Centex 8-K Results of Operations and Financial Condition

EXHIBIT 99.1

FOR IMMEDIATE RELEASE

For Additional Information, Contact at (214) 981-5000:
Leldon E. Echols, Executive Vice President and Chief Financial Officer
Matthew G. Moyer, Vice President-Investor Relations
http://www.centex.com

CENTEX REPORTS RECORD THIRD QUARTER RESULTS
Earnings from Continuing Operations Grow 35%

DALLAS– Jan. 25, 2005: Centex Corporation(NYSE: CTX)today reported the highest revenues, operating earnings and earnings per diluted share for any third quarter in its history.

Highlights of the quarter ended December 31, 2004 (compared to last year’s third quarter):

•   Earnings from continuing operations grew 35%; Net earnings up 28% to $253.8 million

•   Earnings per diluted share from continuing operations grew 34% to $1.91

•   Domestic home building operating earnings increased 39%; operating margin was 15.5%, up 240 basis points

•   Domestic home sales (orders) rose 12%; backlog rose 18% to 17,501 units

     “This quarter’s outstanding results are a great demonstration of the Centex growth model. Our focus on neighborhood growth coupled with continuous improvement produced strong sales and margin expansion at Centex Homes,” commented Tim Eller, Centex Corporation chairman and CEO. “It is our view Centex will continue to achieve strong results in fiscal 2006 even in an environment of incrementally higher mortgage rates.”

     “In addition to our home building operation, our other businesses performed at very high levels. The combined efforts of our two financial services operations contributed positively to our overall shareholder value creation strategy,” said Eller. “As we look forward to the rest of this year and into fiscal 2006, I expect our business segments to have a growing positive impact.”

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CENTEX REPORTS RECORD THIRD QUARTER, NINE MONTH RESULTS, Page 2 of 4

HOME BUILDING

Domestic

     Operating earnings from Centex Homes were $347.1 million for the third quarter this year, 39% higher than $250.2 million for the same quarter a year ago. Revenues were $2.24 billion, 17% higher than $1.91 billion reported for the same quarter last year.

     The 39% increase in operating earnings was achieved on an 8% increase in closings to 8,047 homes, as well as an improvement in operating margin to 15.5% from 13.1% a year ago. The operating margin improvement was due primarily to an increase in the average selling price of homes delivered and ongoing process improvement initiatives.

     Operating earnings from Centex Homes for the nine months ended December 31, 2004 were $853.9 million, 39% higher than the $612.7 million for the same period last year. Revenues for the nine months were $6.3 billion, 22% higher than revenues of $5.1 billion for the same period in fiscal 2004.

International

     London-based Fairclough Homes, the international operation of Centex Homes, closed 410 homes during the third quarter of fiscal 2005 versus 422 units for the same quarter last year. Operating earnings for the quarter were $16.9 million, a 55% increase over last year’s third quarter. This increase reflects an improved pricing environment and higher-margin neighborhoods coming on line. Operating margin increased 400 basis points to 13.1%.

FINANCIAL SERVICES

     Operating earnings from Financial Services for the third quarter this year were $46.0 million, a 5% increase from the same quarter last year. Revenues from this segment were $266.7 million for the third quarter this year, 12% above $238.2 million for the same quarter last year.

     Financial Services operating earnings for the nine-month period this year were $156.8 million, a decrease of 16% compared to $185.8 million for the same period last year. Financial Services revenues were $817.9 million for the nine months, 3% above last year’s revenues for the same period.

CTX Mortgage Company

     Operating earnings from CTX Mortgage Company totaled $21.0 million for this year’s third quarter versus $26.8 million for the same quarter a year ago. Originations from Centex Homes’ closings increased 6% while retail originations fell 15%. Refinanced mortgages accounted for 21% of originations for the quarter this year compared to 23% for the same quarter last year. CTX Mortgage provided mortgage loans to 73% of Centex Homes’ buyers for the third quarter this year.

