* Q2 loss $2.37/shr vs Street view loss of 72 cents/shr

* Shares down 0.4 percent in after-hours trading

(Adds details on home sales, charge, margin, credit commitments, CEO quote, background)

NEW YORK, July 27 (Reuters) - Meritage Homes Corp (MTH.N: Quote, Profile, Research), the 10th largest U.S. home builder, said its second-quarter net loss widened as a result of higher impairment charges and a drop in the number of homes sold.

The homebuilder reported a net loss of $74 million, or $2.37 per share, compared with a year-ago loss of $23 million million, or 79 cents per share.

Analysts on average had expected the company to report a loss of 72 cents per share, according to Reuters Estimates.

The results included $67 million of impairment charges due to the lower value of its land and inventory and a $7 million gain on early extinguishment of debt.

About $55 million of the second-quarter 2009 impairments charges were attributed to the company decision to terminate its largest purchase agreement for about 1,200 lots in north Phoenix.

"After much analysis and discussion, we determined that our expected returns from that project did not support its continued development at this time," Chairman and Chief Executive Officer Steven Hilton said.