The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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From: ChanceIs	9/24/2007 11:04:23 PM
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Loss Expected for Lennar >>>Don't forget - fireworks before the open and then carpet bombing at 10:00 AM. A repeat of the SPF fiasco would be like looking the gift horse in the mouth.<<< By Scott Rothbort About this article: Lennar, the nationwide homebuilder, is scheduled to report third-quarter results before the market opens on Tuesday. This will be followed by its quarterly conference call later that morning. Analysts are expecting the company to lose 55 cents a share on revenue of $2.39 billion. In the year-ago quarter, Lennar posted earnings of $1.30 on revenue of $4.18 billion. While comparisons are not relevant, we do know that the decline is due to the soft housing market, land impairments and writedown of unsold inventory. The stock remains at or near multiyear lows. While normally I would focus on margins, backlogs, contracts, closing and other homebuilder metrics, this time around they carry little value because we already know to expect the worst. Some of Lennar's competitors -- Standard Pacific and Hovnanian -- have recently held huge fire sales to clear out inventory. Perhaps the success of those efforts might spur Lennar...

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