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CENTEX REPORTS RECORD THIRD QUARTER, NINE MONTH RESULTS, Page 3 of 4

     Operating earnings from CTX Mortgage were $74.7 million for the nine-month period this year compared to $138.8 million for the same period a year ago.

Centex Home Equity Company

     Centex Home Equity Company (CHEC) reported operating earnings of $25.0 million for the third quarter this fiscal year compared to operating earnings of $16.8 million for the same quarter in fiscal 2004. For the first nine months of fiscal 2005, CHEC reported operating earnings of $82.1 million, a 75% increase over $46.9 million for the same period in fiscal 2004. CHEC’s loan servicing portfolio, on which it earns an interest margin, has reached $7.7 billion, growing 27% versus the same period last year.

CONSTRUCTION SERVICES

     Operating earnings from Construction Services were $6.4 million for the third quarter this fiscal year, versus $3.6 million for the same quarter in fiscal 2004. The operating margin was 1.4% for this fiscal year’s third quarter, up 55 basis points from last year’s third quarter. Revenues from this segment were $445.5 million for the quarter this year, up 10% versus a year ago. The backlog of construction contracts at December 31, 2004 was $2.0 billion, up 14% from the same date last year.

OUTLOOK

     Based on the strength of the home building operations and its record backlog, as well as the execution of the company’s growth strategies in each of its other business segments, Centex is updating its fiscal 2005 earnings guidance to a range of $7.30 to $7.50 per diluted share. Achieving this guidance would represent 21% to 25% growth versus last year’s record results. Additionally, based on its current momentum and strong sales trends, the company is reiterating its earnings per diluted share guidance of $8.75 to $9.25 for fiscal 2006.

     Through its subsidiaries, Centex ranks among the nation’s leading companies in the Home Building, Financial Services, Construction Services and Home Services industries.

     Centex’s senior management will host a conference call to discuss the third quarter financial results at 10 a.m. Eastern Time (9 a.m. Central Time) on Wednesday, January 26. The conference call, accompanied by a slide presentation, will be webcast simultaneously on the Centex Web site athttp://www.centex.com. A replay of the call, as well as the presentation, will be archived on that site for one year. Questions can be e-mailed to ir@centex.com.

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CENTEX REPORTS RECORD THIRD QUARTER, NINE MONTH RESULTS, Page 4 of 4

Forward-Looking Statements. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the context of the statement and generally arise when Centex is discussing its beliefs, estimates or expectations. These statements are not historical facts or guarantees of future performance but instead represent only Centex’s belief at the time the statements were made regarding future events, which are subject to significant risks, uncertainties and other factors, many of which are outside of Centex’s control. Actual results and outcomes may differ materially from what is expressed or forecast in such forward-looking statements. With respect to forward-looking statements relating to the business, operations, assets, liabilities, financial condition or results of operations of Centex, the risks and uncertainties to which these statements are subject include the following: general economic conditions and interest rates; the cyclical and seasonal nature of our businesses; adverse weather conditions; changes in property taxes and energy costs; changes in federal income tax laws and federal mortgage financing programs; governmental regulations; changes in governmental and public policy; changes in economic conditions specific to any one or more of our markets and businesses; competition; availability of land and raw materials; and unexpected operational difficulties. For example, increases in interest rates or decreases in demand for housing on a national or regional basis or increases in the cost or reductions in the supply of suitable land for development, or lumber or other building materials or labor, could affect the revenues or operating earnings of our homebuilding operations. Similarly, increases in interest rates could adversely affect demand for some of the mortgage loans offered by our mortgage finance operations. Finally, changes in national and regional economic conditions and levels of infrastructure and construction spending could adversely affect the results of operations of our construction services operations. These and other risks and uncertainties are described in greater detail in Centex’s most recent Annual Report on Form 10-K for the fiscal year ended March 31, 2004 and Quarterly Report on Form 10-Q for the quarter ended September 30, 2004 (including under the captions “Forward-Looking Statements” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations”), which are on file with the SEC and may be obtained free of charge through the website maintained by the SEC at http://www.sec.gov. All forward-looking statements made are made as of the date hereof, and the risk that actual results will differ materially from expectations will increase with the passage of time. Centex undertakes no duty to update any forward-looking statement to reflect future events or changes in Centex’s expectations.

