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Lennar Leads Declines for Homebuilders After U.S. Starts Drop | Tony Seruga
Sep
20

Lennar Leads Declines for Homebuilders After U.S. Starts Drop

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  • Construction fell 5.8% in August, led by a plunge in the South
  • Lennar says home deliveries fell in Houston, hurt by oil slump

Lennar Corp. led a decline in U.S. homebuilder shares after the company reported fiscal third-quarter results and the Commerce Department said nationwide construction of houses declined.

Lennar delivered 6,779 homes in the three months through August, up 7 percent from a year earlier, the Miami-based company said in a statement Tuesday. In Houston, hurt by the oil slump, deliveries declined, primarily because of a drop in demand at higher-priced communities. New orders rose 8 percent to 7,018 homes. Net income rose to $235.8 million, or $1.01 a share, compared with $223.3 million, or 96 cents, a year earlier…

Lennar Leads Declines for Homebuilders After U.S. Starts Drop

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