Centex cuts prices in response to mortgage turmoil

"We responded quickly by adjusting home prices in many of our neighborhoods to levels that would enable buyers to qualify for FHA mortgages..."

"Centex said the average price of its homes sold in the latest quarter fell 8% as it also offered more incentives to lure buyers nervous that the housing market has not yet reached bottom. Discounts and incentives totaled 11% of housing revenue, the company said." [Ed. Note: of course the incentives don't show up in price; just negatively in profits. Part of the reason the decline is worse than popularly reported.]