NOTE ATTACHMENTS:
(1) Revenues and Earnings by Lines of Business
(2) Condensed Consolidated Balance Sheets
(3) Condensed Consolidated Cash Flows
(4) Supplemental Domestic Home Building Data
(5) Domestic Housing Activity by Geographic Area
(6) Domestic Housing Activity Dollar Values by Geographic Area
(7) Supplemental International Home Building Data
(8) Supplemental Financial Services Data

Attachment 1

Centex Corporation and Subsidiaries
Revenues and Earnings by Lines of Business
(dollars in thousands, except per share data)

	Quarter Ended									Nine Months Ended
	December 31,									December 31,
	(unaudited)									(unaudited)
	2004			2003 (D)			Change			2004			2003 (D)			Change
Revenues
Home Building(A)	$	2,368,379		$	1,906,305			24	%	$	6,597,952		$	5,119,937			29	%
Financial Services		266,701			238,231			12	%		817,945			795,642			3	%
Construction Services		445,468			404,227			10	%		1,331,913			1,166,611			14	%
Other		38,075			21,094			81	%		121,792			88,622			37	%
Total	$	3,118,623		$	2,569,857			21	%	$	8,869,602		$	7,170,812			24	%
Operating Earnings
Home Building (A)	$	364,002		$	260,642			40	%	$	891,474		$	634,247			41	%
Financial Services		46,003			43,651			5	%		156,829			185,752			(16	%)
Construction Services		6,398			3,593			78	%		16,378			12,712			29	%
Other		6,338			4,370			45	%		11,378			27,862			(59	%)
Total Operating Earnings		422,741			312,256			35	%		1,076,059			860,573			25	%
Corporate General Expenses		(23,137	)		(29,891	)					(61,741	)		(70,982	)
Interest Expense		(5,718	)		(3,456	)					(16,024	)		(35,370	)
Earnings from Continuing Operations Before Income Taxes		393,886			278,909			41	%		998,294			754,221			32	%
Income Taxes		(140,115	)		(91,039	)					(356,678	)		(245,079	)
Earnings from Continuing Operations		253,771			187,870			35	%		641,616			509,142			26	%
Earnings from Discontinued Operations, net (B)		—			10,800						—			31,707
Cumulative Effect of Accounting Change (C)		—			—						—			(13,260	)
Net Earnings	$	253,771		$	198,670			28	%	$	641,616		$	527,589			22	%
Earnings Per Share — Basic
Earnings per Share — Continuing Operations	$	2.02		$	1.51			34	%	$	5.16		$	4.13			25	%
Earnings per Share — Discontinued Operations		—			0.09						—			0.26
Earnings per Share — Cumulative Effect		—			—						—			(0.11	)
Earnings Per Share — Basic	$	2.02		$	1.60			26	%	$	5.16		$	4.28			21	%
Earnings Per Share — Diluted
Earnings per Share — Continuing Operations	$	1.91		$	1.43			34	%	$	4.87		$	3.95			23	%
Earnings per Share — Discontinued Operations		—			0.09						—			0.25
Earnings per Share — Cumulative Effect		—			—						—			(0.11	)
Earnings Per Share — Diluted	$	1.91		$	1.52			26	%	$	4.87		$	4.09			19	%
Average Shares Outstanding:
Basic		125,593,379			124,076,292			1	%		124,404,141			123,334,548			1	%
Diluted		132,547,190			130,659,958			1	%		131,702,753			129,020,466			2	%

(A) 3333 Holding Corporation and Centex Development Company, L.P. were consolidated into Centex Corporation on February 29, 2004. As a result, beginning March 1, 2004, International Home Building is fully consolidated as a component of Home Building. Centex’s equity in the earnings of International Home Building prior to March 1, 2004 have been reclassified from Investment Real Estate(now in Other) to Home Building. See Attachment 7 for additional International Home Building information.

