NEW YORK (Reuters) - Pulte Homes Inc (PHM.N: Quote, Profile, Research), the No. 3 U.S. home builder, reported a much bigger loss on Wednesday after a large charge related to inventory and other land charges, a reflection of the deeply sagging U.S. housing market.

The first-quarter net loss increased to $696.1 million, or $2.75 per share, from a loss of $85.7 million, or 34 cents per share, in the year-earlier quarter.

(Reporting by Ilaina Jonas; Editing by Andre Grenon)