% |   | $ | 210,407 |   |   |   | 10.1 | % |
| Loans Brokered to Third Party      Lenders |   | $                                  | 336,016 |   |   |   | 10.3 | % |   | $ | 304,767 |   |   |   | 10.0 | % |

----

Table of Contents

|                               |   |                               |    |
|------------------------------------|--------|------------------------------------|---------|
|                               |   | For      the Years Ended March 31, |    |
|                               |   | 2008                               |    |   | 2007 |   |
|                               |   |                               |    |   | Change |   |   |   |   |   | Change |   |
| Open      Applications - Beginning |   |                               | 17,648  |   |   |   | (24.0 | )% |   |   | 23,219 |   |   |   | (6.8 | )% |
| New      Applications              |   |                               | 127,956 |   |   |   | 33.5 | % |   |   | 95,868 |   |   |   | (14.4 | )% |
| Cancelled      Applications        |   |                               | (85,337 | ) |   |   | 95.5 | % |   |   | (43,660 | ) |   |   | 1.4 | % |
| Originated      Loans              |   |                               | (45,160 | ) |   |   | (21.8 | )% |   |   | (57,779 | ) |   |   | (18.3 | )% |
| Open      Applications - Ending    |   |                               | 15,107  |   |   |   | (14.4 | )% |   |   | 17,648 |   |   |   | (24.0 | )% |

|                                                        |   |                               |    |
|-------------------------------------------------------------|--------|------------------------------------|---------|
|                                                        |   | For      the Years Ended March 31, |    |
|                                                        |   | 2008                               |    |   | 2007 |   |
|                                                        |   |                               |    |   | Change |   |   |   |   |   | Change |   |
| Origination Volume (in      millions)                       |   | $                                  | 9,991.3 |   |   |   | (27.7 | )% |   | $ | 13,826.0 |   |   |   | (12.6 | )% |
| Number of Originated      Loans                             |   |                               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Builder                                               |   |                               | 20,431  |   |   |   | (24.7 | )% |   |   | 27,141 |   |   |   | (0.8 | )% |
|  Retail                                                |   |                               | 24,729  |   |   |   | (19.3 | )% |   |   | 30,638 |   |   |   | (29.3 | )% |
|                                                        |   |                               | 45,160  |   |   |   | (21.8 | )% |   |   | 57,779 |   |   |   | (18.3 | )% |
|                                                        |   |                               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Average      Loan Size – Originated Loans |   | $                                  | 221,200 |   |   |   | (7.6 | )% |   | $ | 239,300 |   |   |   | 6.9 | % |

|                                              |   |                               |     |
|---------------------------------------------------|--------|------------------------------------|----------|
|                                              |   | For      the Years Ended March 31, |     |
|                                              |   | 2008                               |     |   | 2007 |   |
|                                              |   |                               |     |   | Change |   |   |   |   |   | Change |   |
| Corporate      General and Administrative Expense |   | $                                  | (154,308 | ) |   |   | (16.9 | )% |   | $ | (185,585 | ) |   |   | (33.5 | )% |
| Interest      Expense                             |   |                               | (8,642   | ) |   |   | 100.0 | % |   |   | - |   |   |   | (100.0 | )% |
| Interest      and Other Income                    |   |                               | 25,521   |   |   |   | 925.8 | % |   |   | 2,488 |   |   |   | 44.7 | % |
| Operating      Loss                               |   | $                                  | (137,429 | ) |   |   | (24.9 | )% |   | $ | (183,097 | ) |   |   | (36.5 | )% |

----

Table of Contents

|                                    |   |                               |    |
|-----------------------------------------|--------|------------------------------------|---------|
|                                    |   | For      the Years Ended March 31, |    |
|                                    |   | 2008                               |    |   | 2007 |   |
|                                    |   |                               |    |   | Change |   |   |   |   |   | Change |   |
| Compensation      and Benefits          |   | $                                  | 113,544 |   |   |   | (28.5 | )% |   | $ | 158,723 |   |   |   | (28.8 | )% |
| Professional      Services              |   |                               | 21,876  |   |   |   | 8.5 | % |   |   | 20,170 |   |   |   | (18.0 | )% |
| Rent      and Utilities                 |   |                               | 6,667   |   |   |   | (1.9 | )% |   |   | 6,795 |   |   |   | (0.9 | )% |
| Travel                                  |   |                               | 5,230   |   |   |   | (23.4 | )% |   |   | 6,828 |   |   |   | (30.3 | )% |
| Other                                   |   |                               | 6,991   |   |   |   | (200.9 | )% |   |   | (6,931 | ) |   |   | (146.0 | )% |
| General      and Administrative Expense |   | $                                  | 154,308 |   |   |   | (16.9 | )% |   | $ | 185,585 |   |   |   | (33.5 | )% |

|                      |   |                               |   |
|---------------------------|--------|------------------------------------|--------|
|                      |   | For      the Years Ended March 31, |   |
|                      |   | 2008                               |   |   | 2007 |   |
|                      |   |                               |   |   |   |   |
| Revenues                  |   | $                                  | -      |   |   | $ | 2,108,620 |   |
| Operating      Earnings   |   | $                                  | -      |   |   | $ | 27,062 |   |
| Pre-tax      Gain on Sale |   | $                                  | 8,341  |   |   | $ | 344,752 |   |

----

Table of Contents

|                |   |                               |    |
|---------------------|--------|------------------------------------|---------|
|                |   | For      the Years Ended March 31, |    |
|                |   | 2008                               |    |   | 2007 |   |
|                |   |                               |    |   |   |   |
| Revenues            |   | $                                  | 130,118 |   |   | $ | 126,966 |   |
| Operating      Loss |   | $                                  | (1,876  | ) |   | $ | (4,013 | ) |

|                                           |   |                               |      |
|------------------------------------------------|--------|------------------------------------|-----------|
|                                           |   | For      the Years Ended March 31, |      |
|                                           |   | 2009                               |      |   | 2008 |   |   | 2007 |   |
| Net      Cash Provided  by (Used in) |   |                               |      |   |   |   |   |   |   |
| Operating      Activities                      |   | $                                  | 1,381,404 |   |   | $ | 1,473,183 |   |   | $ | 939,997 |   |
| Investing      Activities                      |   |                               | 198,647   |   |   |   | 32,602 |   |   |   | 87,485 |   |
| Financing      Activities                      |   |                               | (802,333  | ) |   |   | (1,801,701 | ) |   |   | (192,683 | ) |
| Net      Increase (Decrease) in Cash           |   | $                                  | 777,718   |   |   | $ | (295,916 | ) |   | $ | 834,799 |   |

----

Table of Contents

|                             |   |                        |
|----------------------------------|--------|-----------------------------|
|                             |   | Payments      Due by Period |
|                             |   | Less      Than 1 Year       |   |   | 1 –      3Years |   |   | 3 –      5Years |   |   | More      Than 5 Years |   |   | Total |
|                             |   |                        |   |   |   |   |   |   |   |   |   |   |   |   |
| Senior      Notes and Other Debt |   | $                           | 391,829 |   |   | $ | 1,308,375 |   |   | $ | 773,955 |   |   | $ | 1,374,189 |   |   | $ | 3,848,348 |
| Operating      Leases            |   |                        | 44,518 |   |   |   | 61,134 |   |   |   | 27,365 |   |   |   | 11,639 |   |   |   | 144,656 |
| Joint      Venture Obligations   |   |                        | 120,246 |   |   |   | 4,357 |   |   |   | - |   |   |   | - |   |   |   | 124,603 |
| Purchase      Obligations        |   |                        | 1,116 |   |   |   | 837 |   |   |   | 2,036 |   |   |   | - |   |   |   | 3,989 |
|                             |   | $                           | 557,709 |   |   | $ | 1,374,703 |   |   | $ | 803,356 |   |   | $ | 1,385,828 |   |   | $ | 4,121,596 |

----

Table of Contents

|                                              |   |                   |    |
|---------------------------------------------------|--------|------------------------|---------|
|                                              |   | As      of March 31,   |    |
|                                              |   | 2009                   |    |   | 2008 |   |
|                                              |   | Credit      Facilities |    |   | Available      Capacity |   |   | Credit      Facilities |   |   | Available      Capacity |   |
| Multi-Bank      Revolving Credit Facility         |   |                   |    |   |   |   |   |   |   |   |   |   |
| Revolving Credit and Letters of      Credit       |   | $                      | 500,000 |   |   | $ | 193,156 |   |   | $ | 1,350,000 |   |   | $ | 335,650 |   |
| Financial      Services Secured Credit Facilities |   |                   | 250,000 |   |   |   | 130,948 |   |   |   | 605,000 |   |   |   | 267,947 |   |
|                                              |   |                   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                              |   | $                      | 750,000 |   |   | $ | 324,104 |   |   | $ | 1,955,000 |   |   | $ | 603,597 |   |

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|                                                                                 |   |   |      |
|--------------------------------------------------------------------------------------|--------|--------|-----------|
| Senior      Notes, weighted-average 6.04%, due through 2017                          |   | $      | 3,102,788 |   |
| Land      Acquisition Notes and Other, weighted-average 7.01%, due through      2018 |   |   | 2,084     |   |
|                                                                                 |   |   | 3,104,872 |   |
| Financial      Services Mortgage Warehouse Facilities, weighted-average    2.72%     |   |   | 119,052   |   |
|                                                                                 |   | $      | 3,223,924 |   |

|                               |   |                 |    |   |              |    |
|------------------------------------|--------|----------------------|---------|--------|-------------------|---------|
|                               |   | Required      Level  |    |   | Actual      Level |    |
|                               |   |                 |    |   |              |    |
| Leverage      Ratio                |   | ≤      65.0    | %       |   |              | 62.1    | % |
| Excess      Tangible Net Worth     |   | Greater      than $0 |    |   | $                 | 347,811 |   |
| Excess      Borrowing Base         |   | Greater      than $0 |    |   | $                 | 257,936 |   |
| Liquidity      Reserve Deposit (1) |   | $                    | 354,871 |   |              | $       | 354,871 |   |
|                               |   |                 |    |   |              |    |   |   |

| (1)   | In      May 2009, in accordance with the terms of our credit facility, we      increased the deposit to $403.5 million in order to maintain compliance      with the liquidity reserverequirement. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                            |   |                   |   |
|---------------------------------|--------|------------------------|--------|
|                            |   | As      of March 31,   |   |
|                            |   | 2009                   |   |   | 2008 |   |
|                            |   | Number      of JVs (1) |   |   | Investments |   |   | Centex’s      Share of Debt (2) |   |   | Number      of JVs (1) |   |   | Investments |   |   | Centex’s      Share of Debt (2) |   |
|                            |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Unleveraged      Joint Ventures |   |                   | 29     |   |   | $ | 133,149 |   |   | $ | - |   |   |   | 29 |   |   | $ | 70,043 |   |   | $ | - |   |
| Joint      Ventures with Debt:  |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Limited    Maintenance          |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Guarantee (3)      (4)          |   |                   | -      |   |   |   | - |   |   |   | - |   |   |   | 1 |   |   |   | 43,311 |   |   |   | 27,500 |   |
| Repayment Guarantee (5)         |   |                   | 1      |   |   |   | 836 |   |   |   | 4,357 |   |   |   | 3 |   |   |   | 3,154 |   |   |   | 13,692 |   |
| Completion Guarantee (4)        |   |                   | 3      |   |   |   | 2,519 |   |   |   | 84,861 |   |   |   | 8 |   |   |   | 78,274 |   |   |   | 133,935 |   |
|                            |   |                   | 33     |   |   |   | 136,504 |   |   |   | 89,218 |   |   |   | 41 |   |   |   | 194,782 |   |   |   | 175,127 |   |
| No Recourse or      Guarantee   |   |                   | 4      |   |   |   | - |   |   |   | 35,385 |   |   |   | 1 |   |   |   | 12,040 |   |   |   | 24,000 |   |
|                            |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                            |   |                   | 37     |   |   | $ | 136,504 |   |   | $ | 124,603 |   |   |   | 42 |   |   | $ | 206,822 |   |   | $ | 199,127 |   |
|                            |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

| (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 22 and 23 of the active joint ventures as of March 31,      2009 and 2008, respectively.  The number of joint ventures      includes 13 and 17 joint ventures as of March 31, 2009 and 2008,      respectively, for which substantially all 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      March 31, 2009 do not include $39.0 million in debt-related and other      joint venture obligations recorded as accrued liabilities in our      Consolidated Balance Sheets. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3)   | We      guaranteed that a joint venture would maintain a specified loan to value      ratio.  We contributed additional capital in order to maintain      this joint venture’s loan to valuerequirements. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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 ourpartners. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5)   | 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. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   |                                            |   |                      |   |   |        |   |   |        |   |
|--------|-------------------------------------------------|--------|---------------------------|--------|--------|-------------|--------|--------|--------|--------|
|   |        For      the Years Ending March 31, |   | Subject      toGuarantees |   |   | Nonrecourse |   |   | Total  |   |
|   |                                            |   |                      |   |   |        |   |   |   |   |
|   | 2010                                            |   | $                         | 84,861 |   |        | $      | 35,385 |   |   | $ | 120,246 |   |
|   | 2011                                            |   |                      | 4,357  |   |        |   | -      |   |   |   | 4,357 |   |
|   |                                            |   | $                         | 89,218 |   |        | $      | 35,385 |   |   | $ | 124,603 |   |

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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.                        |

|   | ●   | 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 7A. | QUANTITATIVE      AND QUALITATIVE DISCLOSURES ABOUT MARKETRISK |
|----------|----------------------------------------------------------------|

|                        |   |                              |    |   |   |   |    |   |   |   |    |   |
|-----------------------------|--------|-----------------------------------|---------|--------|--------|--------|---------|--------|--------|--------|---------|--------|
|                        |   | Maturities      through March 31, |    |   |   |   |    |   |   |   |    |   |
| At      March 31, 2009 |   | 2010                              |    |   | 2011   |   |    | 2012   |   |   | 2013    |   |   | 2014 |   |   | Thereafter |   |   | Total |   |   | Fair      Value |   |
|                        |   |                              |    |   |   |   |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fixed-Rate      Debt        |   | $                                 | 211,021 |   |   | $      | 693,860 |   |   | $      | 324,497 |   |   | $ | 295,136 |   |   | $ | 300,150 |   |   | $ | 1,280,208 |   |   | $ | 3,104,872 |   |   | $ | 2,605,917 |   |
| Average      Interest Rate  |   |                              | 5.80    | %      |   |   | 6.43    | %      |   |   | 7.50    | %      |   |   | 5.45 | % |   |   | 5.13 | % |   |   | 5.84 | % |   |   | 6.04 | % |   |   |   |   |

|                       |   |                              |    |   |   |   |    |   |   |   |    |   |
|----------------------------|--------|-----------------------------------|---------|--------|--------|--------|---------|--------|--------|--------|---------|--------|
|                       |   | Maturities      through March 31, |    |   |   |   |    |   |   |   |    |   |
| At      March 31, 2008     |   | 2009                              |    |   | 2010   |   |    | 2011   |   |   | 2012    |   |   | 2013 |   |   | Thereafter |   |   | Total |   |   | Fair      Value |   |
|                       |   |                              |    |   |   |   |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fixed-Rate      Debt       |   | $                                 | 151,091 |   |   | $      | 225,101 |   |   | $      | 700,104 |   |   | $ | 349,321 |   |   | $ | 315,135 |   |   | $ | 1,580,365 |   |   | $ | 3,321,117 |   |   | $ | 2,871,378 |   |
| Average      Interest Rate |   |                              | 4.90    | %      |   |   | 5.80    | %      |   |   | 6.45    | %      |   |   | 7.50 | % |   |   | 5.45 | % |   |   | 5.71 | % |   |   | 6.00 | % |   |   |   |   |
|                       |   |                              |    |   |   |   |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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| ITEM 8. | FINANCIAL      STATEMENTS AND SUPPLEMENTARYDATA |
|---------|-------------------------------------------------|

|   | Financial      Information                                   |   | Page   |
|--------|--------------------------------------------------------------|--------|--------|
|   |                                                         |   |   |
|   | Statements of Consolidated    Operations                     |   | 61     |
|   |                                                         |   |   |
|   | Consolidated Balance Sheets                                  |   | 62     |
|   |                                                         |   |   |
|   | Statements of Consolidated Cash      Flows                   |   | 63     |
|   |                                                         |   |   |
|   | Statements of Consolidated Stockholders’      Equity   |   | 64     |
|   |                                                         |   |   |
|   | Notes to Consolidated Financial      Statements              |   | 66     |
|   |                                                         |   |   |
|   | Report of Independent Registered Public Accounting      Firm |   | 102    |
|   |                                                         |   |   |
|   | Quarterly Results (Unaudited)                                |   | 103    |
|   |                                                         |   |   |
|   |                                                         |   |   |