(B) Includes the operations spun-off in the Centex Construction Products (now known as Eagle Materials Inc.) and Cavco transactions and other discontinued manufactured housing operations.

(C) Represents the cumulative effect of change in accounting resulting from the consolidation of HSF-I effective July 1, 2003.

(D) Certain prior year items have been reclassified to conform to current period classifications.

Attachment 2

Centex Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(Dollars in millions)
(unaudited)

	Centex Corporation and Subsidiaries				Centex Corporation*				Financial Services
	December 31,		March 31,		December 31,		March 31,		December 31,		March 31,
	2004		2004		2004		2004		2004		2004
Assets
Cash -
Unrestricted	$	50	$	179	$	37	$	161	$	13	$	18
Restricted		446		310		45		50		401		260
Receivables -
Residential Mortgage Loans Held for Investment		7,723		6,498		—		—		7,723		6,498
Residential Mortgage Loans Held for Sale		1,586		1,820		—		—		1,586		1,820
Other Receivables		715		669		514		491		201		178
Inventories -
Homebuilding		6,975		5,105		6,975		5,105		—		—
Land Held Under Option Agreements not Owned		471		362		471		362		—		—
Other		34		94		28		85		6		9
Investments		169		140		742		672		—		—
Property and Equipment, net		159		156		115		115		44		41
Goodwill		252		255		240		238		12		17
Deferred Charges and Other Assets		423		481		215		239		208		242
	$	19,003	$	16,069	$	9,382	$	7,518	$	10,194	$	9,083
Liabilities and Stockholders’ Equity
Accounts Payable and Accrued Liabilities	$	2,019	$	1,963	$	1,843	$	1,715	$	162	$	264
Debt
Non-Financial Services		3,228		2,418		3,228		2,418		—		—
Financial Services		9,443		8,302		—		—		9,443		8,302
Minority Stockholders’ Interest		474		336		472		335		2		1
Stockholders’ Equity		3,839		3,050		3,839		3,050		587		516
	$	19,003	$	16,069	$	9,382	$	7,518	$	10,194	$	9,083

* In the supplemental data presented above, “Centex Corporation” represents the consolidation of all subsidiaries other than those included in Financial Services. Transactions between Centex Corporation and Financial Services have been eliminated from the Centex Corporation and Subsidiaries balance sheets. We believe that separate disclosure of the consolidating information is useful because: the Financial Services subsidiaries operate in a distinctly different financial environment that generally requires significantly less equity to support their higher debt levels compared to the operations of our other subsidiaries; the Financial Services subsidiaries have structured their financing programs substantially on a stand-alone basis; and Centex Corporation has limited obligations with respect to the indebtedness of its Financial Services subsidiaries. Management uses this information in its financial and strategic planning.

Attachment 3

Centex Corporation and Subsidiaries
Condensed Consolidated Cash Flows
(Dollars in millions)
(unaudited)

