Reported 3 days ago
Lennar Corp reported fourth-quarter earnings and revenue that fell short of Wall Street expectations, largely due to increased costs from higher interest rates and a reluctance among potential buyers to purchase homes. Shares plummeted 7.5% in after-hours trading, with adjusted earnings of $4.06 per share, below estimates of $4.16. The ongoing high mortgage rates and tight housing supply are predicted to worsen affordability for first-time buyers, despite a slowing increase in average home prices.
Source: YAHOO