Centex Financial Picture Deteriorates

Dallas, TX, October 12, 2007--Centex Corp. said it expects to record an impairment of about $850 million for the second quarter related to neighborhood and land inventory.

The fourth largest U.S. home builder plans to record an impairment and option write-off of about $40 million for its share of land holdings in joint ventures for the period.

The company said it also expects to write off option deposits and pre-acquisition costs of about $40 million and record an impairment to goodwill of about $65 million.