	Centex Corporation and Subsidiaries						Centex Corporation*						Financial Services
	For the Nine Months						For the Nine Months						For the Nine Months
	Ended December 31,						Ended December 31,						Ended December 31,
	2004			2003			2004			2003			2004			2003
Cash Flows — Operating Activities
Net Earnings	$	642		$	528		$	642		$	528		$	98		$	103
Adjustments -
Depreciation and Amortization		80			78			66			65			14			13
Other Noncash Adjustments		52			13			(87	)		(85	)		80			59
Decrease in Loans Held for Sale		234			1,113			—			—			234			1,113
(Increase) Decrease in Inventories		(1,776	)		(1,272	)		(1,779	)		(1,271	)		3			(1	)
Other Operating Activities		(65	)		17			148			91			(231	)		(76	)
		(833	)		477			(1,010	)		(672	)		198			1,211
Cash Flows — Investing Activities
Increase in Loans Held for Investment		(1,297	)		(1,494	)		—			—			(1,297	)		(1,494	)
Other Investing Activities		14			25			40			21			(8	)		7
		(1,283	)		(1,469	)		40			21			(1,305	)		(1,487	)
Cash Flows — Financing Activities
Increase (Decrease) in Short-Term Debt, net		1,501			14			122			85			1,379			(71	)
Issuance of Long-Term Debt, net		443			626			681			217			(238	)		409
Other Financing Activities		42			(52	)		42			(52	)		(39	)		(65	)
		1,986			588			845			250			1,102			273
Effect of Exchange Rate on Cash		1			—			1			—			—			—
Net Decrease in Cash and Cash Equivalents		(129	)		(404	)		(124	)		(401	)		(5	)		(3	)
Cash and Cash Equivalents at Beginning of Period		179			456			161			441			18			15
Cash and Cash Equivalents at End of Period	$	50		$	52		$	37		$	40		$	13		$	12

* In the supplemental data presented above, “Centex Corporation” represents the consolidation of all subsidiaries other than those included in Financial Services. Transactions between Centex Corporation and Financial Services have been eliminated from the Centex Corporation and Subsidiaries cash flows. We believe that separate disclosure of the consolidating information is useful because: the Financial Services subsidiaries operate in a distinctly different financial environment that generally requires significantly less equity to support their higher debt levels compared to the operations of our other subsidiaries; the Financial Services subsidiaries have structured their financing programs substantially on a stand-alone basis; and Centex Corporation has limited obligations with respect to the indebtedness of its Financial Services subsidiaries. Management uses this information in its financial and strategic planning.

Attachment 4

Centex Corporation and Subsidiaries
Supplemental Home Building Data — Domestic Operations
(unaudited)

(dollars in millions, except per unit data)

	Quarter Ended December 31,										Nine Months Ended December 31,
	2004					2003					2004					2003
HOME BUILDING — DOMESTIC
Revenues — Housing	$	2,172.5		100.0	%	$	1,832.4		100.0	%	$	6,097.9		100.0	%	$	4,997.6		100.0	%
Cost of Sales — Housing		(1,554.8	)	(71.6	%)		(1,340.9	)	(73.2	%)		(4,407.9	)	(72.3	%)		(3,672.8	)	(73.5	%)
Gross Margin — Housing		617.7		28.4	%		491.5		26.8	%		1,690.0		27.7	%		1,324.8		26.5	%
Revenues — Land Sales & Other		66.9					73.9					172.2					122.3
Cost of Sales — Land Sales & Other		(54.4	)				(70.0	)				(154.1	)				(125.2	)
Gross Margin — Land Sales & Other		12.5					3.9					18.1					(2.9	)
Total Gross Margin		630.2		28.1	%		495.4		26.0	%		1,708.1		27.2	%		1,321.9		25.8	%
Selling, General & Administrative		(326.5	)	(14.6	%)		(266.1	)	(14.0	%)		(908.7	)	(14.5	%)		(732.6	)	(14.3	%)
Other Income		43.4		2.0	%		20.9		1.1	%		54.5		0.9	%		23.4		0.5	%
Operating Earnings	$	347.1		15.5	%	$	250.2		13.1	%	$	853.9		13.6	%	$	612.7		12.0	%
Units Closed		8,047					7,468					23,261					20,723
Average Unit Sales Price	$	269,972				$	245,370				$	262,150				$	241,162
% Change		10.0	%				11.6	%				8.7	%				10.8	%
Operating Earnings per Unit	$	43,143				$	33,505				$	36,711				$	29,564
% Change		28.8	%				37.1	%				24.2	%				32.5	%
Average Neighborhoods		598					560					581					558
% Change		6.8	%				6.1	%				4.1	%				10.1	%

