Lennar results plunge as housing woes worsen
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Builder Lennar Corp , on Tuesday reported its worst-ever quarterly results as the crumbling U.S. housing market led to a much wider-than-expected loss, sending its shares to a five-year low.
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Stocks tumbled on Wednesday as a probe of the home loan industry by New York's attorney general drew in the country's biggest mortgage finance companies and Washington Mutual Inc warned the housing downturn would extend well into next year.
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Existing home sales in August dropped 4.3 percent and the homebuilder Lennar posted the largest quarterly loss in its history.
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Fallout from the housing slump on  mortgage and real estate companies deepened on Tuesday, as  title insurer First American Corp  and subprime lender  NovaStar Financial Inc  announced job cuts and  NovaStar&#39;s auditor expressed doubt that the company will  survive.
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MIAMI  Â The Lennar Corporation, the home builder, reported a $1.25 billion fourth-quarter loss on Thursday Â its biggest ever Â as a slowdown drove home prices lower and the company took a write-down on land.
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The housing market took a sharp turn  for the worse in September as prices tumbled and sales of  previously owned homes fell to a record low, battered by rising  foreclosures and tighter lending standards.
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MIAMI - Tough times in the national housing market led to a company record loss of $513.9 million for Lennar Corp. in the third quarter, with drops in sales prices and home deliveries compounded by heavy charges to write down land values.
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Toll Brothers Inc. , builder of  luxury homes, on Tuesday reported a fall in fourth-quarter  earnings amid continuing softness in some of the once-hottest  U.S. housing markets.
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Treasury prices closed with light gains Tuesday, after homebuilder Lennar Corp. reported a sharply higher than projected loss and a national report showed existing home sales at a five-year low in August.
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Stocks traded lower on Tuesday, after rumors of more financial problems at Countrywide Financial Corp , the largest U.S. mortgage lender, sent housing-related shares down sharply, extinguishing a rally on Wall Street.
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Housing construction plunged to the lowest level in nearly a decade last month as the housing industry continued to struggle with a severe slowdown.
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Building and plumbing firm Wolseley sees profits fall after it is hit by the downturn in the US housing market.
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Luxury home builder Toll Brothers  on Thursday reported sharply lower quarterly net income, hurt by a downturn in the U.S. housing market.
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WASHINGTON -- Construction of new homes plunged by a bigger-than-expected amount in September, reflecting the deepening troubles in housing.
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Stock sinks after-hours after home builder scales back forecasts due to price rollbacks in Sin City. LOS ANGELES  - Pulte Homes Inc.
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Shares of U.S. home builders slid on  Friday after market leader D.R. Horton Inc.  slashed its  forecast and a report showed consumer confidence was eroding.
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WASHINGTON - New home sales plunged in November, but analysts say that a variety of economic reports released Thursday overall paint a positive picture.