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Statements of Consolidated Operations

|                                                   |   |                               |        |
|--------------------------------------------------------|--------|------------------------------------|-------------|
|                                                   |   | For      the Years Ended March 31, |        |
|                                                   |   | 2009                               |        |   | 2008 |   |   | 2007 |   |
| Revenues                                               |   |                               |        |   |   |   |   |   |   |
| Home Building:                                         |   |                               |        |   |   |   |   |   |   |
| Housing                                                |   | $                                  | 3,578,182   |   |   | $ | 7,529,191 |   |   | $ | 11,014,975 |   |
| Land Sales and    Other                                |   |                               | 58,348      |   |   |   | 436,423 |   |   |   | 399,852 |   |
|                                                   |   |                               | 3,636,530   |   |   |   | 7,965,614 |   |   |   | 11,414,827 |   |
| FinancialServices                                      |   |                               | 190,000     |   |   |   | 309,948 |   |   |   | 468,001 |   |
| Other                                                  |   |                               | -           |   |   |   | - |   |   |   | 4,773 |   |
|                                                   |   |                               | 3,826,530   |   |   |   | 8,275,562 |   |   |   | 11,887,601 |   |
| Cost      of Revenues                                  |   |                               |        |   |   |   |   |   |   |   |   |   |
| Home Building:                                         |   |                               |        |   |   |   |   |   |   |   |   |   |
| Housing                                                |   |                               | 3,124,648   |   |   |   | 6,539,544 |   |   |   | 8,599,465 |   |
| Land Sales and    Other                                |   |                               | 1,013,358   |   |   |   | 2,721,219 |   |   |   | 1,044,455 |   |
| Goodwill    Impairment                                 |   |                               | 38,101      |   |   |   | 78,236 |   |   |   | - |   |
|                                                   |   |                               | 4,176,107   |   |   |   | 9,338,999 |   |   |   | 9,643,920 |   |
| FinancialServices                                      |   |                               | 13,769      |   |   |   | 56,608 |   |   |   | 92,407 |   |
|                                                   |   |                               | 4,189,876   |   |   |   | 9,395,607 |   |   |   | 9,736,327 |   |
|                                                   |   |                               |        |   |   |   |   |   |   |   |   |   |
| Selling,      General and Administrative Expenses      |   |                               | 984,795     |   |   |   | 1,657,442 |   |   |   | 2,001,935 |   |
|                                                   |   |                               |        |   |   |   |   |   |   |   |   |   |
| Loss      from Unconsolidated Entities                 |   |                               | 159,449     |   |   |   | 128,902 |   |   |   | 73,782 |   |
|                                                   |   |                               |        |   |   |   |   |   |   |   |   |   |
| Interest      Expense                                  |   |                               | 52,716      |   |   |   | 8,642 |   |   |   | - |   |
|                                                   |   |                               |        |   |   |   |   |   |   |   |   |   |
| Interest      and Other Income                         |   |                               | 33,535      |   |   |   | 39,873 |   |   |   | 31,229 |   |
|                                                   |   |                               |        |   |   |   |   |   |   |   |   |   |
| Earnings      (Loss) from Continuing Operations        |   |                               |        |   |   |   |   |   |   |   |   |   |
| Before Income    Taxes                                 |   |                               | (1,526,771  | ) |   |   | (2,875,158 | ) |   |   | 106,786 |   |
| Income Tax (Benefit)      Provision                    |   |                               | (86,620     | ) |   |   | (214,190 | ) |   |   | 116,263 |   |
|                                                   |   |                               |        |   |   |   |   |   |   |   |   |   |
| Loss      from Continuing Operations                   |   |                               | (1,440,151  | ) |   |   | (2,660,968 | ) |   |   | (9,477 | ) |
| Earnings from Discontinued      Operations, net of Tax |   |                               |        |   |   |   |   |   |   |   |   |   |
| Provision of $40,247, $2,979 and      $171,023         |   |                               | 51,397      |   |   |   | 3,486 |   |   |   | 277,843 |   |
|                                                   |   |                               |        |   |   |   |   |   |   |   |   |   |
| Net      Earnings (Loss)                               |   | $                                  | (1,388,754  | ) |   | $ | (2,657,482 | ) |   | $ | 268,366 |   |
|                                                   |   |                               |        |   |   |   |   |   |   |   |   |   |
| Basic      and Diluted Earnings (Loss) Per Share       |   |                               |        |   |   |   |   |   |   |   |   |   |
| Continuing    Operations                               |   | $                                  | (11.58      | ) |   | $ | (21.71 | ) |   | $ | (0.08 | ) |
| Discontinued      Operations                           |   |                               | 0.41        |   |   |   | 0.03 |   |   |   | 2.31 |   |
|                                                   |   | $                                  | (11.17      | ) |   | $ | (21.68 | ) |   | $ | 2.23 |   |
| Average      Shares Outstanding                        |   |                               |        |   |   |   |   |   |   |   |   |   |
| Basic and Diluted                                      |   |                               | 124,308,846 |   |   |   | 122,577,071 |   |   |   | 120,537,235 |   |
|                                                   |   |                               |        |   |   |   |   |   |   |   |   |   |
| Cash      Dividends Per Share                          |   | $                                  | 0.08        |   |   | $ | 0.16 |   |   | $ | 0.16 |   |
|                                                   |   |                               |        |   |   |   |   |   |   |   |   |   |

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Consolidated Balance Sheets

|                                                                |   |           |      |
|---------------------------------------------------------------------|--------|----------------|-----------|
|                                                                |   | March      31, |      |
|                                                                |   | 2009           |      |   | 2008 |   |
| Assets                                                              |   |           |      |   |   |   |
| Cash and Cash      Equivalents                                      |   | $              | 1,364,556 |   |   | $ | 586,810 |   |
| Restricted Cash                                                     |   |           | 403,992   |   |   |   | 51,440 |   |
| Receivables -                                                       |   |           |      |   |   |   |   |   |
| Mortgage Loans,    net                                              |   |           | 214,179   |   |   |   | 515,880 |   |
| Taxes, Trade and Other, including      Notes of $20,045 and $17,388 |   |           | 375,762   |   |   |   | 823,861 |   |
| Inventories -                                                       |   |           |      |   |   |   |   |   |
| Direct    Construction                                              |   |           | 898,129   |   |   |   | 1,746,016 |   |
| Land Under      Development                                         |   |           | 1,792,349 |   |   |   | 2,882,844 |   |
| Land Held for Development and      Sale                             |   |           | 470,561   |   |   |   | 558,756 |   |
| Land Held Under Option Agreements      Not Owned                    |   |           | 107,614   |   |   |   | 147,792 |   |
| Other                                                               |   |           | 21,134    |   |   |   | 27,023 |   |
| Investments in Joint      Ventures                                  |   |           | 136,504   |   |   |   | 206,822 |   |
| Property and Equipment,      net                                    |   |           | 24,813    |   |   |   | 77,931 |   |
| Other Assets -                                                      |   |           |      |   |   |   |   |   |
| Deferred Income Taxes,      net                                     |   |           | -         |   |   |   | 191,246 |   |
| Goodwill                                                            |   |           | 9,933     |   |   |   | 51,622 |   |
| Deferred Charges and Other,      net                                |   |           | 98,588    |   |   |   | 172,300 |   |
| Assets of Discontinued      Operations                              |   |           | -         |   |   |   | 96,989 |   |
|                                                                |   | $              | 5,918,114 |   |   | $ | 8,137,332 |   |
|                                                                |   |           |      |   |   |   |   |   |
| Liabilities      and Stockholders’ Equity                     |   |           |      |   |   |   |   |   |
| Accounts Payable                                                    |   | $              | 96,749    |   |   | $ | 259,170 |   |
| Accrued    Liabilities                                              |   |           | 1,618,775 |   |   |   | 1,805,519 |   |
| Senior Notes and Other      Debt                                    |   |           | 3,104,872 |   |   |   | 3,325,167 |   |
| Financial Services Mortgage      Warehouse Facilities               |   |           | 119,052   |   |   |   | 337,053 |   |
| Liabilities of Discontinued      Operations                         |   |           | -         |   |   |   | 34,001 |   |
| Commitments and      Contingencies                                  |   |           |      |   |   |   |   |   |
| MinorityInterests                                                   |   |           | 60,852    |   |   |   | 77,761 |   |
| Stockholders’ Equity      -                                   |   |           |      |   |   |   |   |   |
| Preferred Stock, Authorized      5,000,000 Shares, None Issued      |   |           | -         |   |   |   | - |   |
| Common Stock, $.25 Par Value;      Authorized 300,000,000           |   |           |      |   |   |   |   |   |
| Shares; Outstanding 124,437,033      and 123,278,881 Shares         |   |           | 31,940    |   |   |   | 31,763 |   |
| Capital in Excess of Par      Value                                 |   |           | 87,341    |   |   |   | 95,088 |   |
| Retained Earnings                                                   |   |           | 966,993   |   |   |   | 2,365,634 |   |
| Treasury Stock, at Cost;      3,323,454 and 3,774,643 Shares        |   |           | (168,460  | ) |   |   | (193,824 | ) |
| Total Stockholders’      Equity                               |   |           | 917,814   |   |   |   | 2,298,661 |   |
|                                                                |   | $              | 5,918,114 |   |   | $ | 8,137,332 |   |
|                                                                |   |           |      |   |   |   |   |   |

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Statements of Consolidated Cash Flows

|                                                                        |   |                               |       |
|-----------------------------------------------------------------------------|--------|------------------------------------|------------|
|                                                                        |   | For      the Years Ended March 31, |       |
|                                                                        |   | 2009                               |       |   | 2008 |   |   | 2007 |   |
| Cash      Flows – Operating Activities                                |   |                               |       |   |   |   |   |   |   |
| Net Earnings(Loss)                                                          |   | $                                  | (1,388,754 | ) |   | $ | (2,657,482 | ) |   | $ | 268,366 |   |
| Adjustments                                                                 |   |                               |       |   |   |   |   |   |   |   |   |   |
| Depreciation and      Amortization                                          |   |                               | 37,799     |   |   |   | 52,473 |   |   |   | 60,075 |   |
| Stock-based      Compensation                                               |   |                               | 22,610     |   |   |   | 37,761 |   |   |   | 64,850 |   |
| Provision for Losses on Mortgage      Loans                                 |   |                               | 1,723      |   |   |   | 170,365 |   |   |   | 34,321 |   |
| Impairments and Write-off of      Assets                                    |   |                               | 967,224    |   |   |   | 1,991,090 |   |   |   | 690,831 |   |
| Deferred Income Tax Provision      (Benefit)                                |   |                               | 179,388    |   |   |   | 409,765 |   |   |   | (172,235 | ) |
| Loss of Joint      Ventures                                                 |   |                               | 159,449    |   |   |   | 128,902 |   |   |   | 72,807 |   |
| Distributions of Earnings of      Joint Ventures                            |   |                               | 2,454      |   |   |   | 6,769 |   |   |   | 89,225 |   |
| Gain on Sale of      Assets                                                 |   |                               | (88,814    | ) |   |   | (20,310 | ) |   |   | (482,331 | ) |
| Changes in Assets and Liabilities,      Excluding Effect of Dispositions    |   |                               |       |   |   |   |   |   |   |   |   |   |
| Decrease in Restricted      Cash                                            |   |                               | 2,319      |   |   |   | 26,911 |   |   |   | 11,233 |   |
| Decrease (Increase) in Trade,      Notes and Other Receivables              |   |                               | 446,174    |   |   |   | (594,308 | ) |   |   | 31,529 |   |
| Decrease in Mortgage Loans Held      for Sale                               |   |                               | 224,513    |   |   |   | 899,889 |   |   |   | 509,717 |   |
| Decrease (Increase) in Direct      Construction, Land Under Development and |   |                               |       |   |   |   |   |   |   |   |   |   |
| Land Held for Development and      Sale                                     |   |                               | 1,116,487  |   |   |   | 1,460,404 |   |   |   | (478,199 | ) |
| Decrease (Increase) in Other      Inventories                               |   |                               | 28,792     |   |   |   | 26,733 |   |   |   | (3,228 | ) |
| (Decrease) Increase in Accounts      Payable and Accrued Liabilities        |   |                               | (366,405   | ) |   |   | (500,788 | ) |   |   | 210,516 |   |
| Decrease in Other Assets,      net                                          |   |                               | 36,718     |   |   |   | 34,825 |   |   |   | 33,100 |   |
| Other                                                                       |   |                               | (273       | ) |   |   | 184 |   |   |   | (580 | ) |
|                                                                        |   |                               | 1,381,404  |   |   |   | 1,473,183 |   |   |   | 939,997 |   |
| Cash      Flows – Investing Activities                                |   |                               |       |   |   |   |   |   |   |   |   |   |
| (Issuance of) Payments received on      Notes Receivable                    |   |                               | (2,189     | ) |   |   | (7,254 | ) |   |   | 21,768 |   |
| Increase in Mortgage Loans Held      for Investment                         |   |                               | -          |   |   |   | - |   |   |   | (292,448 | ) |
| Decrease (Increase) in      Construction Loans                              |   |                               | 48,025     |   |   |   | 79,521 |   |   |   | (91,722 | ) |
| Investment in and Advances to      Joint Ventures                           |   |                               | (77,433    | ) |   |   | (181,854 | ) |   |   | (268,206 | ) |
| Distributions of Capital from      Joint Ventures                           |   |                               | 15,474     |   |   |   | 126,236 |   |   |   | 158,658 |   |
| Purchases of Property and      Equipment, net                               |   |                               | (4,919     | ) |   |   | (6,638 | ) |   |   | (40,643 | ) |
| Proceeds from      Dispositions                                             |   |                               | 219,689    |   |   |   | 26,861 |   |   |   | 606,759 |   |
| Other                                                                       |   |                               | -          |   |   |   | (4,270 | ) |   |   | (6,681 | ) |
|                                                                        |   |                               | 198,647    |   |   |   | 32,602 |   |   |   | 87,485 |   |
| Cash      Flows – Financing Activities                                |   |                               |       |   |   |   |   |   |   |   |   |   |
| (Increase) Decrease in Restricted      Cash                                 |   |                               | (354,871   | ) |   |   | 68,181 |   |   |   | (53,522 | ) |
| Proceeds from Land Financing      Transaction, net                          |   |                               | -          |   |   |   | 7,483 |   |   |   | - |   |
| Net repayments of Commercial      Paper                                     |   |                               | -          |   |   |   | - |   |   |   | (125,000 | ) |
| Issuance of Senior Notes and Other      Debt                                |   |                               | 1,253      |   |   |   | 4,608 |   |   |   | 504,476 |   |
| Repayment of Senior Notes and      Other Debt                               |   |                               | (221,802   | ) |   |   | (412,743 | ) |   |   | (10,055 | ) |
| Repayment of Medium-term      Notes                                         |   |                               | -          |   |   |   | (170,000 | ) |   |   | (188,000 | ) |
| Repayment of Subordinated      Debentures                                   |   |                               | -          |   |   |   | - |   |   |   | (99,985 | ) |
| Financial Services                                                          |   |                               |       |   |   |   |   |   |   |   |   |   |
| Net (repayment) issuance of      Mortgage Warehouse Facilities              |   |                               | (218,001   | ) |   |   | (91,091 | ) |   |   | 103,158 |   |
| Net repayment of Harwood Street      Funding I, LLC Secured Liquidity Notes |   |                               | -          |   |   |   | (1,174,896 | ) |   |   | (517,333 | ) |
| Net issuance of Harwood Street      Funding II, LLC Secured Liquidity Notes |   |                               | -          |   |   |   | - |   |   |   | 192,631 |   |
| Issuance of Centex Home Equity      Company, LLC Asset-Backed Certificates  |   |                               | -          |   |   |   | - |   |   |   | 961,126 |   |
| Repayment of Centex Home Equity      Company, LLC Asset-Backed Certificates |   |                               | -          |   |   |   | - |   |   |   | (746,680 | ) |
| Repayment of Harwood Street      Funding I, LLC Subordinated Certificates   |   |                               | -          |   |   |   | (60,000 | ) |   |   | - |   |
| Proceeds from Stock Option      Exercises                                   |   |                               | 631        |   |   |   | 45,207 |   |   |   | 61,426 |   |
| Excess Tax Benefits from      Stock-Based Awards                            |   |                               | 437        |   |   |   | 1,811 |   |   |   | 15,192 |   |
| Purchases of Common Stock,      net                                         |   |                               | (93        | ) |   |   | (799 | ) |   |   | (271,022 | ) |
| Dividends Paid                                                              |   |                               | (9,887     | ) |   |   | (19,462 | ) |   |   | (19,095 | ) |
|                                                                        |   |                               | (802,333   | ) |   |   | (1,801,701 | ) |   |   | (192,683 | ) |
|                                                                        |   |                               |       |   |   |   |   |   |   |   |   |   |
| Net      Increase (Decrease) in Cash and Cash Equivalents                   |   |                               | 777,718    |   |   |   | (295,916 | ) |   |   | 834,799 |   |
| Cash      and Cash Equivalents at Beginning of Year (1)                     |   |                               | 586,838    |   |   |   | 882,754 |   |   |   | 47,955 |   |
| Cash      and Cash Equivalents at End of Year (2)                           |   | $                                  | 1,364,556  |   |   | $ | 586,838 |   |   | $ | 882,754 |   |
|                                                                        |   |                               |       |   |   |   |   |   |   |   |   |   |

| (1)   | Amount      includes cash and cash equivalents of discontinued operations of $28, $220      and $4,630 as of March 31, 2008, 2007 and 2006,    respectively. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | Amount      includes cash and cash equivalents of discontinued operations of $0, $28      and $220 as of March 31, 2009, 2008 and 2007,  respectively. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

