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.