House Of Pain At Lennar

June 26, 2008 at 12:57 pm  ·  Category: Real Estate, Stocks

Homebuilder Lennar (LEN) reported 2nd quarter earnings today and they were not pretty (LEN Earnings Release). 

I put together a chart of Lennar’s new homes delivered and backlog going back 5 years which pretty much tells the story: LEN New Homes Delivered And Backlog Chart.  Notice how Lennar’s stock chart mirrors its fundamentals: LEN 5 Year Stock Chart.

The conclusion: “… the prospect of further detioration in the homebuilding industry will likely become reality….” – Stuart Miller, CEO Lennar.  Or, to be more technical, housing still “sucks”.

Disclosure: Top Gun has no position in Lennar (LEN) shares.

Posted by Greg Feirman  ·  Trackback URL  ·  Link
 

Leave a Comment

Name required
E-mail required, won't be published
Web site