by Calculated Risk on 10/12/2007 10:05:00 AM

From Bloomberg: Centex to Take $1 Billion in Charges as Slump Worsens

Net sales slumped 13 percent to 5,953 units and the Dallas- based company said home closings were off 14 percent.

Centex will write down $850 million for land, have a $40 million write off for property held by joint ventures and record $65 million in impairment expenses. The total charges are more than four times higher than those taken in the first quarter and come a day after Centex's credit ratings were cut to junk status by Moody's Investors Service.

``The housing market continues to be extremely difficult,'' Chief Executive Officer Timothy Eller said today in a statement. ``These adjustments reflect the market's further deterioration over the quarter and the significant effects of the mortgage- market disruptions.''