CHICAGO (Reuters) - Homebuilder Beazer Homes <BZH.N> 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.
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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)