Any way you slice it, the housing industry data remains very ugly. Yesterday, the day started off with the Standard & Poor's/Case Shiller national home price index showing a month-over-month drop of 0.4% in July from June, and a year-over-year decline of 3.9%.This was followed up by data points from Lennar Corporation (NYSE: LEN) which were simply not good.
- Revenue fell 44%
- 41% drop in the number of home deliveries
- 6% decrease in the average sales price of homes delivered in 2007
- Construction starts were down 62% year-over-year
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