Lennar Announces Huge Loss of 244 Million for 2nd Quarter 2007
Lennar Home Builders has announced their earnings today and it was ugly.
The company’s total home deliveries were down 28% from last year, while new orders fell 31%. Moving ahead, Lennar anticipates the downturn in the market to continue. The company also expects to be in a loss position in the third quarter.
My question is, did Lennar drop all their bad news at once to get it over with and clean the books, or is this a harbinger of things to come?
Lennar [LEN|LEN], one of the nation’s top homebuilders, reported a second quarter loss of $244.2 million versus a profit of $324.7 million in the same period a year ago. The company stated that it is having to deal with high inventories and dropping real estate prices and expects a loss in the third quarter as well. Trading Markets
My mom told me to put the statue in the ground, just seems wrong to me but I did it. ...
What about RE/MAX Commercial? Where this classification came from?
I am pretty sure RE/MAX Commercial in volume sales must be above ...
Well Tom, once again you have said it much better than I could have. Unfortunately the folks at Move, ...
It certainly does not bode well for a fast recovery in the economic climate. This will affect all real estate ...
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Definitely not a fan of Move Inc.!!! 
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In 2008, there was an extension to push first-time home buyers to purchase their homes quickly since the program did ...
I also need HELP and don't know what to do about my problem. I have a garden apartment off ...
I have the same situation. I sold my home in July and am scheduled to to close in a few ...
Comment by Michael Krotchie on 26 June 2007:
“My question is, did Lennar drop all their bad news at once to get it over with and clean the books, or is this a harbinger of things to come?”
Yes and yes! I think we’re going to see very similar reports from several major homebuilders in the near future. Should be a fun ride! Weeeeeee!
Comment by havensofmanhattan on 26 June 2007:
Yeah this is just the beginning of the bad news. Too much inventory.
Comment by Bryce Beattie on 26 June 2007:
It’s like they never even heard of supply & demand before. Common sense should warn not to build where and when there’s no demand.