During the third quarter, the overall housing market continued its road back to recovery as more confident homebuyers took advantage of increased affordability. While high unemployment and foreclosures will continue to present challenges, consumer sentiment has significantly improved as homebuyers have recognized that the residential housing market is stabilizing.
– Stuart Miller, CEO, Lennar
Lennar’s (LEN) 3Q report out this morning supports the idea of a bottom in the lower end of the housing market. Home deliveries, new orders and a growing backlog all suggest to me at least stabilization. Growth and profitability, no; stabilization, yes.
Disclosure: Top Gun has no position in Lennar (LEN) shares.