Question-and-Answer Session
Operator
Thank you sir. (Operator Instructions) Your first question comes from Joel Locker – FBN Securities.
Joel Locker – FBN Securities
Just was wanting to know about your SG&A I saw it increased as a percentage of revenue from the second quarter and I just wanted to see if you could shed some light on that?
Richard Dugas Jr.
Basically with declining – we had declining revenues of course, so on a percentage basis the percentage actually went up. When you look at some of things we’ve been doing throughout the year and even against last year, we’re actually down about $45 million from last year. As I mentioned in my prepared comment that during the third quarter we also took an adjustment in one of our insurance reserves by about $28 million for product claims.
So some of those that we’ve been talking about, I know the $28 million specifically wasn’t something that quite frankly we had forecasted, but that happens from quarter to quarter. We do that on an actuarial basis, so again from the controllable costs and the SG&A has been down against last year by about $45 million.
Operator
Your next question comes from [Unidentified Analyst] – Zelman & Associates.
Unidentified Analyst – Zelman & Associates
Roger I was hoping maybe you could, with regards to the line of credit, just kind of give us a sense from your side of the table why you’re confident in getting the amendment and just kind of the thought process as you’re talking with some of the lenders. Because obviously the perception from outside of the – from the outside world would be that in this environment no one’s willing to extend credit under any circumstances, particularly for someone tied to the housing industry. So just kind of alleviate concerns that might be out there regarding your ability to get a waiver.
Richard Dugas Jr.
I think when you look at the players in the industry, I don’t think the comment is true among all players, I think certainly there are a lot of private builders as this industry is very fragmented as you well know. I think a lot of the banks are looking at the companies and the quality of the companies in the industry. So I think Pulte has been and continues to be one of the premier companies in the industry. I think also that we continue to deliver on what we’ve been talking about for the last couple of years and our focus on the strategy of how we’re running our business and again I don’t know that everybody else is there.
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