LOT POSITION — DOMESTIC

	As of December 31,
	2004		2003		Change
Lot Owned and Controlled:
Lots Owned		93,919		71,793		30.8	%
Lots Controlled		164,002		100,872		62.6	%
Total		257,921		172,665		49.4	%

Attachment 5

Centex Corporation and Subsidiaries
Supplemental Home Building Data — Domestic Operations
Housing Activity (Units) by Geographic Area

	Closings
	Quarter Ended December 31,							Nine Months Ended December 31,
	2004		2003		Change			2004		2003		Change
Mid-Atlantic		1,364		1,337		2	%		3,984		3,699		8	%
Southeast		1,282		1,281		—	%		3,887		3,708		5	%
Midwest		1,683		1,441		17	%		4,891		3,994		22	%
Southwest		2,234		2,109		6	%		6,342		5,635		13	%
West Coast		1,484		1,300		14	%		4,157		3,687		13	%
		8,047		7,468		8	%		23,261		20,723		12	%

	Sales (Orders) Backlog
	As of December 31,
	2004		2003		Change
Mid-Atlantic		3,417		2,571		33	%
Southeast		4,992		3,522		42	%
Midwest		2,966		3,118		(5	%)
Southwest		3,141		3,178		(1	%)
West Coast		2,985		2,386		25	%
		17,501		14,775		18	%

	Sales (Orders)
	Quarter Ended December 31,							Nine Months Ended December 31,
	2004		2003		Change			2004		2003		Change
Mid-Atlantic		1,465		1,314		11	%		4,600		4,122		12	%
Southeast		1,582		1,357		17	%		5,172		4,517		15	%
Midwest		1,411		1,153		22	%		4,465		4,192		7	%
Southwest		2,016		1,908		6	%		6,614		6,555		1	%
West Coast		1,347		1,267		6	%		4,497		4,062		11	%
		7,821		6,999		12	%		25,348		23,448		8	%

Attachment 6

Centex Corporation and Subsidiaries
Supplemental Home Building Data — Domestic Operations
Housing Activity (Values) by Geographic Area

	Housing Revenues - Closings
	(dollars in millions)
	Quarter Ended December 31,							Nine Months Ended December 31,
	2004		2003		Change			2004		2003		Change
Mid-Atlantic	$	392.4	$	374.7		5	%	$	1,136.6	$	1,009.0		13	%
Southeast		336.1		291.9		15	%		973.7		819.7		19	%
Midwest		357.1		296.5		20	%		1,034.4		831.1		24	%
Southwest		379.0		328.4		15	%		1,044.1		868.1		20	%
West Coast		707.9		540.9		31	%		1,909.1		1,469.7		30	%
	$	2,172.5	$	1,832.4		19	%	$	6,097.9	$	4,997.6		22	%

	Sales (Orders) Backlog Value
	(dollars in millions)
	As of December 31,
	2004		2003		Change
Mid-Atlantic	$	1,132.9	$	802.6		41	%
Southeast		1,472.0		947.7		55	%
Midwest		679.4		624.4		9	%
Southwest		671.6		497.2		35	%
West Coast		1,578.3		955.1		65	%
	$	5,534.2	$	3,827.0		45	%

Attachment 7

Centex Corporation and Subsidiaries
Supplemental Home Building Data — International Operations
(unaudited)