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Statements of Consolidated Stockholders’Equity

|                                              |   |              |    |   |           |   |   |            |   |
|---------------------------------------------------|--------|-------------------|---------|--------|----------------|--------|--------|-----------------|--------|
|                                              |   |              |    |   |           |   |   | Capital      in |   |
|                                              |   | Common      Stock |    |   | Excess      of |   |
|                                              |   | Shares            |    |   | Amount         |   |   | Par      Value  |   |
|                                              |   |              |    |   |           |   |   |            |   |
| Balance,      March 31, 2006                      |   |              | 122,104 |   |           | $      | 34,132 |            |   | $ | 580,010 |   |
| Issuance of      Restricted Stock and Stock Units |   |              | 513     |   |           |   | 30     |            |   |   | (29,366 | ) |
| Stock      Compensation                           |   |              | -       |   |           |   | -      |            |   |   | 64,850 |   |
| Exercise of Stock      Options                    |   |              | 2,507   |   |           |   | 627    |            |   |   | 61,437 |   |
| Tax Benefit from      Stock-based Awards          |   |              | -       |   |           |   | -      |            |   |   | 15,192 |   |
| Cash      Dividends                               |   |              | -       |   |           |   | -      |            |   |   | - |   |
| Purchases of Common      Stock for Treasury       |   |              | (5,159  | )      |           |   | -      |            |   |   | - |   |
| Retirement of      Treasury Stock                 |   |              | -       |   |           |   | (3,750 | )               |   |   | (645,059 | ) |
| Other Stock      Transactions                     |   |              | 5       |   |           |   | 2      |            |   |   | 1,285 |   |
| Net      Earnings                                 |   |              | -       |   |           |   | -      |            |   |   | - |   |
| Unrealized Gain on      Hedging Instruments (1)   |   |              | -       |   |           |   | -      |            |   |   | - |   |
| Foreign Currency      Translation                 |   |              |    |   |           |   |   |            |   |   |   |   |
| Adjustments                                       |   |              | -       |   |           |   | -      |            |   |   | - |   |
| Comprehensive      Income                         |   |              |    |   |           |   |   |            |   |   |   |   |
| Balance,      March 31, 2007                      |   |              | 119,970 |   |           |   | 31,041 |            |   |   | 48,349 |   |
| Adoption of FIN      48                           |   |              | -       |   |           |   | -      |            |   |   | (4,898 | ) |
| Issuance of      Restricted Stock and Stock Units |   |              | 607     |   |           |   | 40     |            |   |   | (32,373 | ) |
| Stock      Compensation                           |   |              | -       |   |           |   | -      |            |   |   | 37,761 |   |
| Exercise of Stock      Options                    |   |              | 2,724   |   |           |   | 681    |            |   |   | 44,256 |   |
| Tax Benefit from      Stock-based Awards          |   |              | -       |   |           |   | -      |            |   |   | 1,811 |   |
| Cash      Dividends                               |   |              | -       |   |           |   | -      |            |   |   | - |   |
| Purchases of Common      Stock for Treasury       |   |              | (28     | )      |           |   | -      |            |   |   | - |   |
| Other Stock      Transactions                     |   |              | 6       |   |           |   | 1      |            |   |   | 182 |   |
| Net      Loss                                     |   |              | -       |   |           |   | -      |            |   |   | - |   |
| Balance,      March 31, 2008                      |   |              | 123,279 |   |           |   | 31,763 |            |   |   | 95,088 |   |
| Issuance of      Restricted Stock and Stock Units |   |              | 1,124   |   |           |   | 166    |            |   |   | (31,414 | ) |
| Stock      Compensation                           |   |              | -       |   |           |   | -      |            |   |   | 22,610 |   |
| Exercise of Stock      Options                    |   |              | 37      |   |           |   | 9      |            |   |   | 531 |   |
| Tax Benefit from      Stock-based Awards          |   |              | -       |   |           |   | -      |            |   |   | 437 |   |
| Cash      Dividends                               |   |              | -       |   |           |   | -      |            |   |   | - |   |
| Purchases of Common      Stock for Treasury       |   |              | (9      | )      |           |   | -      |            |   |   | - |   |
| Other Stock      Transactions                     |   |              | 6       |   |           |   | 2      |            |   |   | 89 |   |
| Net      Loss                                     |   |              | -       |   |           |   | -      |            |   |   | - |   |
| Balance,      March 31, 2009                      |   |              | 124,437 |   |           | $      | 31,940 |            |   | $ | 87,341 |   |

| (1)   | Amount      includes a reclassification adjustment of $15,738, net of tax, for hedging      gain included in earnings from discontinued  operations. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------|

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|             |       |   |                      |   |     |                                            |   |   |   |   |
|------------------|------------|--------|---------------------------|--------|----------|-------------------------------------------------|--------|--------|--------|--------|
| RetainedEarnings |       |   | TreasuryStockat      Cost |   |     | AccumulatedOtherComprehensiveIncome      (Loss) |   |   | Total  |   |
|             |       |   |                      |   |     |                                            |   |   |   |   |
| $                | 5,251,325  |   |                      | $      | (862,439 | )                                               |   | $      | 8,630  |   |   | $ | 5,011,658 |   |
|             | (1,926     | )      |                      |   | 18,861   |                                            |   |   | -      |   |   |   | (12,401 | ) |
|             | -          |   |                      |   | -        |                                            |   |   | -      |   |   |   | 64,850 |   |
|             | -          |   |                      |   | -        |                                            |   |   | -      |   |   |   | 62,064 |   |
|             | -          |   |                      |   | -        |                                            |   |   | -      |   |   |   | 15,192 |   |
|             | (19,095    | )      |                      |   | -        |                                            |   |   | -      |   |   |   | (19,095 | ) |
|             | -          |   |                      |   | (271,022 | )                                               |   |   | -      |   |   |   | (271,022 | ) |
|             | (247,797   | )      |                      |   | 896,606  |                                            |   |   | -      |   |   |   | - |   |
|             | -          |   |                      |   | -        |                                            |   |   | -      |   |   |   | 1,287 |   |
|             | 268,366    |   |                      |   | -        |                                            |   |   | -      |   |   |   | 268,366 |   |
|             | -          |   |                      |   | -        |                                            |   |   | (8,702 | )      |   |   | (8,702 | ) |
|             |       |   |                      |   |     |                                            |   |   |   |   |   |   |   |   |
|             | -          |   |                      |   | -        |                                            |   |   | 72     |   |   |   | 72 |   |
|             |       |   |                      |   |     |                                            |   |   |   |   |   |   | 259,736 |   |
|             | 5,250,873  |   |                      |   | (217,994 | )                                               |   |   | -      |   |   |   | 5,112,269 |   |
|             | (208,295   | )      |                      |   | -        |                                            |   |   | -      |   |   |   | (213,193 | ) |
|             | -          |   |                      |   | 24,969   |                                            |   |   | -      |   |   |   | (7,364 | ) |
|             | -          |   |                      |   | -        |                                            |   |   | -      |   |   |   | 37,761 |   |
|             | -          |   |                      |   | -        |                                            |   |   | -      |   |   |   | 44,937 |   |
|             | -          |   |                      |   | -        |                                            |   |   | -      |   |   |   | 1,811 |   |
|             | (19,462    | )      |                      |   | -        |                                            |   |   | -      |   |   |   | (19,462 | ) |
|             | -          |   |                      |   | (799     | )                                               |   |   | -      |   |   |   | (799 | ) |
|             | -          |   |                      |   | -        |                                            |   |   | -      |   |   |   | 183 |   |
|             | (2,657,482 | )      |                      |   | -        |                                            |   |   | -      |   |   |   | (2,657,482 | ) |
|             | 2,365,634  |   |                      |   | (193,824 | )                                               |   |   | -      |   |   |   | 2,298,661 |   |
|             | -          |   |                      |   | 25,457   |                                            |   |   | -      |   |   |   | (5,791 | ) |
|             | -          |   |                      |   | -        |                                            |   |   | -      |   |   |   | 22,610 |   |
|             | -          |   |                      |   | -        |                                            |   |   | -      |   |   |   | 540 |   |
|             | -          |   |                      |   | -        |                                            |   |   | -      |   |   |   | 437 |   |
|             | (9,887     | )      |                      |   | -        |                                            |   |   | -      |   |   |   | (9,887 | ) |
|             | -          |   |                      |   | (93      | )                                               |   |   | -      |   |   |   | (93 | ) |
|             | -          |   |                      |   | -        |                                            |   |   | -      |   |   |   | 91 |   |
|             | (1,388,754 | )      |                      |   | -        |                                            |   |   | -      |   |   |   | (1,388,754 | ) |
| $                | 966,993    |   |                      | $      | (168,460 | )                                               |   | $      | -      |   |   | $ | 917,814 |   |
|             |       |   |                      |   |     |                                            |   |   |   |   |   |   |   |   |

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Notes to Consolidated FinancialStatements

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|                                     |   |                               |     |
|------------------------------------------|--------|------------------------------------|----------|
|                                     |   | For      the Years Ended March 31, |     |
|                                     |   | 2009                               |     |   | 2008 |   |   | 2007 |   |
|                                     |   |                               |     |   |   |   |   |   |   |
| Total      Interest Incurred             |   | $                                  | 227,352  |   |   | $ | 285,960 |   |   | $ | 483,342 |   |
| Less      – Interest Capitalized   |   |                               | (162,589 | ) |   |   | (222,938 | ) |   |   | (284,181 | ) |
| Financial Services Interest      Expense |   |                               | (12,047  | ) |   |   | (54,380 | ) |   |   | (90,328 | ) |
| Discontinued Operations (1)              |   |                               | -        |   |   |   | - |   |   |   | (108,833 | ) |
| Interest      Expense, net               |   | $                                  | 52,716   |   |   | $ | 8,642 |   |   | $ | - |   |
| Capitalized      Interest Charged to     |   |                               |     |   |   |   |   |   |   |   |   |   |
| Home Building Cost of      Revenues      |   | $                                  | 170,162  |   |   | $ | 312,665 |   |   | $ | 237,539 |   |
|                                     |   |                               |     |   |   |   |   |   |   |   |   |   |

| (1)   | Includes      the Company’s home services operations and Home  Equity. |
|-----------------|------------------------------------------------------------------------------|

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|   | ●             | local      market housing inventory levels for both existing and new      homes,                                                                                              |
|--------|---------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | ●        | the      Company’s 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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|                                        |   |                  |   |   |           |   |   |            |     |
|---------------------------------------------|--------|-----------------------|--------|--------|----------------|--------|--------|-----------------|----------|
|                                        |   |                  |   |   | Number      of |   |   |            |     |
|                                        |   |                  |   |   | Shares         |   |   | Fair      Value |     |
| Period      of Grant                        |   | Grant      Type       |   |   | Granted        |   |   | of      Grant   |     |
|                                        |   |                  |   |   |           |   |   |            |     |
| For      the year ended March 31, 2008 |   | Stock      Options    |   |   | 646.6          |   |   | $               | 10,116.9 |   |
|                                        |   | Stock      Units      |   |   | 283.3          |   |   | $               | 11,901.2 |   |
|                                        |   | Restricted      Stock |   |   | 160.1          |   |   | $               | 5,035.0  |   |
|                                        |   |                  |   |   |           |   |   |            |     |   |
| For      the year ended March 31, 2009 |   | Stock      Options    |   |   | 1,827.0        |   |   | $               | 14,072.9 |   |
|                                        |   | Stock      Units      |   |   | 375.2          |   |   | $               | 8,265.7  |   |
|                                        |   | Restricted      Stock |   |   | 663.0          |   |   | $               | 9,699.8  |   |

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|                                  |   |                               |     |
|---------------------------------------|--------|------------------------------------|----------|
|                                  |   | For      the Years Ended March 31, |     |
|                                  |   | 2009                               |     |   | 2008 |   |   | 2007 |   |
|                                  |   |                               |     |   |   |   |   |   |   |
| Cash      Paid for Interest (1)       |   | $                                  | 205,157  |   |   | $ | 280,649 |   |   | $ | 469,133 |   |
| Net      Cash (Refund) Paid for Taxes |   | $                                  | (708,545 | ) |   | $ | 164,037 |   |   | $ | 325,224 |   |
|                                  |   |                               |     |   |   |   |   |   |   |   |   |   |

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

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|                              |   |                |    |
|-----------------------------------|--------|---------------------|---------|
|                              |   | As      of          |    |
|                              |   | March      31, 2009 |    |   | March      31, 2008 |   |
|                              |   | Gross               |    |   | Allowance |   |   | Net |   |   | Gross |   |   | Allowance |   |   | Net |   |
|                              |   |                |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Mortgage      Loans Held for Sale |   | $                   | 153,416 |   |   | $ | (837 | ) |   | $ | 152,579 |   |   | $ | 388,385 |   |   | $ | (4,092 | ) |   | $ | 384,293 |   |
| Other      Mortgage Loans         |   |                | 148,683 |   |   |   | (87,083 | ) |   |   | 61,600 |   |   |   | 283,191 |   |   |   | (151,604 | ) |   |   | 131,587 |   |
| Mortgage      Loans Receivable    |   | $                   | 302,099 |   |   | $ | (87,920 | ) |   | $ | 214,179 |   |   | $ | 671,576 |   |   | $ | (155,696 | ) |   | $ | 515,880 |   |

|                                |   |                |    |   |                |   |
|-------------------------------------|--------|---------------------|---------|--------|---------------------|--------|
|                                |   | March      31, 2009 |    |   | March      31, 2008 |   |
|                                |   |                |    |   |                |   |
| Balance      at Beginning of Period |   | $                   | 155,696 |   |                | $      | 14,878 |   |
| Provision      for Losses           |   |                | 1,723   |   |                |   | 170,365 |   |
| Charge-offs/Recoveries              |   |                | (69,499 | )      |                |   | (29,547 | ) |
|                                |   |                |    |   |                |   |   |   |
| Balance      at End of Period       |   | $                   | 87,920  |   |                | $      | 155,696 |   |

