NVR, Inc.

NVR, Inc. is a company engaged in home construction. It also operates a mortgage banking and title services business. The company primarily operates on the East Coast of the United States. In February 2010, NVR Inc was sued by the Attorney General of Delaware for failing to provide promised amenities for the residents of a housing development that the company built. In 2018, 23% of home settlements occurred in the Washington metropolitan area and 8% of home settlements occurred in the Baltimore metropolitan area.[1]

NVR, Inc.
TypePublic company
NYSE: NVR
S&P 500 Index Component
IndustryHome construction
Founded1980 (1980)
HeadquartersReston, Virginia, United States
Number of employees
5,600 (2018)
WebsiteOfficial website

The company operates under the Ryan Homes, NVHomes and Heartland Homes brands. The company typically does not engage in land development; it acquires finished land lots that are ready for building, which mitigates risk. As of 2019, the company is the 4th largest home construction company in the United States based on the number of homes closed.[2] It is ranked 424th on the Fortune 500.[3]

History

The company was formed in 1980 as NVHomes, Inc. by Dwight Schar.[1]

In 1986, the company acquired Ryan Homes, which was founded in 1948 in Pittsburgh, Pennsylvania to provide housing in the expanding post-war economy.[4]

In April 1992, as a result of the early 1990s recession, the company filed bankruptcy.[5]

In November 1993, the company became a public company via an initial public offering.[6]

In December 2012, the company acquired Heartland Homes.[7]

In September 2019, the company was added to the S&P 500 Index.[8]

Controversies

Failure to provide certain amenities in Townsend, Delaware

In February 2010, then Attorney General of Delaware, Beau Biden, sued the company for fraud, seeking damages of $10,000 for each of 39 homeowners alleging that the company did not provide promised amenities, primarily a clubhouse with restaurant and fitness center, for homeowners of a development built by the company in Townsend, Delaware.[9] The lawsuit was settled in April 2010, with the company agreeing to complete development of the promised amenities and reimburse homeowners for the period of time when they have been paying for promised amenities that they did not receive.[10]

References
  1. "NVR, Inc. 2018 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. "The Top 100". Hanley Wood.
  3. "Fortune 500: NVR". Fortune. Retrieved September 25, 2019.
  4. "COMPANY NEWS; NV Homes Set To Add Ryan". The New York Times. November 1, 1986.
  5. Salmon, Jacqueline L. (April 6, 1992). "HOME BUILDER NVR TO SEEK PROTECTION FROM CREDITORS". The Washington Post.
  6. "NVR". TechCrunch.
  7. "NVR, Inc. Purchases Pittsburgh, PA Builder, Heartland Homes" (Press release). PR Newswire. January 2, 2013.
  8. "NVR Set to Join S&P 500; Jefferies Financial Group, II-VI to Join S&P MidCap 400; Callon Petroleum, PriceSmart to Join S&P SmallCap 600" (Press release). PR Newswire. September 20, 2019.
  9. "Biden sues Ryan Homes for consumer fraud" (Press release). Delaware. February 17, 2010.
  10. "Biden Settles Consumer Fraud Charges with Ryan Homes" (Press release). Delaware. April 1, 2010.
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