(dollars in millions, except per unit data)
	Quarter Ended December 31,										Nine Months Ended December 31,
	2004					2003					2004					2003
HOME BUILDING — INTERNATIONAL
Revenues — Housing	$	128.3		100.0	%	$	114.8		100.0	%	$	322.0		100.0	%	$	298.6		100.0	%
Cost of Sales — Housing		(91.9	)	(71.6	%)		(91.2	)	(79.4	%)		(232.5	)	(72.2	%)		(238.3	)	(79.8	%)
Gross Margin — Housing		36.4		28.4	%		23.6		20.6	%		89.5		27.8	%		60.3		20.2	%
Revenues — Land Sales & Other		0.7		5.5			5.9		6.5
Cost of Sales — Land Sales & Other		(1.9	)				(2.4	)				(7.4	)				(2.5	)
Gross Margin — Land Sales & Other		(1.2	)				3.1					(1.5	)				4.0
Total Gross Margin		35.2		27.3	%		26.7		22.2	%		88.0		26.8	%		64.3		21.1	%
Selling, General & Administrative		(18.3	)	(14.2	%)		(15.8	)	(13.1	%)		(50.4	)	(15.3	%)		(41.1	)	(13.5	%)
Operating Earnings		16.9		13.1	%		10.9		9.1	%		37.6		11.5	%		23.2		7.6	%
Interest		(0.8	)	(0.6	%)		(0.5	)	(0.5	%)		(2.0	)	(0.6	%)		(1.6	)	(0.5	%)
Earnings Before Income Taxes	$	16.1		12.5	%	$	10.4		8.6	%	$	35.6		10.9	%	$	21.6		7.1	%
Units Closed		410					422					1,067					1,114
Unit Sales		334					396					1,037					1,143
Plots Owned and Controlled		5,584					4,938					5,584					4,938
Average Unit Sales Price	$	313,051				$	272,173				$	301,808				$	268,039
% Change		15.0	%				13.8	%				12.6	%				14.2	%
Operating Earnings per Unit	$	41,041				$	25,912				$	35,187				$	20,832
% Change		58.4	%				N.M.					68.9	%				N.M.

Attachment 8

Centex Corporation and Subsidiaries
Supplemental Financial Services Data

CTX Mortgage Company

	Quarter Ended December 31,							Nine Months Ended December 31,
	2004		2003		Change			2004		2003		Change
Originations
Builder		5,463		5,138		6	%		15,688		14,307		10	%
Retail		9,897		11,657		(15	%)		35,400		56,016		(37	%)
Total		15,360		16,795		(9	%)		51,088		70,323		(27	%)
Applications
Builder		5,463		4,727		16	%		17,330		16,939		2	%
Retail		8,603		8,954		(4	%)		29,427		50,457		(42	%)
	2004		2003					2004		2003
Total		14,066		13,681		3	%		46,757		67,396		(31	%)
Loan Volume (in billions)	$	3.07	$	2.89		6	%	$	9.66	$	11.88		(19	%)
Average Loan Size	$	199,500	$	171,900		16	%	$	189,000	$	168,900		12	%
Operating Profit per Loan	$	1,365	$	1,597		(15	%)	$	1,463	$	1,974		(26	%)

Centex Home Equity

	Quarter Ended December 31,									Nine Months Ended December 31,
	2004			2003			Change			2004			2003			Change
Originations		11,293			9,185			23	%		33,632			27,768			21	%
Applications		100,509			83,518			20	%		297,807			249,817			19	%
Loan Volume (in billions)	$	1.37		$	1.00			37	%	$	4.07		$	2.91			40	%
Average Loan Size	$	121,100		$	109,400			11	%	$	120,900		$	104,700			15	%
Earnings As a % of Average “Owned” Portfolio		1.34	%		1.15	%					1.54	%		1.17	%

Servicing Portfolio:

	As of December 31,
	2004		2003		Change
Number of Loans:
Portfolio Accounting Method		82,628		73,232
Serviced for Others		14,794		11,376
Total		97,422		84,608		15	%
Servicing Portfolio (in billions):
Portfolio Accounting Method	$	7.72	$	6.08
Serviced for Others		1.16		0.67
Total	$	8.88	$	6.75		32	%