U.S. Home Corporation history

In February of 1969 United States Home offered 315,000 common shares and $4 million convertible debentures and that June joined the American Stock exchange.

At the same time, there were other factors that contributed to this sudden decline from profits of $12.8 million in 1973.

The large purchases of land and its development into subdivided lots, however, made the selling of undeveloped land the main source of United States Home’s profits for a time after 1980.

Soon it gained 20 percent of the Houston area market and earned nearly a third of its revenues locally, as the 1981-82 housing recession did not effect this city.

United States Home meanwhile had become too dependent on the Houston market, which had accounted for 40 percent of the company’s total construction in 1982 with 4,975 new homes.

In early 1983 United States Home went into the manufactured housing business when it acquired two firms: Brigadier Industries Corp., a manufacturer of mobile homes, for stock valued at $25.5 million, and Interstate Homes, a maker of modular homes.

It sold 2,286 houses at discounts to EPIC in 1984 for a loss of $1.5 million, contributing to a net loss for 1984 of $43.9 million on total sales of $1.1 billion.

The company immediately posted two consecutive profitable quarters and its stock went up at the end of 1986.

Announces Financial Results,” Business Wire (BWRE), February 9, 1989.

United States Home’s difficulty in restructuring its debt was also representative of an overall lack of credit for the housing industry, although new house sales picked up again in early 1991.

In 1992 the company earned in excess of $29 million on a 39 percent increase in homes delivered.

In February 2000, Lennar Corporation made a $476 million play for the company.

Sidden, Jennifer Boyd, "United States Home to Acquire Local Home Builder," Business Journal, December 7, 2001.

During 2005, United States Home appeared to on solid ground as its parent posted record profits.