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|                                                                  |   |                |    |
|-----------------------------------------------------------------------|--------|---------------------|---------|
|                                                                  |   | As      of          |    |
|                                                                  |   | March      31, 2009 |    |   | March      31, 2008 |   |
|                                                                  |   |                |    |   |   |   |
| Number      of Land Option Agreements                                 |   |                | 55      |   |   |   | 145 |   |
|                                                                  |   |                |    |   |   |   |   |   |
| Total      Cash Deposits in Inventory                                 |   | $                   | 25,684  |   |   | $ | 53,941 |   |
| Letters      of Credit                                                |   |                | 747     |   |   |   | 943 |   |
| Total      Invested through Deposits or Secured with Letters ofCredit |   | $                   | 26,431  |   |   | $ | 54,884 |   |
|                                                                  |   |                |    |   |   |   |   |   |
| Total      Purchase Price of Land Option Agreements                   |   | $                   | 476,974 |   |   | $ | 1,131,976 |   |

|                                   |   |                                    |    |   |                                             |   |
|----------------------------------------|--------|-----------------------------------------|---------|--------|--------------------------------------------------|--------|
|                                   |   | As      of March 31, 2009               |    |   | As      of March 31, 2008                        |   |
|                                   |   | 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                     |   | $                                       | 6,397   |   |                                             | $      | 19,287 |   |   | $ | 20,711 |   |   | $ | 33,230 |   |
| Pre-acquisition      Development Costs |   |                                    | 1,687   |   |                                             |   | 4,700 |   |   |   | 10,810 |   |   |   | 1,084 |   |
| Remaining      Purchase Price of Land  |   |                                    |    |   |                                             |   |   |   |   |   |   |   |   |   |   |   |
| Options Recorded Pursuant      to:     |   |                                    |    |   |                                             |   |   |   |   |   |   |   |   |   |   |   |
| FIN 46 (1)                             |   |                                    | -       |   |                                             |   | 64,231 |   |   |   | - |   |   |   | 75,344 |   |
| SFAS 49 (2)                            |   |                                    | -       |   |                                             |   | 19,396 |   |   |   | - |   |   |   | 38,134 |   |
| Owned      Land Held for Development   |   |                                    |    |   |                                             |   |   |   |   |   |   |   |   |   |   |   |
| and Sale (3)                           |   |                                    | 462,477 |   |                                             |   | - |   |   |   | 527,235 |   |   |   | - |   |
|                                   |   | $                                       | 470,561 |   |                                             | $      | 107,614 |   |   | $ | 558,756 |   |   | $ | 147,792 |   |

| (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 minority interests.  At March 31, 2009, nine land option      agreements were consolidated pursuant to  FIN 46. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | As      of March 31, 2009, the Company recorded three land option agreements      as financing arrangements pursuant to the provisions of      SFAS 49.  The remaining obligation under such financing      arrangements is recorded in accruedliabilities. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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 oneyear. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Table of Contents

|                                                                   |   |                 |     |
|------------------------------------------------------------------------|--------|----------------------|----------|
|                                                                   |   | As      of March 31, |     |
|                                                                   |   | 2009                 |     |   | 2008 |   |
|                                                                   |   |                 |     |   |   |   |
|     Land,      Buildings and Improvements          |   | $                    | 34,926   |   |   | $ | 70,554 |   |
|     Machinery,      Equipment and Other            |   |                 | 126,280  |   |   |   | 210,691 |   |
|                                                                   |   |                 | 161,206  |   |   |   | 281,245 |   |
|     Accumulated      Depreciation and Amortization |   |                 | (136,393 | ) |   |   | (203,314 | ) |
|                                                                   |   | $                    | 24,813   |   |   | $ | 77,931 |   |

|                   |   |                          |   |   |             |   |   |                |   |   |                          |   |
|------------------------|--------|-------------------------------|--------|--------|------------------|--------|--------|---------------------|--------|--------|-------------------------------|--------|
|                   |   | As      ofMarch      31, 2008 |   |   | GoodwillDisposed |   |   | GoodwillImpairments |   |   | As      ofMarch      31, 2009 |   |
| Home Building          |   |                          |   |   |             |   |   |                |   |   |                          |   |
| East                   |   | $                             | 30,594 |   |             | $      | -      |                |   | $      | (30,594                       | )      |   | $ | - |   |
| Central                |   |                          | 9,671  |   |             |   | -      |                |   |   | (5,102                        | )      |   |   | 4,569 |   |
| West                   |   |                          | 2,405  |   |             |   | -      |                |   |   | (2,405                        | )      |   |   | - |   |
| Other    homebuilding  |   |                          | -      |   |             |   | -      |                |   |   | -                             |   |   |   | - |   |
| Total Home    Building |   |                          | 42,670 |   |             |   | -      |                |   |   | (38,101                       | )      |   |   | 4,569 |   |
| Financial    Services  |   |                          | 8,952  |   |             |   | (3,588 | )(1)                |   |   | -                             |   |   |   | 5,364 |   |
| Total                  |   | $                             | 51,622 |   |             | $      | (3,588 | )                   |   | $      | (38,101                       | )      |   | $ | 9,933 |   |
|                   |   |                          |   |   |             |   |   |                |   |   |                          |   |   |   |   |   |

| (1)   | Represents      disposal of goodwill related to the sale of Westwood Insurance      Agency. |
|-----------------|---------------------------------------------------------------------------------------------|

|                   |   |                          |    |   |             |   |   |                |   |   |                          |   |
|------------------------|--------|-------------------------------|---------|--------|------------------|--------|--------|---------------------|--------|--------|-------------------------------|--------|
|                   |   | As      ofMarch      31, 2007 |    |   | GoodwillDisposed |   |   | GoodwillImpairments |   |   | As      ofMarch      31, 2008 |   |
| Home Building          |   |                          |    |   |             |   |   |                |   |   |                          |   |
| East                   |   | $                             | 55,355  |   |             | $      | -      |                |   | $      | (24,761                       | )      |   | $ | 30,594 |   |
| Central                |   |                          | 19,975  |   |             |   | (595   | )                   |   |   | (9,709                        | )      |   |   | 9,671 |   |
| West                   |   |                          | 46,171  |   |             |   | -      |                |   |   | (43,766                       | )      |   |   | 2,405 |   |
| Other    homebuilding  |   |                          | -       |   |             |   | -      |                |   |   | -                             |   |   |   | - |   |
| Total Home    Building |   |                          | 121,501 |   |             |   | (595   | )                   |   |   | (78,236                       | )      |   |   | 42,670 |   |
| Financial    Services  |   |                          | 8,952   |   |             |   | -      |                |   |   | -                             |   |   |   | 8,952 |   |
| Total                  |   | $                             | 130,453 |   |             | $      | (595   | )                   |   | $      | (78,236                       | )      |   | $ | 51,622 |   |

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Table of Contents

|                                                                |   |                |      |
|---------------------------------------------------------------------|--------|---------------------|-----------|
|                                                                |   | As      of          |      |
|                                                                |   | March      31, 2009 |      |   | March      31, 2008 |   |
| Senior      Notes (unsecured):                                      |   |                |      |   |   |   |
| Senior Notes due August 2008 at      4.875%                         |   | $                   | -         |   |   | $ | 150,000 |   |
| Senior Notes due September 2009      at 5.8%                        |   |                | 210,920   |   |   |   | 225,000 |   |
| Senior Notes due November 2010      at 4.55%                        |   |                | 300,000   |   |   |   | 300,000 |   |
| Senior Notes due February 2011      at 7.875%                       |   |                | 392,495   |   |   |   | 399,992 |   |
| Senior Notes due January 2012      at 7.5%                          |   |                | 324,373   |   |   |   | 349,198 |   |
| Senior Notes due August 2012 at      5.45%                          |   |                | 295,000   |   |   |   | 315,000 |   |
| 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)      |   |                | 2,084     |   |   |   | 5,977 |   |
|                                                                |   |                |      |   |   |   |   |   |
| Total      Senior Notes and Other                                   |   |                | 3,104,872 |   |   |   | 3,325,167 |   |
|                                                                |   |                |      |   |   |   |   |   |
| Financial      Services Mortgage Warehouse Facilities (secured) (2) |   |                | 119,052   |   |   |   | 337,053 |   |
|                                                                |   |                |      |   |   |   |   |   |
| Total      Debt                                                     |   | $                   | 3,223,924 |   |   | $ | 3,662,220 |   |
|                                                                |   |                |      |   |   |   |   |   |

| (1)   | Weighted-average      interest rates of 7.01% and 6.45% at March 31, 2009 and      March 31, 2008,respectively. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------|

| (2)   | Weighted-average      interest rates of 2.72% and 3.63% at March 31, 2009 and March 31,      2008, respectively. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------|

|                                             |   |                               |   |
|--------------------------------------------------|--------|------------------------------------|--------|
|                                             |   | For      the Years Ended March 31, |   |
|                                             |   | 2009                               |   |   | 2008 |   |   | 2007 |   |
| Centex:                                          |   |                               |   |   |   |   |   |   |   |
| Senior Notes                                     |   |                               | 6.02   | % |   |   | 5.90 | % |   |   | 5.89 | % |
| Land Acquisition Notes and      Other            |   |                               | 8.49   | % |   |   | 7.05 | % |   |   | 5.59 | % |
| Medium-term Note      Programs                   |   |                               | -      |   |   |   | 5.68 | % |   |   | 6.00 | % |
|                                             |   |                               |   |   |   |   |   |   |   |   |   |   |
| Financial      Services:                         |   |                               |   |   |   |   |   |   |   |   |   |   |
| Mortgage Warehouse      Facilities               |   |                               | 5.35   | % |   |   | 5.97 | % |   |   | 5.59 | % |
| Harwood Street Funding I, LLC      Variable-Rate |   |                               |   |   |   |   |   |   |   |   |   |   |
| Subordinated Extendable      Certificates        |   |                               | -      |   |   |   | 7.42 | % |   |   | 7.34 | % |

|   |       |   |                                       |      |
|--------|------------|--------|--------------------------------------------|-----------|
|   |       |   | For      the Fiscal Years Ending March 31, |      |
|   |       |   |                                       |
|   | 2010       |   | $                                          | 211,021   |   |
|   | 2011       |   |                                       | 693,860   |   |
|   | 2012       |   |                                       | 324,497   |   |
|   | 2013       |   |                                       | 295,136   |   |
|   | 2014       |   |                                       | 300,150   |   |
|   | Thereafter |   |                                       | 1,280,208 |   |
|   |       |   | $                                          | 3,104,872 |   |

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Table of Contents

|                                              |   |                   |    |   |                    |   |
|---------------------------------------------------|--------|------------------------|---------|--------|-------------------------|--------|
|                                              |   | Credit      Facilities |    |   | Available      Capacity |   |
| Multi-Bank      Revolving Credit Facility         |   |                   |    |   |                    |   |
| Revolving Credit and Letters of      Credit       |   | $                      | 500,000 |   |                    | $      | 193,156 |   |
| Financial      Services Secured Credit Facilities |   |                   | 250,000 |   |                    |   | 130,948 |   |
|                                              |   |                   |    |   |                    |   |   |   |
|                                              |   | $                      | 750,000 |   |                    | $      | 324,104 |   |

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----

Table of Contents

|                                            |   |                   |    |
|-------------------------------------------------|--------|------------------------|---------|
|                                            |   | As      of March 31,   |    |
|                                            |   | 2009                   |    |   | 2008 |   |
|                                            |   | Number      of JVs (1) |    |   | Investments |   |   | Centex’s      Share of Debt (2) |   |   | Number      of JVs (1) |   |   | Investments |   |   | Centex’s      Share of Debt (2) |   |
|                                            |   |                   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Unleveraged      Joint Ventures                 |   |                   | 29      |   |   | $ | 133,149 |   |   | $ | - |   |   |   | 29 |   |   | $ | 70,043 |   |   | $ | - |   |
| Joint      Ventures with Debt:                  |   |                   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Limited Maintenance Guarantee      (3)      (4) |   |                   |  - |   |   |   | - |   |   |   | - |   |   |   | 1 |   |   |   | 43,311 |   |   |   | 27,500 |   |
| Repayment Guarantee (5)                         |   |                   | 1       |   |   |   | 836 |   |   |   | 4,357 |   |   |   | 3 |   |   |   | 3,154 |   |   |   | 13,692 |   |
| Completion Guarantee (4)                        |   |                   | 3       |   |   |   | 2,519 |   |   |   | 84,861 |   |   |   | 8 |   |   |   | 78,274 |   |   |   | 133,935 |   |
|                                            |   |                   | 33      |   |   |   | 136,504 |   |   |   | 89,218 |   |   |   | 41 |   |   |   | 194,782 |   |   |   | 175,127 |   |
| No Recourse or      Guarantee                   |   |                   | 4       |   |   |   | - |   |   |   | 35,385 |   |   |   | 1 |   |   |   | 12,040 |   |   |   | 24,000 |   |
|                                            |   |                   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                            |   |                   | 37      |   |   | $ | 136,504 |   |   | $ | 124,603 |   |   |   | 42 |   |   | $ | 206,822 |   |   | $ | 199,127 |   |
|                                            |   |                   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

| (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 22 and 23 of the active joint ventures as of March      31, 2009 and 2008, respectively.  The number of joint ventures      includes 13 and 17 joint ventures as of March 31, 2009 and 2008,      respectively, for which substantially all 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 March 31, 2009 do not include $39.0 million in debt-related and      other joint venture obligations recorded by the Company as accrued      liabilities in its Consolidated BalanceSheets. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3)   | The      Company guaranteed that a joint venture would maintain a specified loan to      value ratio.  The Company contributed additional capital in      order to maintain this joint venture’s loan to value      requirements. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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’spartners. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5)   | 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. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Table of Contents

|   |                                            |   |                      |   |   |        |   |   |        |   |
|--------|-------------------------------------------------|--------|---------------------------|--------|--------|-------------|--------|--------|--------|--------|
|   |        For      the Years Ending March 31, |   | Subject      toGuarantees |   |   | Nonrecourse |   |   | Total  |   |
|   |                                            |   |                      |   |   |        |   |   |   |   |
|   | 2010                                            |   | $                         | 84,861 |   |        | $      | 35,385 |   |   | $ | 120,246 |   |
|   | 2011                                            |   |                      | 4,357  |   |        |   | -      |   |   |   | 4,357 |   |
|   |                                            |   | $                         | 89,218 |   |        | $      | 35,385 |   |   | $ | 124,603 |   |

|                             |   |                      |   |   |                      |   |
|----------------------------------|--------|---------------------------|--------|--------|---------------------------|--------|
|                             |   | As      of March 31, 2009 |   |   | As      of March 31, 2008 |   |
|                             |   | Letters      of Credit    |   |   | Surety      Bonds         |   |   | Letters      of Credit |   |   | Surety      Bonds |   |
|                             |   |                      |   |   |                      |   |   |   |   |   |   |   |
| Home      Building               |   | $                         | 85.6   |   |                      | $      | 863.3 | (1) |   | $ | 168.6 |   |   | $ | 1,527.9 |   |
| Financial      Services          |   |                      | 30.9   |   |                      |   | 7.2 |   |   |   | 35.7 |   |   |   | 12.3 |   |
| Other                            |   |                      | 158.1  |   |                      |   | 0.2 |   |   |   | 167.0 |   |   |   | 0.2 |   |
| Discontinued      Operations (2) |   |                      | 33.1   |   |                      |   | 1,583.7 |   |   |   | 35.3 |   |   |   | 3,093.9 |   |
|                             |   | $                         | 307.7  |   |                      | $      | 2,454.4 |   |   | $ | 406.6 |   |   | $ | 4,634.3 |   |
|                             |   |                      |   |   |                      |   |   |   |   |   |   |   |   |   |   |   |

| (1)   |  The Company estimates that $339.4      million of work remains to be performed on these projects as of March 31,      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      $1.58 billion at March 31, 2009, although the risk of liability with      respect to these surety bonds declines as the relevant construction      projects are performed. At March 31, 2009, the Company estimates that      $211.1 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 such surety bond obligations, including amounts drawn under      any such letter of credit.  The Company has 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 March 31, 2009 and will remain at $400.0      million until termination in2016. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Table of Contents

|                                                 |   |                               |    |
|------------------------------------------------------|--------|------------------------------------|---------|
|                                                 |   | For      the Years Ended March 31, |    |
|                                                 |   | 2009                               |    |   | 2008 |   |   | 2007 |   |
|                                                 |   |                               |    |   |   |   |   |   |   |
| Balance      at Beginning of Period                  |   | $                                  | 29,155  |   |   | $ | 44,293 |   |   | $ | 47,199 |   |
| Warranties      Issued                               |   |                               | 15,201  |   |   |   | 27,858 |   |   |   | 42,422 |   |
| Settlements      Made                                |   |                               | (17,251 | ) |   |   | (40,915 | ) |   |   | (45,228 | ) |
| Change      in Liability of Pre-Existing Warranties, |   |                               |    |   |   |   |   |   |   |   |   |   |
| Including      Expirations                           |   |                               | (13,555 | ) |   |   | (2,081 | ) |   |   | (100 | ) |
| Balance      at End of Period                        |   | $                                  | 13,550  |   |   | $ | 29,155 |   |   | $ | 44,293 |   |

|                                  |   |                               |   |
|---------------------------------------|--------|------------------------------------|--------|
|                                  |   | For      the Years Ended March 31, |   |
|                                  |   | 2009                               |   |   | 2008 |   |   | 2007 |   |
|                                  |   |                               |   |   |   |   |   |   |   |
| Balance      at Beginning of Period   |   | $                                  | 13,903 |   |   | $ | 16,863 |   |   | $ | 18,500 |   |
| Provisions      for Losses            |   |                               | 765    |   |   |   | 1,676 |   |   |   | 2,160 |   |
| Settlements                           |   |                               | (9,890 | ) |   |   | (9,251 | ) |   |   | (1,178 | ) |
| Changes      in Pre-Existing Reserves |   |                               | 24,190 |   |   |   | 4,615 |   |   |   | (2,619 | ) |
| Balance      at End of Period         |   | $                                  | 28,968 |   |   | $ | 13,903 |   |   | $ | 16,863 |   |

