Pulte Homes says founder sold big chunk of shares

BLOOMFIELD HILLS, Mich. - Home builder Pulte Homes Inc. said Tuesday that its founder and chairman recently sold 760,000 shares of company stock to satisfy margin calls related to loan agreements that involved family members and a charitable group.

The company said that volatility in the value of company shares triggered the margin calls and forced William J. Pulte to sell the large chunk of stock to satisfy contractual obligations.

"Further unforeseen volatility in the value of Pulte Homes shares could lead to additional activity in the future related to margin transactions," the the company said.

Pulte said he never intended to sell the shares and he was disappointed that he had to.

"I remain confident in our leadership team, our strong financial position and in the long-term prospect of our company," he said.

Last week, Pulte Homes' CEO said a housing market turnaround isn't likely soon and called on lawmakers to enact another round of tax incentives to spur would-be home buyers worried about the declining U.S. economy.

Pulte Homes shares have fallen more than 10 percent, on a split-adjusted basis, since the beginning of the year. The shares, which have traded in a 52-week range of $6.91 to $17.32, closed at $9.24 on Tuesday, up 82 cents, or 9.7 percent.

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