Lennar Corp., the third largest homebuilder in the U.S., is forecasting a strong 4Q on the basis of an 11 percent rise in new home orders. Also, although Lennar’s 3Q profit took a hit dropping 31%, it still marked its sixth consecutive quarter of profitability.
"On an encouraging note, we have seen demand for home purchases slowly return to the marketplace, driven by low home prices and all-time low interest rates,” said Stuart Miller, CEO, in a statement. “Limiting that demand is tight and tightening lending standards, high unemployment and low overall consumer confidence, which continue to weigh heavily on the purchase of new homes."
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