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AUSTIN, Texas - March 29, 2001 - Builder Homesite, Inc., the emerging builder-founded consortium for the new home market, today announced that Morrison Homes, ranked 29 in the 2000 Builder 100, has signed up as the seventeenth consortium member.
Builder Homesite is backed, endorsed and driven by a consortium of the nation's premier homebuilders and focused on improving the home selection, buying and ownership experience through the use of online technologies. BHI products are being designed to provide consortium members with the benefits of new sources of revenue from an open, un-biased new home channel, reduced technology acquisition costs and the monetization of each builder's home and community assets. The seventeen consortium members represent over $31 billion in gross revenue for 2000 and build over 153,000 homes across the continental United States.
"We look forward to participating in consortium activities," said Stewart Cline, President of Morrison Homes. "We know the Internet is changing the way people shop for homes. Our participation in the consortium is right on track with our long term Internet strategy."
"It is a true measure of the value the Builder Homesite provides when you have a builder with the stature of Morrision Homes join the consortium," said Tim Costello, President and CEO of Builder Homesite. "They have one of the best reputations for customer satisfaction in the industry and we look forward to their active participation in defining the future tools and products that will be required to complete the digization of the new home market."
New Home Industry
Currently, the new home market is estimated to be a $230 billion market in the United States. PaineWebber's eBuilder Report states that builders effectively using the Internet could see profits per-home improving by up to 30% in the next ten years. Consumer use of the Internet during the home selection process is increasing--research studies show that 62% of all new homebuyers already use the web for sources of information and service. Other research has revealed that over 85% of consumers will use or plan to use the Internet to shop for homes in the next two years.
About Builder Homesite, Inc. and NewHomeSource.com
Founded in Austin, TX in 2000 by a consortium of 32 of the nation's largest homebuilders, Builder Homesite, Inc. (BHI) represents over 250,000 new home sales annually. BHI's mission is to offer improved technology and marketing solutions for the new home industry. The first product by Builder Homesite is NewHomeSource.com, a consumer Web site offering the most comprehensive information and selection of new homes available on the market. Because of the extensive distribution network, more and more builders are making BHI their entry point to the Internet. By providing data to New Home Source, builders can also participate in BHI online partner channels, including Yahoo, eBay, CitySearch, Homegain, newspaper and REALTORŪ Web sites.
About Morrison Homes
Morrison Homes is a wholly owned subsidary of George Wimpey PLC, a British-based, publicly held company. Morrison Homes was founded in 1905 in Seattle, Washington, by C.G. Morrison, the company was acquired by Wimpley in 1984. Morrison Homes currently operates in ten geographic regions across the nation including: Atlanta, Georgia; Austin/Dallas/San Antonio and Houston, Texas; Phoenix, Arizona; Jackonsville/Orlando/Tampa and Sarasota, Florida and Sacramento, California. The company is headquartered in Atlanta, Georgia.
Press Contacts
Eleanor Bowman
Builder Homesite/New Home Technologies
512.413.5278
ebowman@builderhomesite.com
Morrison Homes Corporate
3655 Brookside Parkway, Suite 400
Alpharetta, GA 30022
770-360-8700
nationalleads@morrisonhomes.com
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