Lennar Reports Rising Profits, New Orders
Lennar Reports Rising Profits, New Orders
Lennar says it's noticing a rebound in homebuilding, with skyrocketing quarterly profits and new-home orders.
Lennar’s Chief Executive Stuart Miller credits the surge to “low mortgage rates, affordable home prices, reduced foreclosures, and an extremely favorable ‘rent vs. own’ comparison.”
Lennar’s new-home orders were up 32 percent in the fourth quarter, as the Miami-based home builder delivered 4,443 homes nationwide. The average selling price of the homes increased 7 percent, averaging $261,000 in the fourth quarter.
What’s more, Lennar reported that its net income increased to $124,3 million in the fourth quarter, compared with $30.3 million one year prior.
Lennar is the nation’s No. 3 home builder in size, behind PulteGroup and D.R. Horton.
Source: “Lennar Profit Is Up on Housing Recovery,” Reuters (Jan. 15, 2013)
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