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Sales of new homes fell by 37.8 percent from 2007 sales. Total sales in 2008 were 482,000 compared to 776,000 (the total sold in 2007), according to Mission Residential. The median new home price dropped by 9.3 on a a year-over-year basis.

These numbers may actually be skewed higher because the monthly sales data does not reflect cancellations, which means sales are probably lower and actual inventories higher. Because of these adjustments the actual supply on the market jumped to 12.9 months in December. Don't expect home builder stocks to recover any time soon.


Continue reading New home sales fall by 37.8% from 2007 levels to lowest level on record

New home sales fall by 37.8% from 2007 levels to lowest level on record originally appeared on BloggingStocks on Thu, 29 Jan 2009 13:51:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>buildershousinginthenewsnew homenew home salesNewHomeNewHomeSalesThu, 29 Jan 2009 13:51:00 EST<![CDATA[Lennar (LEN): home-building industry takes another blow]]>http://www.bloggingstocks.com/2007/09/25/lennar-len-home-building-industry-takes-another-blow/http://www.bloggingstocks.com/2007/09/25/lennar-len-home-building-industry-takes-another-blow/http://www.bloggingstocks.com/2007/09/25/lennar-len-home-building-industry-takes-another-blow/#commentsFiled under: , , ,

Lennar NYSE:LEN logoLennar's (NYSE: LEN) quarterly results may have been short of a disaster, but not by much. The company posted Q3 loss of $3.25 a share vs EPS of $1.30. For the quarter revenue down 44% at $2.3 billion. According to MarketWatch analysts, on average, had been looking for revenue of $2.39 billion, according to estimates compiled by Thomson Financial.

Statements from the company's CEO did not make matters better: "Our response to, and primary focus in, this environment continues to be to adjust pricing to meet current market conditions in order to keep inventories low and to keep our balance sheet positioned for the future. The net effect has been a continued deterioration of our net margin and accordingly, higher impairments to our inventory."

A look at the company's operations by region shows that no part of the country was spared. Home deliveries dropped to 7,636 from 13,038 in the same quarter a year ago. New orders fell by about the same amount.

The news indicates that housing is not even close to a recovery. Lennar's stock is down from a 52-week high of $56.54 to $24.28, and that could go lower.

Douglas A. McIntyre is a partner at 24/7 Wall St.

Lennar (LEN): home-building industry takes another blow originally appeared on BloggingStocks on Tue, 25 Sep 2007 06:17:00 EST. Please see our terms for use of feeds.

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