Homebuilder earnings announcement gives insight into national housing situation

This morning, home builder Lennar Corporation, which builds homes in Florida, Maryland, New Jersey, Virginia, Arizona, Colorado, Texas, California, Nevada, Illinois, Minnesota, New York, North Carolina, and South Carolina announced their latest quarter earnings.  Even though they do not build homes in Hawaii,  their earnings gives insight into what is happening in the housing market nationwide.  Their new orders were up and their cancellation rate was down.  This is great news for the country.  If these improvements continue then perhaps the worst is behind us.

Stuart Miller, President and Chief Executive Officer of Lennar Corporation, said, “During the fourth quarter, the overall housing market continued to move towards stabilization as more confident homebuyers took advantage of increased affordability and the $8,000 federal tax credit.  While we continue to adapt our business in light of the current economic landscape and its challenges, we are optimistic that homebuyers have recognized that the residential housing market is improving and will continue to take advantage of the extended housing stimulus.”