Losses for the quarter ended Aug. 31 totaled $513.9 million, or $3.25 per share, compared with a profit of $206.7 million, or $1.30 per share, in the 2006 period. Latest-quarter results included a charge of $3.33 per share related to valuation adjustments and writing off land option deposits, among other items. Revenue fell 44 percent to $2.34 billion from $4.18 billion a year ago, primarily due to a 41 percent drop in the number of home deliveries and a 6 percent decrease in the average sales price of homes delivered in 2007. "It is already well documented that the housing market has continued to deteriorate throughout our third quarter. Heavy discounting by builders, and now the existing home market as well, has continued to drive pricing downward," said Stuart Miller, president and chief executive. "Consumer confidence in housing has remained low, while the mortgage market has continued to redefine itself, creating higher cancellation rates."25 Σεπ 2007
US HOUSING: Lennar Corp reported a Q3 loss
Losses for the quarter ended Aug. 31 totaled $513.9 million, or $3.25 per share, compared with a profit of $206.7 million, or $1.30 per share, in the 2006 period. Latest-quarter results included a charge of $3.33 per share related to valuation adjustments and writing off land option deposits, among other items. Revenue fell 44 percent to $2.34 billion from $4.18 billion a year ago, primarily due to a 41 percent drop in the number of home deliveries and a 6 percent decrease in the average sales price of homes delivered in 2007. "It is already well documented that the housing market has continued to deteriorate throughout our third quarter. Heavy discounting by builders, and now the existing home market as well, has continued to drive pricing downward," said Stuart Miller, president and chief executive. "Consumer confidence in housing has remained low, while the mortgage market has continued to redefine itself, creating higher cancellation rates."