Lennar Adds To Housing Gloom

[NVMojo]

September 8, 2006

Lennar cut its third-quarter earnings forecast on Friday, underscoring the deepening downturn in the U.S. housing market.

The nation's third-largest homebuilder now expects to earn $1.25 to $1.35 a share in the third quarter. Analysts expected about $1.81 a share. Lennar traded at $42.60 on Friday morning, down 65 cents or 1.50%. The 52-week range is $38.66 to $66.44.

"The U.S. housing market has continued to deteriorate,'' Stuart Miller, the company's chief executive, said in a prepared statement.

The Federal Reserve has raised interest rates 17 times since mid-2004 in an effort to curb inflation. Inflation is low, but the once sizzling housing market has cooled as mortgage costs have increased.

more...

http://www.forbes.com/markets/commodities/2006/09/08/lennar-beazer-0908markets07.html

[Tandalayo_Scheisskopf]

1. Oh, shucks.

Maybe some of the Lennar executives and some Wall Street Trash will end up having to eat out of dumpsters.

That would be some great entertainment.

Otherwise, ask me if I care.