Lennar reports sixth-straight quarterly loss
Homebuilders, New Home Sales, Spillover | (0)
From Bloomberg:
Lennar Corp., the second-largest U.S. homebuilder, reported its sixth straight quarterly loss as potential buyers struggled to get mortgages and rising foreclosures increased the supply of homes on the market.
The fiscal third-quarter net loss narrowed to $89 million, or 56 cents a share, from $513.9 million, or $3.25 a share, a year earlier, Miami-based Lennar said today in a statement. Revenue fell 53 percent to $1.1 billion.
``The weakness in the market actually accelerated as a result of increased foreclosures, weakened consumer confidence and tightened mortgage lending standards,'' Chief Executive Officer Stuart Miller said in the statement.
Lennar was forced to ...