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Table of Contents

|   |                                          |         |   |                                   |    |   |                               |   |
|--------|-----------------------------------------------|--------------|--------|----------------------------------------|---------|--------|------------------------------------|--------|
|   |  For      the YearsEnding      March 31, |    |   | Minimum      Annual Rental Commitments |    |   | MinimumAnnual      Sublease Income |   |
|   |                                          |         |   |                                   |    |   |                               |   |
|   |  2010                                    |         |   | $                                      | 44,518  |   |                               | $      | 11,560 |   |
|   |  2011                                    |         |   |                                   | 34,692  |   |                               |   | 7,663 |   |
|   |  2012                                    |         |   |                                   | 26,442  |   |                               |   | 5,048 |   |
|   |  2013                                    |         |   |                                   | 18,674  |   |                               |   | 3,077 |   |
|   |  2014                                    |         |   |                                   | 8,691   |   |                               |   | 1,410 |   |
|   |  Thereafter                              |         |   |                                   | 11,639  |   |                               |   | 1,613 |   |
|   |                                          |         |   |                                   |    |   |                               |   |   |   |
|   |                                          |         |   | $                                      | 144,656 |   |                               | $      | 30,371 |   |

|   | ●       | 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. |

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Table of Contents

|                                  |   |         |   |   |         |   |    |         |   |   |   |   |
|---------------------------------------|--------|--------------|--------|--------|--------------|--------|---------|--------------|--------|--------|--------|--------|
|                                  |   | Level      1 |   |   | Level      2 |   |    | Level      3 |   |   | Total  |   |
| Assets                                |   |         |   |   |         |   |    |         |   |   |   |   |
| Mortgage Loans Held for      Sale     |   | $            | -      |   |         | $      | 156,747 |         |   | $      | -      |   |   | $ | 156,747 |   |
| ServicingAsset                        |   |         | -      |   |         |   | 155     |         |   |   | -      |   |   |   | 155 |   |
| Interest Rate Lock      Commitments   |   |         | -      |   |         |   | -       |         |   |   | 3,243  |   |   |   | 3,243 |   |
| Total                                 |   | $            | -      |   |         | $      | 156,902 |         |   | $      | 3,243  |   |   | $ | 160,145 |   |
|                                  |   |         |   |   |         |   |    |         |   |   |   |   |   |   |   |   |
| Liabilities                           |   |         |   |   |         |   |    |         |   |   |   |   |   |   |   |   |
| Interest Rate Swap      Agreements    |   | $            | -      |   |         | $      | 5,000   |         |   | $      | -      |   |   | $ | 5,000 |   |
| Forward Trade      Commitments        |   |         |   |   |         |   |    |         |   |   |   |   |   |   |   |   |
| (Mortgage Loans Held for      Sale)   |   |         | -      |   |         |   | 4,168   |         |   |   | -      |   |   |   | 4,168 |   |
| Forward Trade      Commitments        |   |         |   |   |         |   |    |         |   |   |   |   |   |   |   |   |
| (Interest Rate Lock      Commitments) |   |         | -      |   |         |   | 1,342   |         |   |   | -      |   |   |   | 1,342 |   |
| Total                                 |   | $            | -      |   |         | $      | 10,510  |         |   | $      | -      |   |   | $ | 10,510 |   |

|                                       |   |                                |   |
|--------------------------------------------|--------|-------------------------------------|--------|
|                                       |   | Interest      Rate Lock Commitments |   |
|                                       |   |                                |   |
| Balance      at beginning of period        |   | $                                   | 9,271  |   |
| Purchases,      issuances, and settlements |   |                                | (6,028 | ) |
| Fair      value at March 31, 2009          |   | $                                   | 3,243  |   |

|                      |   |         |   |   |         |   |   |         |   |   |   |   |
|---------------------------|--------|--------------|--------|--------|--------------|--------|--------|--------------|--------|--------|--------|--------|
|                      |   | Level      1 |   |   | Level      2 |   |   | Level      3 |   |   | Total  |   |
| Assets                    |   |         |   |   |         |   |   |         |   |   |   |   |
| Other Mortgage      Loans |   | $            | -      |   |         | $      | -      |         |   | $      | 61,600 |   |   | $ | 61,600 |   |
|                      |   |         |   |   |         |   |   |         |   |   |   |   |   |   |   |   |

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Table of Contents

|                        |   |                |      |
|-----------------------------|--------|---------------------|-----------|
|                        |   | March      31,      |      |
|                        |   | 2009                |      |   | 2008 |   |
|                        |   | Carrying      Value |      |   | Fair      Value |   |   | Carrying      Value |   |   | Fair      Value |   |
|                        |   |                |      |   |   |   |   |   |   |   |   |   |
| Financial      Assets       |   |                |      |   |   |   |   |   |   |   |   |   |
| Mortgage Loans,    net      |   | $                   | 214,179   |   |   | $ | 214,179 |   |   | $ | 515,880 |   |   | $ | 516,003 |   |
| Financial      Liabilities  |   |                |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Senior Notes and      Other |   | $                   | 3,104,872 |   |   | $ | 2,605,917 |   |   | $ | 3,321,117 |   |   | $ | 2,871,378 |   |
|                        |   |                |      |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

Table of Contents

|                                  |   |                              |   |   |                                   |   |
|---------------------------------------|--------|-----------------------------------|--------|--------|----------------------------------------|--------|
|                                  |   | As      of March 31, 2009         |   |   | As      of March 31, 2008              |   |
|                                  |   | Mortgage      Loans Held for Sale |   |   | Deferred      Charges and Other Assets |   |   | AccruedLiabilities |   |   | Mortgage      Loans Held for Sale |   |   | Deferred      Chargesand      Other Assets |   |   | Accrued      Liabilities |   |
|                                  |   |                              |   |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Derivatives      Designated as        |   |                              |   |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Hedging    Instruments                |   |                              |   |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest Rate      Contracts          |   |                              |   |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest Rate Swap      Agreements    |   | $                                 | -      |   |                                   | $      | - |   |   | $ | 5,000 |   |   | $ | - |   |   | $ | - |   |   | $ | 2,551 |   |
| Forward Trade      Commitments        |   |                              | -      |   |                                   |   | - |   |   |   | - |   |   |   | (1,489 | ) |   |   | - |   |   |   | - |   |
| Total      Derivatives Designated as  |   |                              |   |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Hedging    Instruments                |   |                              | -      |   |                                   |   | - |   |   |   | 5,000 |   |   |   | (1,489 | ) |   |   | - |   |   |   | 2,551 |   |
|                                  |   |                              |   |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Derivatives      Not Designated as    |   |                              |   |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Hedging    Instruments                |   |                              |   |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest Rate      Contracts          |   |                              |   |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest Rate Lock      Commitments   |   |                              | -      |   |                                   |   | 3,243 |   |   |   | - |   |   |   | - |   |   |   | 9,271 |   |   |   | - |   |
| Forward Trade      Commitments        |   |                              | (4,168 | )      |                                   |   | - |   |   |   | 1,342 |   |   |   | - |   |   |   | - |   |   |   | 3,191 |   |
| Total      Derivatives Not Designated |   |                              |   |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Hedging    Instruments                |   |                              | (4,168 | )      |                                   |   | 3,243 |   |   |   | 1,342 |   |   |   | - |   |   |   | 9,271 |   |   |   | 3,191 |   |
|                                  |   |                              |   |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      Derivatives                |   | $                                 | (4,168 | )      |                                   | $      | 3,243 |   |   | $ | 6,342 |   |   | $ | (1,489 | ) |   | $ | 9,271 |   |   | $ | 5,742 |   |
|                                  |   |                              |   |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

|                                                         |   |                                           |    |
|--------------------------------------------------------------|--------|------------------------------------------------|---------|
|                                                         |   | For      the Years Ended March 31,             |    |
|                                                         |   | 2009                                           |    |   | 2008 |   |
|                                                         |   | Gain      (Loss) on Sale of Mortgage Loans (1) |    |   | Gain      (Loss) on Sale of Mortgage Loans (1) |   |
|                                                         |   |                                           |    |   |   |   |
| Derivatives      Designated as Hedging Instruments (2)       |   |                                           |    |   |   |   |
| Interest Rate      Contracts                                 |   |                                           |    |   |   |   |
| Forward Trade      Commitments                               |   | $                                              | -       |   |   | $ | (16,534 | ) |
| Total      Derivatives Designated as Hedging Instruments     |   |                                           | -       |   |   |   | (16,534 | ) |
|                                                         |   |                                           |    |   |   |   |   |   |
| Derivatives      Not Designated as Hedging Instruments       |   |                                           |    |   |   |   |   |   |
| Interest Rate      Contracts                                 |   |                                           |    |   |   |   |   |   |
| Interest Rate Lock      Commitments                          |   |                                           | (6,028  | ) |   |   | 9,297 |   |
| Forward Trade      Commitments                               |   |                                           | (4,869  | ) |   |   | (4,610 | ) |
| Total      Derivatives Not Designated as Hedging Instruments |   |                                           | (10,897 | ) |   |   | 4,687 |   |
|                                                         |   |                                           |    |   |   |   |   |   |
| Total      Derivatives                                       |   | $                                              | (10,897 | ) |   | $ | (11,847 | ) |
|                                                         |   |                                           |    |   |   |   |   |   |

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

| (2)   | Amounts      represent the ineffective portion of the Company’s fair value      hedges.. |
|-----------------|------------------------------------------------------------------------------------------------|

|                                                |   |                               |       |
|-----------------------------------------------------|--------|------------------------------------|------------|
|                                                |   | For      the Years Ended March 31, |       |
|                                                |   | 2009                               |       |   | 2008 |   |   | 2007 |   |
|                                                |   |                               |       |   |   |   |   |   |   |
| Net      Earnings (Loss)                            |   | $                                  | (1,388,754 | ) |   | $ | (2,657,482 | ) |   | $ | 268,366 |   |
| Other      Comprehensive Income (Loss), net of Tax: |   |                               |       |   |   |   |   |   |   |   |   |   |
| Unrealized Gain on Hedging      Instruments         |   |                               | -          |   |   |   | - |   |   |   | 7,036 |   |
| Foreign Currency Translation      Adjustments       |   |                               | -          |   |   |   | - |   |   |   | 72 |   |
| Hedging Gain Reclassified to      Net Earnings      |   |                               | -          |   |   |   | - |   |   |   | (15,738 | ) |
| Comprehensive      Income (Loss)                    |   | $                                  | (1,388,754 | ) |   | $ | (2,657,482 | ) |   | $ | 259,736 |   |

----

Table of Contents

|                                          |   |                                   |       |
|-----------------------------------------------|--------|----------------------------------------|------------|
|                                          |   | For      the Year Ended March 31, 2009 |       |
|                                          |   | Number      of Shares                  |       |   | Weighted-Average      Exercise Price |   |   | Weighted-      Average Remaining Contractual Life (Years) |   |   | Aggregate      Intrinsic Value (1) |   |
|                                          |   |                                   |       |   |   |   |   |   |   |   |   |   |
| Options      Outstanding, Beginning of Year   |   |                                   | 6,785,081  |   |   | $ | 36.13 |   |   |   |   |   |   |   |
| Options      Granted at Fair Market Value     |   |                                   | 1,827,049  |   |   | $ | 21.29 |   |   |   |   |   |   |   |
| Options      Exercised                        |   |                                   | (38,218    | ) |   | $ | 14.11 |   |   |   |   |   |   |   |
| Options      Cancelled                        |   |                                   | (1,254,119 | ) |   | $ | 36.95 |   |   |   |   |   |   |   |
| Options      Outstanding, End of Year         |   |                                   | 7,319,793  |   |   | $ | 32.27 |   |   |   | 2.53 |   |   | $ | - |   |
|                                          |   |                                   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Options      Exercisable, End of Year         |   |                                   | 6,239,353  |   |   | $ | 32.95 |   |   |   | 1.96 |   |   | $ | - |   |
| Shares      Available for Future Stock Option |   |                                   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Grants, End of      Year                      |   |                                   | 4,734,198  |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted-Average      Grant-Date Fair Value   |   |                                   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| of Options Granted During the      Year       |   | $                                      | 7.70       |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                          |   |                                   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |

| (1)   | Aggregate      intrinsic value excludes options where the exercise price exceeds fair      value at March 31, 2009. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

|                                          |   |                               |       |
|-----------------------------------------------|--------|------------------------------------|------------|
|                                          |   | For      the Years Ended March 31, |       |
|                                          |   | 2008                               |       |   | 2007 |   |
|                                          |   | NumberofShares                     |       |   | Weighted-Average      Exercise Price |   |   | NumberofShares |   |   | Weighted-Average      Exercise Price |   |
|                                          |   |                               |       |   |   |   |   |   |   |   |   |   |
| Options      Outstanding, Beginning of Year   |   |                               | 10,773,784 |   |   | $ | 31.45 |   |   |   | 12,361,056 |   |   | $ | 28.49 |   |
| Options      Granted at Fair Market Value     |   |                               | 646,618    |   |   | $ | 44.79 |   |   |   | 1,470,049 |   |   | $ | 40.77 |   |
| Options      Exercised                        |   |                               | (3,412,574 | ) |   | $ | 18.61 |   |   |   | (2,507,870 | ) |   | $ | 25.03 |   |
| Options      Cancelled                        |   |                               | (1,222,747 | ) |   | $ | 48.74 |   |   |   | (549,451 | ) |   | $ | 54.65 |   |
| Options      Outstanding, End of Year         |   |                               | 6,785,081  |   |   | $ | 36.13 |   |   |   | 10,773,784 |   |   | $ | 31.45 |   |
|                                          |   |                               |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Options      Exercisable, End of Year         |   |                               | 5,974,909  |   |   | $ | 34.37 |   |   |   | 9,475,817 |   |   | $ | 28.25 |   |
| Shares      Available for Future Stock Option |   |                               |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Grants, End of      Year                      |   |                               | 3,135,476  |   |   |   |   |   |   |   | 2,912,055 |   |   |   |   |   |
| Weighted-Average      Grant-Date Fair Value   |   |                               |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| of Options Granted During the      Year       |   | $                                  | 15.76      |   |   |   |   |   |   | $ | 20.14 |   |   |   |   |   |

|                           |   |                               |   |
|--------------------------------|--------|------------------------------------|--------|
|                           |   | For      the Years Ended March 31, |   |
|                           |   | 2009                               |   |   | 2008 |   |   | 2007 |   |
|                           |   | All      Others                    |   |   | Directors |   |   | All      Others |   |   | Directors |   |   | All      Others |   |   | Directors |   |
| Expected      Volatility (1)   |   |                               | 42.7   | % |   |   | 44.6 | % |   |   | 33.9 | % |   |   | 35.1 | % |   |   | 36.7 | % |   |   | 38.8 | % |
| Risk-Free      Interest Rate   |   |                               | 3.0    | % |   |   | 3.5 | % |   |   | 4.6 | % |   |   | 4.9 | % |   |   | 5.0 | % |   |   | 4.8 | % |
| Dividend      Yield            |   |                               | 0.7    | % |   |   | 1.1 | % |   |   | 0.4 | % |   |   | 0.4 | % |   |   | 0.3 | % |   |   | 0.3 | % |
| Expected      Life (Years) (1) |   |                               | 4.2    |   |   |   | 5.0 |   |   |   | 4.5 |   |   |   | 5.1 |   |   |   | 4.5 |   |   |   | 5.4 |   |
|                           |   |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

| (1)   | These      estimates are based upon historicalactivity. |
|-----------------|---------------------------------------------------------|

