Homebuilder Lennar Corp. records staggering loss in 2nd quarter
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By Nadia Vanderhoof
Posted at 02:59 PM on June 26, 2007
Miami-based homebuilder Lennar Corp. said it recorded a staggering loss in the second quarter because the "housing market has continued to deteriorate."
The company's revenues dropped 37 percent for the quarter, reflecting lower homebuilding revenues and a decline in average sales price.
Overall Lennar's home deliveries were down 28 percent from last year, while new orders fell 31 percent.
And the market turn around everyone is hoping for -- don't hold your breath folks. Lennar said it anticipates the downturn in the market to continue. Additionally, the company also expects a loss the third quarter.
Posted at 02:59 PM on June 26, 2007
Miami-based homebuilder Lennar Corp. said it recorded a staggering loss in the second quarter because the "housing market has continued to deteriorate."
The company's revenues dropped 37 percent for the quarter, reflecting lower homebuilding revenues and a decline in average sales price.
Overall Lennar's home deliveries were down 28 percent from last year, while new orders fell 31 percent.
And the market turn around everyone is hoping for -- don't hold your breath folks. Lennar said it anticipates the downturn in the market to continue. Additionally, the company also expects a loss the third quarter.
