Lennar Corporation’s New-Homes Bet Runs Into the Mortgage-Rate Wall
Lennar shares slipped 0.5% to $90.09 Thursday morning as the homebuilder increased new home supply amid investor focus on mortgage rates and spring demand. The company reported first-quarter net earnings of $229 million, with deliveries down 5% and gross margin falling to 15.2%. Lennar plans a luxury community launch in California and over 40 new communities in the Northeast. Other homebuilder stocks showed mixed early trading.