----

Table of Contents

|                            |   |         |      |   |                                         |   |
|---------------------------------|--------|--------------|-----------|--------|----------------------------------------------|--------|
| Unvested      Shares            |   |  Shares |      |   | Weighted-      Average Grant-Date Fair Value |   |
|                            |   |         |      |   |                                         |   |
| Unvested      at March 31, 2008 |   |         | 535,241   |   |                                         | $      | 42.06 |   |
| Granted                         |   |         | 1,038,171 |   |                                         | $      | 17.31 |   |
| Vested                          |   |         | (340,340  | )      |                                         | $      | 39.32 |   |
| Forfeited                       |   |         | (150,117  | )      |                                         | $      | 31.14 |   |
| Unvested      at March 31, 2009 |   |         | 1,082,955 |   |                                         | $      | 20.70 |   |

|                           |   |                |   |                                                                                                     |      |   |                                                                                |   |   |                                                                                                                                                          |   |
|--------------------------------|--------|---------------------|--------|----------------------------------------------------------------------------------------------------------|-----------|--------|-------------------------------------------------------------------------------------|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| Plan      Category             |   | Plan                |   | (a)Number      of securities to be issued upon exercise of outstanding options, warrants      and rights |      |   | (b)Weighted-average      exercise price of outstanding options, warrants and rights |   |   | (c)Number      of securities remaining available for future issuance under equity      compensation plans [excluding securities reflected in column      (a)] |   |
| Equity      Compensation Plans |   | 1987                |   |                                                                                                     | 1,033,002 |   |                                                                                | $      | 13.05  |                                                                                                                                                          |   |   | - |   |
| Approved by                    |   | 2001                |   |                                                                                                     | 2,215,909 |   |                                                                                | $      | 41.46  |                                                                                                                                                          |   |   | 42,874 |   |
| Stockholders                   |   | 2003                |   |                                                                                                     | 2,644,380 |   |                                                                                | $      | 34.54  | (1)                                                                                                                                                           |   |   | 4,691,324 |   |
|                           |   |                |   |                                                                                                     |      |   |                                                                                |   |   |                                                                                                                                                          |   |   |   |   |
| Equity      Compensation Plans |   | 1998                |   |                                                                                                     | 1,638,669 |   |                                                                                | $      | 28.60  |                                                                                                                                                          |   |   | - |   |
| Not Approved by                |   | Long      Term      |   |                                                                                                     |      |   |                                                                                |   |   |                                                                                                                                                          |   |   |   |   |
| Stockholders                   |   | Incentive      Plan |   |                                                                                                     | 168,749   |   |                                                                                | $      | -      |                                                                                                                                                          |   |   | 222,803 |   |
|                           |   |                |   |                                                                                                     |      |   |                                                                                |   |   |                                                                                                                                                          |   |   |   |   |
| Total                          |   |                |   |                                                                                                     | 7,700,709 |   |                                                                                | $      | 30.68  | (1)                                                                                                                                                           |   |   | 4,957,001 |   |
|                           |   |                |   |                                                                                                     |      |   |                                                                                |   |   |                                                                                                                                                          |   |   |   |   |

| (1)   | Weighted-average      exercise price excludes any items with an exercise price of      $0. |
|-----------------|--------------------------------------------------------------------------------------------|

----

Table of Contents

----

Table of Contents

|                                      |   |                               |     |
|-------------------------------------------|--------|------------------------------------|----------|
|                                      |   | For      the Years Ended March 31, |     |
|                                      |   | 2009                               |     |   | 2008 |   |   | 2007 |   |
| Current      Provision (Benefit)          |   |                               |     |   |   |   |   |   |   |
| Federal                                   |   | $                                  | (265,964 | ) |   | $ | (617,921 | ) |   | $ | 318,703 |   |
| State                                     |   |                               | (9,917   | ) |   |   | (5,065 | ) |   |   | 46,122 |   |
|                                      |   |                               | (275,881 | ) |   |   | (622,986 | ) |   |   | 364,825 |   |
| Deferred      Provision (Benefit)         |   |                               |     |   |   |   |   |   |   |   |   |   |
| Federal                                   |   |                               | 200,107  |   |   |   | 356,065 |   |   |   | (216,525 | ) |
| State                                     |   |                               | (10,846  | ) |   |   | 52,731 |   |   |   | (32,037 | ) |
|                                      |   |                               | 189,261  |   |   |   | 408,796 |   |   |   | (248,562 | ) |
| Provision      (Benefit) for Income Taxes |   | $                                  | (86,620  | ) |   | $ | (214,190 | ) |   | $ | 116,263 |   |

|                                               |   |                               |       |
|----------------------------------------------------|--------|------------------------------------|------------|
|                                               |   | For      the Years Ended March 31, |       |
|                                               |   | 2009                               |       |   | 2008 |   |   | 2007 |   |
|                                               |   |                               |       |   |   |   |   |   |   |
| Earnings      (Loss) from Continuing Operations    |   |                               |       |   |   |   |   |   |   |
| Before Income      Taxes                           |   | $                                  | (1,526,771 | ) |   | $ | (2,875,158 | ) |   | $ | 106,786 |   |
| Income      Taxes at Statutory Rate                |   | $                                  | (534,369   | ) |   | $ | (1,006,305 | ) |   | $ | 37,375 |   |
| Increases      (Decreases) in Tax Resulting from - |   |                               |       |   |   |   |   |   |   |   |   |   |
| State Income Taxes,      net                       |   |                               | (40,113    | ) |   |   | (93,364 | ) |   |   | 9,156 |   |
| Change in Valuation      Allowance                 |   |                               | 467,952    |   |   |   | 828,950 |   |   |   | - |   |
| Uncertain Tax      Positions/Contingencies         |   |                               | 14,968     |   |   |   | 41,088 |   |   |   | 65,480 |   |
| Other                                              |   |                               | 4,942      |   |   |   | 15,441 |   |   |   | 4,252 |   |
| Provision      (Benefit) for Income Taxes          |   | $                                  | (86,620    | ) |   | $ | (214,190 | ) |   | $ | 116,263 |   |
| Effective      Tax Rate                            |   |                               | 5.7        | % |   |   | 7.4 | % |   |   | 108.9 | % |
|                                               |   |                               |       |   |   |   |   |   |   |   |   |   |

|                                                       |   |                 |       |
|------------------------------------------------------------|--------|----------------------|------------|
|                                                       |   | As      of March 31, |       |
|                                                       |   | 2009                 |       |   | 2008 |   |
| Deferred      Tax Assets                                   |   |                 |       |   |   |   |
| Deferred    Compensation                                   |   | $                    | 39,699     |   |   | $ | 51,315 |   |
| Land Impairments and Option      Write-offs                |   |                 | 595,975    |   |   |   | 454,877 |   |
| Uniform Capitalization for Tax      Reporting              |   |                 | 37,865     |   |   |   | 47,065 |   |
| Accrued    Liabilities                                     |   |                 | 315,357    |   |   |   | 334,597 |   |
| Partnership Reporting      Differences                     |   |                 | 5,654      |   |   |   | 2,560 |   |
| Net Operating Loss and Tax Credit      Carryforwards       |   |                 | 266,611    |   |   |   | 109,080 |   |
| Depreciation and      Amortization                         |   |                 | 23,025     |   |   |   | 11,335 |   |
| All Other                                                  |   |                 | 7,534      |   |   |   | 10,895 |   |
|                                                       |   |                 | 1,291,720  |   |   |   | 1,021,724 |   |
| Valuation      Allowance                                   |   |                 | (1,291,702 | ) |   |   | (830,000 | ) |
| Total      Deferred Tax Assets, net of Valuation Allowance |   |                 | 18         |   |   |   | 191,724 |   |
|                                                       |   |                 |       |   |   |   |   |   |
| Deferred      Tax Liabilities                              |   |                 |       |   |   |   |   |   |
| Other                                                      |   |                 | 18         |   |   |   | 478 |   |
| Total      Deferred Tax Liabilities                        |   |                 | 18         |   |   |   | 478 |   |
| Deferred      Income Taxes, net                            |   | $                    | -          |   |   | $ | 191,246 |   |

----

Table of Contents

|                                                      |   |                 |    |
|-----------------------------------------------------------|--------|----------------------|---------|
|                                                      |   | As      of March 31, |    |
|                                                      |   | 2009                 |    |   | 2008 |   |
|                                                      |   |                 |    |   |   |   |
| Gross      Unrecognized Tax Benefits, Beginning of Year   |   | $                    | 353,147 |   |   | $ | 341,388 |   |
| Tax positions taken relating to      a prior year         |   |                 | 17,576  |   |   |   | (40,681 | ) |
| Tax positions taken relating to      the current year     |   |                 | 4,767   |   |   |   | 52,899 |   |
| Settlements of tax positions      with taxing authorities |   |                 | (1,139  | ) |   |   | (459 | ) |
| Gross      Unrecognized Tax Benefits, End of Year         |   | $                    | 374,351 |   |   | $ | 353,147 |   |

----

Table of Contents

|         | East:  Florida,      Georgia, Maryland, New Jersey, North Carolina, South Carolina and      VirginiaCentral:  Colorado,      Illinois, Indiana, Michigan, Minnesota, Missouri, Tennessee and      TexasWest:  Arizona,      California, Hawaii, Nevada, New Mexico, Oregon and      WashingtonOther homebuilding (1)  |
|--------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|    | (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 under option agreements not      owned” and capitalized interest for allregions. |

----

Table of Contents

|                                             |   |                 |    |
|--------------------------------------------------|--------|----------------------|---------|
|                                             |   | As      of March 31, |    |
|                                             |   | 2009                 |    |   | 2008 |   |
|                                             |   |                 |    |   |   |   |
| Cash      and Cash Equivalents                   |   | $                    | 21,311  |   |   | $ | 24,044 |   |
| Restricted      Cash                             |   |                 | 18,955  |   |   |   | 22,878 |   |
| Mortgage      Loan Receivables                   |   |                 | 214,179 |   |   |   | 515,880 |   |
| Other      Inventories (Real Estate Owned)       |   |                 | 16,367  |   |   |   | 10,850 |   |
| Goodwill                                         |   |                 | 5,364   |   |   |   | 8,952 |   |
| Deferred      Charges and Other Assets           |   |                 | 38,301  |   |   |   | 134,456 |   |
| Total Assets                                     |   | $                    | 314,477 |   |   | $ | 717,060 |   |
|                                             |   |                 |    |   |   |   |   |   |
| Accounts      Payable and Accrued Liabilities    |   | $                    | 48,215  |   |   | $ | 130,372 |   |
| Mortgage      Warehouse Facilities               |   |                 | 119,052 |   |   |   | 337,053 |   |
| Minority      Interests                          |   |                 | -       |   |   |   | 451 |   |
| Members’      Equity                       |   |                 | 147,210 |   |   |   | 249,184 |   |
| Total Liabilities and Members’      Equity |   | $                    | 314,477 |   |   | $ | 717,060 |   |

|                                              |   |                               |     |
|---------------------------------------------------|--------|------------------------------------|----------|
|                                              |   | For      the Years Ended March 31, |     |
|                                              |   | 2009                               |     |   | 2008 |   |   | 2007 |   |
| Revenues                                          |   |                               |     |   |   |   |   |   |   |
| Gain on Sale of      Mortgages                    |   | $                                  | 66,290   |   |   | $ | 125,600 |   |   | $ | 164,995 |   |
| Interest Income                                   |   |                               | 19,576   |   |   |   | 70,404 |   |   |   | 121,806 |   |
| Title Policy and Other      Income                |   |                               | 104,134  |   |   |   | 113,944 |   |   |   | 181,200 |   |
| Cost      of Revenues                             |   |                               |     |   |   |   |   |   |   |   |   |   |
| Interest Expense                                  |   |                               | (12,047  | ) |   |   | (54,380 | ) |   |   | (90,328 | ) |
| Title Policy    Expense                           |   |                               | (1,722   | ) |   |   | (2,228 | ) |   |   | (2,079 | ) |
| Selling,      General and Administrative Expenses |   |                               | (235,723 | ) |   |   | (391,493 | ) |   |   | (291,064 | ) |
| Earnings      (Loss) from Continuing Operations   |   |                               |     |   |   |   |   |   |   |   |   |   |
| Before Income    Taxes                            |   | $                                  | (59,492  | ) |   | $ | (138,153 | ) |   | $ | 84,530 |   |
|                                              |   |                               |     |   |   |   |   |   |   |   |   |   |

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Table of Contents

|                                              |   |                               |     |
|---------------------------------------------------|--------|------------------------------------|----------|
|                                              |   | For      the Years Ended March 31, |     |
|                                              |   | 2009                               |     |   | 2008 |   |   | 2007 |   |
|                                              |   |                               |     |   |   |   |   |   |   |
| Corporate      General and Administrative Expense |   | $                                  | (188,857 | ) |   | $ | (154,308 | ) |   | $ | (185,585 | ) |
| Interest      Expense                             |   |                               | (52,716  | ) |   |   | (8,642 | ) |   |   | - |   |
| Interest      and Other Income                    |   |                               | 21,219   |   |   |   | 25,521 |   |   |   | 2,488 |   |
|                                              |   | $                                  | (220,354 | ) |   | $ | (137,429 | ) |   | $ | (183,097 | ) |

|                       |   |                                                              |      |
|----------------------------|--------|-------------------------------------------------------------------|-----------|
|                       |   | For      the Year Ended March 31, 2009(Dollars      in thousands) |      |
|                       |   |   Revenues                                              |      |   | Loss      from Unconsolidated Entities (1) |   |   | Earnings      (Loss) from Continuing Operations Before Income Tax |   |   |  Goodwill      Impairments |   |   |  Land-related      Impairments |   |   |  Land-related      Write-offs |   |
| Home      Building         |   |                                                              |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| East                       |   | $                                                                 | 1,302,242 |   |   | $ | (143,092 | ) |   | $ | (594,122 | ) |   | $ | 30,594 |   |   | $ | 329,915 |   |   | $ | 23,055 |   |
| Central                    |   |                                                              | 1,080,631 |   |   |   | (11,823 | ) |   |   | (123,025 | ) |   |   | 5,102 |   |   |   | 84,636 |   |   |   | 6,030 |   |
| West                       |   |                                                              | 1,235,847 |   |   |   | (4,534 | ) |   |   | (533,476 | ) |   |   | 2,405 |   |   |   | 460,839 |   |   |   | 17,485 |   |
| Other    homebuilding      |   |                                                              | 17,810    |   |   |   | - |   |   |   | 3,698 |   |   |   | - |   |   |   | 7,163 |   |   |   | - |   |
| Total      Home Building   |   |                                                              | 3,636,530 |   |   |   | (159,449 | ) |   |   | (1,246,925 | ) |   |   | 38,101 |   |   |   | 882,553 |   |   |   | 46,570 |   |
| Financial      Services    |   |                                                              | 190,000   |   |   |   | - |   |   |   | (59,492 | ) |   |   | - |   |   |   | - |   |   |   | - |   |
| Corporate      & Other |   |                                                              | -         |   |   |   | - |   |   |   | (220,354 | ) |   |   | - |   |   |   | - |   |   |   | - |   |
| Total                      |   | $                                                                 | 3,826,530 |   |   | $ | (159,449 | ) |   | $ | (1,526,771 | ) |   | $ | 38,101 |   |   | $ | 882,553 |   |   | $ | 46,570 |   |
|                       |   |                                                              |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

| (1)   | Included      in Home Building loss from unconsolidated entities for the year ended      March 31, 2009 is the Company’s share of joint ventures’ impairments      totaling $157.1 million. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                       |   |                                                              |      |
|----------------------------|--------|-------------------------------------------------------------------|-----------|
|                       |   | For      the Year Ended March 31, 2008(Dollars      in thousands) |      |
|                       |   |  Revenues                                                    |      |   | Earnings      (Loss) from Unconsolidated Entities (1) |   |   | Loss      from Continuing Operations Before Income Tax |   |   | Goodwill      Impairments |   |   | Land-related      Impairments |   |   | Land-related      Write-offs |   |
| Home      Building         |   |                                                              |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| East                       |   | $                                                                 | 2,536,909 |   |   | $ | (51,182 | ) |   | $ | (508,655 | ) |   | $ | 24,761 |   |   | $ | 323,738 |   |   | $ | 62,433 |   |
| Central                    |   |                                                              | 1,917,627 |   |   |   | 463 |   |   |   | (117,234 | ) |   |   | 9,709 |   |   |   | 82,976 |   |   |   | 17,033 |   |
| West                       |   |                                                              | 3,268,290 |   |   |   | (78,183 | ) |   |   | (1,741,273 | ) |   |   | 43,766 |   |   |   | 1,213,681 |   |   |   | 40,828 |   |
| Other    homebuilding      |   |                                                              | 242,788   |   |   |   | - |   |   |   | (232,414 | ) |   |   | - |   |   |   | 172,034 |   |   |   | 131 |   |
| Total      Home Building   |   |                                                              | 7,965,614 |   |   |   | (128,902 | ) |   |   | (2,599,576 | ) |   |   | 78,236 |   |   |   | 1,792,429 |   |   |   | 120,425 |   |
| Financial      Services    |   |                                                              | 309,948   |   |   |   | - |   |   |   | (138,153 | ) |   |   | - |   |   |   | - |   |   |   | - |   |
| Corporate      & Other |   |                                                              | -         |   |   |   | - |   |   |   | (137,429 | ) |   |   | - |   |   |   | - |   |   |   | - |   |
| Total                      |   | $                                                                 | 8,275,562 |   |   | $ | (128,902 | ) |   | $ | (2,875,158 | ) |   | $ | 78,236 |   |   | $ | 1,792,429 |   |   | $ | 120,425 |   |
|                       |   |                                                              |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

