BZH Beazer Homes USA Inc New

Builder Beazer Homes USA Inc. (BZH) has expanded its rental program to hard-hit Las Vegas, the company said Tuesday.

Earlier this year, the home builder said that it would buy and rent out foreclosed homes in Phoenix, one of the nation's biggest boom-to-bust markets. The move attempts to eat into a glut of bargain-priced foreclosures that continue to depress overall sales prices. It is also an acknowledgment that many former and would-be home owners are turning to rentals.

Beazer now owns or has under contract more than 100 homes in Phoenix and Las Vegas.

The program will be off the balance sheet, part of the company's plan to return to profitability, and the investment will be limited to no more than $20 million, the Atlanta-based company said in a conference call with analysts and investors.

Earlier Tuesday, Beazer reported a fiscal third-quarter loss of $59.1 million, or 80 cents a share, compared with a year-earlier loss of $27.8 million, or 41 cents a share. Revenue slid 46% to $172.8 million. Analysts polled by Thomson Reuters expected a per-share loss of 42 cents on $232 million in revenue.

Shares of Beazer were down 5.2% at $1.84 in recent trading.

   -By Dawn Wotapka, Dow Jones Newswires; 212-416-2193; 
   dawn.wotapka@dowjones.com 
 

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