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FEATURE SECONDARY MARKET utilizes its subsidiaries to engage in homebuilding and financial services businesses, primarily in the United States. The company's homebuilding business includes the acquisition and development of land for residential purposes, as well as the construction of housing on such lands. PulteGroup offers various home designs, including single- family detached, townhouses, condominiums, and duplexes under the Pulte Homes, Del Webb, and Centex brand names, and additionally, the company's financial services business includes mortgage banking and title operations. Why It's on Our Watch List: Because Pulte is the largest U.S. home- builder, as measured by market capitalization, and as of December 31, 2011, the company's homebuild- ing operations encompassed more than 700 communities. Behind the Scenes: The company was formerly known as Pulte Homes, Inc., prior to changing its name to PulteGroup, Inc., in March 2010. On a Slippery Slope D far from a license to print money. Though AV Homes, Beazer, Standard Pacific, Hovnanian, and PulteGroup have experienced quarterly revenue growth, one no- table company is struggling under the burden of a cumbersome and complicated marketplace. When Comstock Holding espite recent positive numbers, today's defi- nition of success in the homebuilding sector is Companies, Inc., released its recent quarterly report, there wasn't much cause for celebration at the company's headquarters in Reston, Virginia. With figures showing a 28.1 percent drop in quarterly profits, Comstock's flagging financials made headlines throughout the housing industry. Comstock specializes in real estate development activities, building single-family homes, townhouses, mid-rise condo- miniums, high-rise multifam- ily condominiums, apartments, and residential and commercial developments across the nation. Additionally, the company lever- ages its resources to provide an exhaustive roster of real estate and construction management services including the following: strategic planning, land devel- opment, entitlement, property management, sales and market- ing, workout and turnaround strategies, financing, construction While many companies are boasting about improving numbers and solid growth, not all homebuilders are getting in on the game. management, general contracting, and several other related services for property owners and those in the industry. As of March 31, Comstock had built and delivered approximately 5,400 homes, but the company's production didn't prevent slump- ing profits. While Comstock's plans to bolster business remain obscured, it is obvious the company is willing to embrace changes—even those that seem arbitrary—in the name of improv- ing the organization's standing, as evidenced in June when the corporation formerly known as Comstock Homebuilding Companies, Inc., altered its name to reflect the current title. THE M REPORT | 77 ORIGINATION SERVICING ANALYTICS SECONDARY MARKET