| (1)   | Included      in Home Building loss from unconsolidated entities for the year ended      March 31, 2008 is the Company’s share of joint ventures’ impairments      totaling $100.5 million. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                       |   |                                                              |       |
|----------------------------|--------|-------------------------------------------------------------------|------------|
|                       |   | For      the Year Ended March 31, 2007(Dollars      in thousands) |       |
|                       |   |    Revenues                                        |       |   | Earnings      (Loss)from      Unconsolidated Entities (1) |   |   | Earnings      (Loss) from Continuing Operations Before Income Tax |   |   |   Goodwill      Impairments |   |   |   Land-related      Impairments |   |   |   Land-related      Write-offs |   |
| Home      Building         |   |                                                              |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| East                       |   | $                                                                 | 3,849,577  |   |   | $ | (2,008 | ) |   | $ | 250,046 |   |   | $ | - |   |   | $ | 114,344 |   |   | $ | 89,046 |   |
| Central                    |   |                                                              | 2,401,108  |   |   |   | 1,523 |   |   |   | 38,753 |   |   |   | - |   |   |   | 35,469 |   |   |   | 41,531 |   |
| West                       |   |                                                              | 4,746,666  |   |   |   | (73,297 | ) |   |   | (56,269 | ) |   |   | - |   |   |   | 163,888 |   |   |   | 227,232 |   |
| Other    homebuilding      |   |                                                              | 417,476    |   |   |   | - |   |   |   |  (27,177 | ) |   |   | - |   |   |   | 10,212 |   |   |   | 2,190 |   |
| Total      Home Building   |   |                                                              | 11,414,827 |   |   |   | (73,782 | ) |   |   | 205,353 |   |   |   | - |   |   |   | 323,913 |   |   |   | 359,999 |   |
| Financial      Services    |   |                                                              | 468,001    |   |   |   | - |   |   |   | 84,530 |   |   |   | - |   |   |   | 6,919 | (2) |   |   | - |   |
| Corporate      & Other |   |                                                              | 4,773      |   |   |   | - |   |   |   | (183,097 | ) |   |   | - |   |   |   | - |   |   |   | - |   |
| Total                      |   | $                                                                 | 11,887,601 |   |   | $ | (73,782 | ) |   | $ | 106,786 |   |   | $ | - |   |   | $ | 330,832 |   |   | $ | 359,999 |   |
|                       |   |                                                              |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

| (1)   | Included      in Home Building loss from unconsolidated entities for the year ended      March 31, 2007 is the Company’s share of joint ventures’ impairments      totaling $124.5 million. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | Financial      Services impairment was recorded on its construction  loans. |
|-----------------|-----------------------------------------------------------------------------|

|                           |   |                                                          |      |
|--------------------------------|--------|---------------------------------------------------------------|-----------|
|                           |   | For      the Years Ended March 31,(Dollars      in thousands) |      |
|                           |   | 2009                                                          |      |   | 2008 |   |
|                           |   | Inventory                                                     |      |   | Total      Assets |   |   | Inventory |   |   | Total      Assets |   |
| Home      Building             |   |                                                          |      |   |   |   |   |   |   |   |   |   |
| East                           |   | $                                                             | 1,712,698 |   |   | $ | 1,878,751 |   |   | $ | 2,357,273 |   |   | $ | 2,631,144 |   |
| Central                        |   |                                                          | 619,555   |   |   |   | 639,516 |   |   |   | 963,999 |   |   |   | 1,007,937 |   |
| West                           |   |                                                          | 665,663   |   |   |   | 777,361 |   |   |   | 1,701,506 |   |   |   | 1,842,358 |   |
| Other    homebuilding          |   |                                                          | 275,504   |   |   |   | 1,177,702 |   |   |   | 328,803 |   |   |   | 1,128,285 |   |
| Total      Home Building       |   |                                                          | 3,273,420 |   |   |   | 4,473,330 |   |   |   | 5,351,581 |   |   |   | 6,609,724 |   |
| Financial      Services        |   |                                                          | 16,367    |   |   |   | 314,477 |   |   |   | 10,850 |   |   |   | 717,060 |   |
| Corporate      & Other (1) |   |                                                          | -         |   |   |   | 1,130,307 |   |   |   | - |   |   |   | 713,559 |   |
| Discontinued      Operations   |   |                                                          | -         |   |   |   | - |   |   |   | - |   |   |   | 96,989 |   |
| Total                          |   | $                                                             | 3,289,787 |   |   | $ | 5,918,114 |   |   | $ | 5,362,431 |   |   | $ | 8,137,332 |   |
|                           |   |                                                          |      |   |   |   |   |   |   |   |   |   |   |   |   |   |

| (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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|                                                     |   |                                   |     |
|----------------------------------------------------------|--------|----------------------------------------|----------|
|                                                     |   | For      the Year ended March 31, 2007 |     |
|                                                     |   |                                   |     |
| Sales      and Related Proceeds, net of Related Expenses |   | $                                      | 518,500  |   |
| Assets      Sold                                         |   |                                   | (400,706 | ) |
| Intercompany      Liability Paid by Buyer                |   |                                   | (11,795  | ) |
| Deferred      Income                                     |   |                                   | (6,100   | ) |
| Hedging      Gain                                        |   |                                   | 25,466   |   |
| Pre-tax      Gain on Sale                                |   |                                   | 125,365  |   |
| Income      Tax Expense                                  |   |                                   | (50,390  | ) |
| Net      Gain on Sale                                    |   | $                                      | 74,975   |   |

|                                                     |   |                               |   |
|----------------------------------------------------------|--------|------------------------------------|--------|
|                                                     |   | For      the Years Ended March 31, |   |
|                                                     |   | 2009                               |   |   | 2008 |   |
|                                                     |   |                               |   |   |   |   |
| Sales      and Related Proceeds, net of Related Expenses |   | $                                  | 4,000  |   |   | $ | 8,341 |   |
| Assets      Sold                                         |   |                               | -      |   |   |   | - |   |
| Pre-tax      Gain on Sale                                |   |                               | 4,000  |   |   |   | 8,341 |   |
| Income      Tax Expense                                  |   |                               | (1,528 | ) |   |   | (3,224 | ) |
| Net      Gain on Sale                                    |   | $                                  | 2,472  |   |   | $ | 5,117 |   |

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|                                                     |   |                                   |    |
|----------------------------------------------------------|--------|----------------------------------------|---------|
|                                                     |   | For      the Year Ended March 31, 2009 |    |
|                                                     |   |                                   |    |
| Sales      and Related Proceeds, net of Related Expenses |   | $                                      | 127,810 |   |
| Assets      Sold                                         |   |                                   | (88,431 | ) |
| Pre-tax      Gain on Sale                                |   |                                   | 39,379  |   |
| Income      Tax Expense                                  |   |                                   | (20,282 | ) |
| Net      Gain on Sale                                    |   | $                                      | 19,097  |   |

|                                          |   |                      |    |
|-----------------------------------------------|--------|---------------------------|---------|
|                                          |   | As      of March 31, 2008 |    |
| Assets                                        |   |                      |    |
| Cash and Cash      Equivalents                |   | $                         | 28      |   |
| Receivables                                   |   |                      | 8,367   |   |
| Other Inventories                             |   |                      | 1,922   |   |
| Property and Equipment,      net              |   |                      | 989     |   |
| Deferred Income Taxes,      net               |   |                      | (11,858 | ) |
| Goodwill                                      |   |                      | 89,648  |   |
| Deferred Charges and Other,      net          |   |                      | 7,893   |   |
|                                          |   | $                         | 96,989  |   |
|                                          |   |                      |    |   |
| Liabilities                                   |   |                      |    |   |
| Accounts Payable and Accrued      Liabilities |   | $                         | 32,260  |   |
| Long-term Debt                                |   |                      | 1,741   |   |
|                                          |   | $                         | 34,001  |   |

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Table of Contents

|                                                 |   |                               |   |
|------------------------------------------------------|--------|------------------------------------|--------|
|                                                 |   | For      the Years Ended March 31, |   |
|                                                 |   | 2009      (1)                      |   |   | 2008      (2) |   |   | 2007      (3) |   |
|                                                 |   |                               |   |   |   |   |   |   |   |
| Revenues                                             |   | $                                  | -      |   |   | $ | 130,118 |   |   | $ | 2,405,147 |   |
| Costs and Expenses                                   |   |                               | -      |   |   |   | (131,994 | ) |   |   | (2,427,373 | ) |
| Earnings from Unconsolidated      Entities and Other |   |                               | -      |   |   |   | - |   |   |   | 975 |   |
| Loss Before Income      Taxes                        |   |                               | -      |   |   |   | (1,876 | ) |   |   | (21,251 | ) |
| Benefit for Income      Taxes                        |   |                               | -      |   |   |   | 245 |   |   |   | 11,062 |   |
| Gain on Sale, net of      Tax                        |   |                               | 51,397 |   |   |   | 5,117 |   |   |   | 288,032 |   |
|                                                 |   | $                                  | 51,397 |   |   | $ | 3,486 |   |   | $ | 277,843 |   |

| (1)   | Includes      Construction Services, the Company’s home services operations and the gain      from sale of Westwood InsuranceAgency. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | Includes      Construction Services and the Company’s home services      operations. |
|-----------------|--------------------------------------------------------------------------------------------|

| (3)   | Includes      Construction Services, Home Equity and the Company’s home services      operations. |
|-----------------|---------------------------------------------------------------------------------------------------------|

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QuarterlyResults(Unaudited)(1)

|                                   |   |                                      |        |
|----------------------------------------|--------|-------------------------------------------|-------------|
|                                   |   | For      the Quarters Ended 2009 and 2008 |        |
|                                   |   |                                      | Q1          |   |   |   | Q2 |   |   |   | Q3 |   |   |   | Q4 |   |
| 2009                                   |   |                                      |        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenues                               |   | $                                         | 1,126,122   |   |   | $ | 1,005,005 |   |   | $ | 872,188 |   |   | $ | 823,215 |   |
| Gross Profit    (Loss)                 |   | $                                         | 123,815     |   |   | $ | 92,772 |   |   | $ | (385,953 | ) |   | $ | (193,980 | ) |
|                                   |   |                                      |        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss from Continuing      Operations   |   | $                                         | (169,112    | ) |   | $ | (201,620 | ) |   | $ | (663,906 | ) |   | $ | (405,513 | ) |
| Earnings (Loss) from      Discontinued |   |                                      |        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operations, net of      Taxes          |   |                                      | 19,013      |   |   |   | 29,630 |   |   |   | - |   |   |   | 2,754 |   |
| Net Loss                               |   | $                                         | (150,099    | ) |   | $ | (171,990 | ) |   | $ | (663,906 | ) |   | $ | (402,759 | ) |
|                                   |   |                                      |        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss from Continuing      Operations   |   |                                      |        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Per Share                              |   |                                      |        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic and    Diluted                   |   | $                                         | (1.36       | ) |   | $ | (1.62 | ) |   | $ | (5.34 | ) |   | $ | (3.26 | ) |
| Net Loss Per    Share                  |   |                                      |        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic and Diluted                      |   | $                                         | (1.21       | ) |   | $ | (1.38 | ) |   | $ | (5.34 | ) |   | $ | (3.24 | ) |
| Average Shares      Outstanding        |   |                                      |        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic and    Diluted                   |   |                                      | 124,231,358 |   |   |   | 124,278,555 |   |   |   | 124,360,192 |   |   |   | 124,365,672 |   |
|                                   |   |                                      |        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 2008                                   |   |                                      |        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenues                               |   | $                                         | 1,901,786   |   |   | $ | 2,186,184 |   |   | $ | 1,873,287 |   |   | $ | 2,314,305 |   |
| Gross Profit    (Loss)                 |   | $                                         | 223,818     |   |   | $ | (561,089 | ) |   | $ | (258,665 | ) |   | $ | (524,109 | ) |
|                                   |   |                                      |        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss from Continuing      Operations   |   | $                                         | (132,081    | ) |   | $ | (644,761 | ) |   | $ | (976,051 | ) |   | $ | (908,075 | ) |
| Earnings (Loss) from      Discontinued |   |                                      |        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operations, net of      Taxes          |   |                                      | 4,122       |   |   |   | 928 |   |   |   | 863 |   |   |   | (2,427 | ) |
| Net Loss                               |   | $                                         | (127,959    | ) |   | $ | (643,833 | ) |   | $ | (975,188 | ) |   | $ | (910,502 | ) |
|                                   |   |                                      |        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss from Continuing      Operations   |   |                                      |        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Per Share                              |   |                                      |        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic and    Diluted                   |   | $                                         | (1.08       | ) |   | $ | (5.27 | ) |   | $ | (7.95 | ) |   | $ | (7.34 | ) |
| Net Loss Per    Share                  |   |                                      |        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic and    Diluted                   |   | $                                         | (1.05       | ) |   | $ | (5.26 | ) |   | $ | (7.94 | ) |   | $ | (7.36 | ) |
| Average Shares      Outstanding        |   |                                      |        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic and    Diluted                   |   |                                      | 121,469,951 |   |   |   | 122,301,587 |   |   |   | 122,787,414 |   |   |   | 123,750,049 |   |

| (1)   | The      quarterly results presented in this table for the periods covered by the      financial statements included in this Report and all prior periods have      been adjusted to reflect home services operations (sold in April 2008),      Construction Services (sold in March 2007) and Home Equity (sold in July      2006) as discontinued operations. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| ITEM 9. | CHANGES      IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL      DISCLOSURE |
|--------------|------------------------------------------------------------------------------------------------|

| ITEM 9A. | CONTROLS      AND PROCEDURES |
|---------------|------------------------------|

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Report of Independent Registered Public AccountingFirm

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Table of Contents

| ITEM 9B. | OTHER      INFORMATION |
|---------------|------------------------|

PART III

| ITEM 10. | DIRECTORS,      EXECUTIVE OFFICERS AND CORPORATEGOVERNANCE |
|---------------|------------------------------------------------------------|

| ITEM 11. | EXECUTIVE      COMPENSATION |
|---------------|-----------------------------|

| ITEM 12. | SECURITY      OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED      STOCKHOLDER MATTERS |
|---------------|----------------------------------------------------------------------------------------------------------|

| ITEM 13. | CERTAIN      RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR      INDEPENDENCE |
|---------------|-------------------------------------------------------------------------------------|

| ITEM 14. | PRINCIPAL      ACCOUNTANT FEES AND SERVICES |
|----------|---------------------------------------------|

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Table of Contents

PART IV

| ITEM 15. | EXHIBITS AND FINANCIAL STATEMENT  SCHEDULES |
|---------------|---------------------------------------------|

|   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|--------|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | 1.     |   | Financial      Statements                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|   |   |   | The      consolidated balance sheets of Centex Corporation and subsidiaries as of      March 31, 2009 and 2008, and the related consolidated statements of      operations, stockholders’ equity and cash flows for each of the three      years in the period ended March 31, 2009, together with the      accompanying Notes to Consolidated Financial Statements and the Reports of      Independent Registered Public Accounting Firm is included in Item 8      of this Report. |
|   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|   | 2.     |   | Schedules                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|   |   |   | Schedules      are omitted because they are not applicable or not required or the      information required to be set forth therein is included in the      consolidated financial statements referenced above in section (1) of      this Item 15.                                                                                                                                                                                                                                                  |
|   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|   | 3.     |   | Exhibits                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|   |   |   | The      information on exhibits required by this Item 15 is set forth in the Index      to Exhibits of this Report.                                                                                                                                                                                                                                                                                                                                                                                      |

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INDEX TO EXHIBITS

| ExhibitNumber |   | Exhibit                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | Filed      Herewith orIncorporated      by Reference                                                |
|---------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------|
| 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 to the foregoing Agreement and Plan of      Merger are not filed herewith.  The Agreement identifies such      exhibits, including the general nature of their content.  Centex      undertakes to provide such exhibits to the Securities and Exchange      Commission upon request. |   | 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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | 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.                                                                                                                                                                                                                                                                                                                                                                                                           |   | Filed      herewith                                                                                 |
| 3.1b          |   | Certificate      of Designation of Junior Participating Preferred Stock, Series D, filed      with the Secretary of State of Nevada on February 25,2009.                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | 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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | Exhibit      3.1 to Centex’s Current Report on Form 8-K dated October 14,      2008           |
| 4.1           |   | Specimen      Centex common stock certificate                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | Filed      herewith                                                                                 |
| 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                                                                                                                                                                                                                                                                                                                                                                                                                           |   | Exhibit      4.1 to Centex’s Current Report on Form 8-K dated February 24,      2009          |
| 4.3           |   | Indenture,      dated as of October 1, 1998, between Centex and U.S. Bank National      Association (successor to Chase Bank of Texas, National      Association)                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | Exhibit      4.1 to Centex’s Current Report on Form 8-K dated October 21,      1998           |
| 4.4           |   | Indenture,      dated as of November 5, 2008, between Centex and U.S. Bank National      Association                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | Exhibit      4.6 to Centex’s Registration Statement (file no. 333-155165) on Form      S-3    |
| 4.5           |   | Indenture,      dated as of November 14, 2000, between Centex and The Bank of New York      Mellon Trust Company, National Association (successor to The Chase      Manhattan Bank)                                                                                                                                                                                                                                                                                                                                                                                                                   |   | Exhibit      4.21 to Centex’s Registration Statement (file no. 333-49966) on Form      S-3    |

