Homebuilder Beazer Homes is moving into the used homes business, starting a new division to buy recently built houses that it will rent out in a depressed U.S. housing market where many people are having trouble qualifying for home loans.
The company will purchase homes that were built after 2004 in certain markets, starting in Phoenix.
The primary source of the homes will be foreclosures or short sales, so the company expects to buy the homes at a discount.
The company expects to have more than 100 homes in its pre-owned portfolio by the end of fiscal 2011.
(Reporting by Brad Dorfman, editing by Dave Zimmerman)