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| 4.6   |   | 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, 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 Exchange      Commission upon request |   |                                                                                                             |
|-------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------|
| 10.1  |   | Centex      Corporation Amended and Restated 1987 Stock Option Plan*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | Exhibit      10.4 to Centex’s Current Report on Form 8-K dated February 13,      2009                 |
| 10.2  |   | Amended      and Restated 1998 Centex Corporation Employee Non-Qualified Stock Option      Plan (“1998 Stock Option Plan”)*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | Exhibit      10.3 to Centex’s Current Report on Form 8-K dated February 13,      2009                 |
| 10.2a |   | Form      of stock option agreement for 1998 Stock Option Plan*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | Exhibit      10.2a to Centex’s Annual Report on Form 10-K for the fiscal year ended      March 31, 2005    |
| 10.3  |   | Amended      and Restated Centex Corporation 2001 Stock Plan (“2001 Stock      Plan”)*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | Exhibit      10.2 to Centex’s Current Report on Form 8-K dated February 13,      2009                 |
| 10.3a |   | Form      of stock option agreement for 2001 Stock Plan*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | Exhibit      10.5 to Centex’s Current Report on Form 8-K dated May 13,    2008                             |
| 10.3b |   | Form      of restricted stock agreement for 2001 Stock Plan*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | Exhibit      10.3b to Centex’s Annual Report on Form 10-K for the fiscal year ended      March 31, 2004    |
| 10.4  |   | Centex      Corporation Long Term Incentive Plan (“LTIP”)*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | Exhibit      10.6 to Centex’s Current Report on Form 8-K dated February 19,      2008                 |
| 10.4a |   | Form      of award agreement for LTIP*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | Exhibit      10.4a to Centex’s Annual Report on Form 10-K for the fiscal year ended      March 31, 2008    |
| 10.5  |   | Centex      Corporation 2003 Annual Incentive Compensation Plan (amended and restated      effective January 1, 2008)*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | Exhibit      10.1 to Centex’s Current Report on Form 8-K dated February 19,      2008                      |
| 10.5a |   | Centex      Corporation 2003 Annual Incentive Compensation Plan (as amended through      May 7, 2008, including amendments approved by stockholders on      July 10, 2008)*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | Exhibit      10.1 to Centex’s Current Report on Form 8-K dated July 15,      2008                          |
| 10.5b |   | Form      of award agreement for incentive compensation (fiscal    2009)*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | Exhibit      10.8 to Centex’s Current Report on Form 8-K dated May 13,    2008                             |
| 10.5c |   | Form      of award agreement for incentive compensation (fiscal    2010)*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | Exhibit      10.2 to Centex’s Current Report on Form 8-K dated May 15,    2009                             |
| 10.6  |   | Centex      Corporation 2003 Equity Incentive Plan*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | Exhibit      10.6 to Centex’s Annual Report on Form 10-K for the fiscal year ended      March 31,2008 |

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| 10.6a   |   | Centex      Corporation 2003 Equity Incentive Plan (as amended through May 7,      2008, including amendments approved by stockholders on July 10,      2008)* |   | Exhibit      10.2 to Centex’s Current Report on Form 8-K dated July 15,      2008                               |
|---------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------|
| 10.6aa  |   | Centex      Corporation 2003 Equity Incentive Plan (as amended through October 8,      2008)*                                                                       |   | Exhibit      10.2a to Centex’s Quarterly Report on Form 10-Q for the quarter ended      September 30, 2008 |
| 10.6aaa |   | Centex      Corporation 2003 Equity Incentive Plan (as amended through      February 11, 2009) (“2003 Equity Incentive Plan”)*                          |   | Exhibit      10.1 to Centex’s Current Report on Form 8-K dated February 13,      2009                           |
| 10.6b   |   | Form      of stock option agreement for 2003 Equity Incentive Plan*                                                                                                      |   | Exhibit      10.6 to Centex’s Current Report on Form 8-K dated May 13,    2008                                  |
| 10.6c   |   | Form      of stock unit agreement for 2003 Equity Incentive Plan*                                                                                                        |   | Exhibit      10.6b to Centex’s Annual Report on Form 10-K for the fiscal year ended      March 31, 2008         |
| 10.6cc  |   | Form      of stock unit agreement for 2003 Equity Incentive Plan (May 2009      award)*                                                                                  |   | Exhibit      10.5 to Centex’s Current Report on Form 8-K dated May 15,    2009                                  |
| 10.6d   |   | Form      of restricted stock award agreement for 2003 Equity Incentive      Plan*                                                                                       |   | Exhibit      10.5 to Centex’s Current Report on Form 8-K dated May 16,    2007                                  |
| 10.6e   |   | Form      of restricted stock award agreement for 2003 Equity Incentive Plan (July      2008 management awards)*                                                         |   | Exhibit      10.3 to Centex’s Current Report on Form 8-K dated July 15,      2008                               |
| 10.6f   |   | Form      of restricted stock award agreement for 2003 Equity Incentive Plan (May      2009 award)*                                                                      |   | Exhibit      10.4 to Centex’s Current Report on Form 8-K dated May 15,    2009                                  |
| 10.6g   |   | Form      of non-employee director stock option agreement for 2003 Equity Incentive      Plan (August 2008 non-employee director awards)*                                |   | Exhibit      10.2 to Centex’s Quarterly Report on Form 10-Q for the quarter ended      September 30, 2008       |
| 10.6h   |   | Form      of non-employee director restricted stock agreement for 2003 Equity      Incentive Plan (August 2008 non-employee director awards)*                            |   | Exhibit      10.2c to Centex’s Quarterly Report on Form 10-Q for the quarter ended      September 30, 2008      |
| 10.6i   |   | Form      of long-term performance unit award for 2003 Equity Incentive Plan (May      2007 award)*                                                                      |   | Exhibit      10.4 to Centex’s Current Report on Form 8-K dated May 23,    2007                                  |
| 10.6ii  |   | Amendments      to form of long-term performance unit award for 2003 Equity Incentive Plan      (May 2007 award)*                                                        |   | Exhibit      10.3 to Centex’s Current Report on Form 8-K dated October 14,      2008                            |
| 10.6j   |   | Form      of long-term performance unit award for 2003 Equity Incentive Plan (May      2008 award)*                                                                      |   | Exhibit      10.7 to Centex’s Current Report on Form 8-K dated May 13,    2008                                  |
| 10.7    |   | Supplemental      Executive Retirement Plan of Centex Corporation*                                                                                                       |   | Exhibit      10.9 to Centex’s Current Report on Form 8-K dated February 19,      2008                           |
| 10.8    |   | Centex      Corporation Deferred Compensation Plan*                                                                                                                      |   | Exhibit      10.7 to Centex’s Current Report on Form 8-K dated February 19,      2008                           |
| 10.9    |   | Centex      Corporation Executive Deferred Compensation Plan (“Executive Deferred      Compensation Plan”)*                                                  |   | Exhibit      10.8 to Centex’s Current Report on Form 8-K dated February 19,      2008                           |
| 10.9a   |   | Form      of deferred compensation agreement for Executive Deferred Compensation      Plan*                                                                              |   | Exhibit      10.9a to Centex’s Annual Report on Form 10-K for the fiscal year ended      March 31, 2008         |
| 10.9b   |   | Form      of deferred compensation agreement for Executive Deferred Compensation      Plan (2009 retention awards) *                                                     |   | Filed      herewith                                                                                                   |

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| 10.10  |   | Summary      of Outside Director Compensation Plan*                                                                                                                     |   | Filed      herewith                                                                                            |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------|
| 10.11  |   | Centex      Corporation Executive Severance Policy*                                                                                                                     |   | Exhibit      10.1 to Centex’s Current Report on Form 8-K dated October 14,      2008                     |
| 10.11a |   | Centex      Corporation Plan Regarding Severance After a Change in Control dated      April 7, 2009*                                                               |   | Exhibit      10.1 to Centex’s Current Report on Form 8-K dated April 8,      2009                        |
| 10.12  |   | Centex      Corporation Salary Continuation Plan*                                                                                                                       |   | Exhibit      10.10 to Centex’s Annual Report on Form 10-K for the fiscal year ended      March 31, 2004  |
| 10.13  |   | Centex      Comprehensive Medical Plan*                                                                                                                                 |   | Exhibit      10.11 to Centex’s Annual Report on Form 10-K for the fiscal year ended      March 31, 2008  |
| 10.13a |   | Amendment      No. 1 to Centex Comprehensive Medical Plan*                                                                                                              |   | Exhibit      10.13a to Centex’s Annual Report on Form 10-K for the fiscal year ended      March 31, 2008 |
| 10.13b |   | Amendment      No. 2 to Centex Comprehensive Medical Plan*                                                                                                              |   | Exhibit      10.4 to Centex’s Current Report on Form 8-K dated October 14,      2008                |
| 10.14  |   | Form      of Director Indemnification Agreement*                                                                                                                        |   | Exhibit      10.1 to Centex’s Current Report on Form 8-K dated February 14,      2006               |
| 10.15  |   | Form      of Officer Indemnification Agreement*                                                                                                                         |   | Exhibit      10.1 to Centex’s Current Report on Form 8-K dated May 13,      2008                    |
| 10.16  |   | Form      of Change of Control Agreement*                                                                                                                               |   | Exhibit      10.2 to Centex’s Current Report on Form 8-K dated February 14,      2006               |
| 10.16a |   | Form      of Amendment Change in Control Agreement*                                                                                                                     |   | Exhibit      10.2 to Centex’s Current Report on Form 8-K dated October 14,      2008                     |
| 10.17  |   | Credit      Agreement, dated July 1, 2005 among Centex, Bank of America, N.A., as      Administrative Agent, and the lenders named therein                              |   | Exhibit      10.1 to Centex’s Current Report on Form 8-K dated July 1,    2005                           |
| 10.17a |   | First      Amendment to Credit Agreement, dated May 25, 2006 among Centex, Bank of      America, N.A., as Administrative Agent, and the lenders named      therein      |   | Exhibit      10.2 to Centex’s Current Report on Form 8-K dated June 1,    2006                           |
| 10.17b |   | Second      Amendment to Credit Agreement, dated July 20, 2007, among Centex, Bank of      America, N.A., as Administrative Agent, and the lenders named      therein   |   | Exhibit      10.3 to Centex’s Current Report on Form 8-K dated July 23,      2007                        |
| 10.17c |   | Third      Amendment to Credit Agreement, dated March 26, 2008, among Centex, Bank of      America, N.A., as Administrative Agent, and the lenders named      therein   |   | Exhibit      10.4 to Centex’s Current Report on Form 8-K dated April 1,      2008                        |
| 10.17d |   | Fourth      Amendment to Credit Agreement, datedJanuary      23, 2009, among Centex, Bank of America, N.A., as Administrative Agent,      and the lenders named therein |   | Exhibit      10.5 to Centex’s Current Report on Form 8-K dated January 26,      2009                     |

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| 10.18  |   | Securities      Purchase Agreement, dated as of March 30, 2006, among Centex Home Equity      Company, LLC, Centex Financial Services, LLC and FIF HE Holdings,      LLC.  In accordance with the instructions to Item 601(b)(2) of      Regulation S-K, the schedules to the foregoing Securities Purchase      Agreement are not filed herewith.  The Securities Purchase      Agreement identifies such schedules, including the general nature of their      content.  Centex undertakes to provide such schedules to the      Securities and Exchange Commission upon request.                                                              |   | Exhibit      10.1 to Centex’s Current Report on Form 8-K dated April 4,      2006                       |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------|
| 10.18a |   | Amendment      No. 1 to Securities Purchase Agreement, dated as of July 11, 2006, among      Centex Home Equity Company, LLC, Centex Financial Services, LLC and FIF HE      Holdings, LLC.  In accordance with the instructions to Item      601(b)(2) of Regulation S-K, the schedules to the foregoing Amendment No.      1 to Securities Purchase Agreement are not filed herewith.  The      Amendment No. 1 to Securities Purchase Agreement identifies such      schedules, including the general nature of their      content.  Centex undertakes to provide such schedules to the      Securities and Exchange Commission upon request. |   | Exhibit      2.2 to Centex’s Current Report on Form 8-K dated July 14,    2006                          |
| 10.18b |   | Amendment      No. 2 to Securities Purchase Agreement among Centex Financial Services,      LLC, Nationstar Mortgage LLC and FIF HE Holdings, LLC, dated as of      December 20, 2006.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | Exhibit      2.3 to Centex’s Current Report on Form 8-K dated December 22,      2006                    |
| 10.19  |   | Stock      Purchase Agreement, dated as of January 31, 2007, among Centex      Construction Group, Inc., Centex Corporation, Balfour Beatty, Inc. and      Balfour Beatty plc.  In accordance with the instructions to Item      601(b)(2) of Regulation S-K, the schedules to the foregoing Stock Purchase      Agreement are not filed herewith.  The Stock Purchase Agreement      identifies such schedules, including the general nature of their      content.  Centex undertakes to provide such schedules to the      Securities and Exchange Commission upon request.                                                              |   | Exhibit      10.1 to Centex’s Current Report on Form 8-K dated February 6,      2007                    |
| 10.20  |   | Contribution      Agreement, dated as of March 29, 2008, between Centex Homes and      Corona Real Estate Holding Company, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | Exhibit      10.28 to Centex’s Annual Report on Form 10-K for the fiscal year ended      March 31, 2008 |
| 10.21  |   | Member      Interests Purchase Agreement, dated as of March 31, 2008, between      Centex Homes and Corona Land Company, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | Exhibit      10.29 to Centex’s Annual Report on Form 10-K for the fiscal year ended      March 31, 2008 |
| 10.22  |   | Executive      Separation Agreement between David L. Barclay and Centex Service Company,      LLC effective as of March 31, 2009*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | Exhibit      99 to Centex’s Current Report on Form 8-K dated April 2,    2009                           |
| 10.23  |   | Consulting      Agreement between Barclay Consulting Group, Ltd. and Centex Service      Company, LLC dated as of April 1, 2009*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | Exhibit      99 to Centex’s Current Report on Form 8-K dated April 2,    2009                           |

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| 12.1 |   | Computation      of Ratio of Earnings to Fixed Charges                                                                                                                         |   | Filed      herewith |
|------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------|
| 21   |   | List      of Subsidiaries of Centex                                                                                                                                            |   | Filed      herewith |
| 23   |   | Consent      of Independent Registered Public Accounting Firm                                                                                                                  |   | Filed      herewith |
| 24.1 |   | Powers      of Attorney                                                                                                                                                        |   | Filed      herewith |
| 31.1 |   | Certification      of the Chief Executive Officer of Centex pursuant to Rule 13a–14(a)      promulgated under the Securities Exchange Act of 1934                        |   | Filed      herewith |
| 31.2 |   | Certification      of the Chief Financial Officer of Centex pursuant to Rule 13a–14(a)      promulgated under the Securities Exchange Act of 1934                        |   | Filed      herewith |
| 32.1 |   | Certification      of the Chief Executive Officer of Centex 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 pursuant to 18 U.S.C. Section      1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of      2002 |   | Filed      herewith |

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SIGNATURES

|              |   | CENTEX      CORPORATION                                                      |
|-------------------|--------|------------------------------------------------------------------------------|
|              |   | Registrant                                                                   |
| May      21, 2009 | By:    |    /s/      TIMOTHY R. ELLER                                  |
|              |   | Timothy      R. Eller, Chairman of the Board andChief      Executive Officer |

| May      21, 2009 | By:        |    /s/      TIMOTHY R. ELLER                                                                                                                                                                     |
|-------------------|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|              |       | Timothy      R. Eller, Chairman of the Board andChief      Executive Officer (principal executive officer)                                                                                                      |
| May      21, 2009 | By:        |    /s/      CATHERINE R. SMITH                                                                                                                                                                   |
|              |       | Catherine      R. Smith, Executive Vice President andChief      Financial Officer (principal financial officer)                                                                                                 |
| May      21, 2009 | By:        |    /s/      MARK D. KEMP                                                                                                                                                                         |
|              |       | Mark      D. Kemp, Senior Vice President – Controller(principal      accounting officer)                                                                                                        |
|              | Directors: | Barbara      T. Alexander, Timothy R. Eller,Ursula      O. Fairbairn, Thomas J. Falk, Clint W. Murchison, III,Frederic      M. Poses, James J. Postl, David W. Quinn,Matthew      K. Rose and Thomas M. Schoewe |
| May      21, 2009 | By:        |    /s/      TIMOTHY R. ELLER                                                                                                                                                                     |
|              |       | Timothy      R. Eller,Individually      and asAttorney-in-Fact*                                                                                                                                                 |

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