Lennar cuts forecast amid tough housing market
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Lennar Corp. LEN.N, the No. 3 U.S.   homebuilder, on Friday cut its third-quarter profit forecast   due to a deteriorating housing market, sending its shares down   nearly 3 percent in premarket trading.
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Even the rosiest forecasts for next year&#39;s real estate market caution that higher interest rates nationally could shrink the pool of potential home buyers.
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Standard & Poor's said on Tuesday it may cut ratings on $12.1 billion of mortgage-related debt this week on expectations for an 8 percent drop in U.S. home prices and more mortgage defaults.
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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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Homebuilder Lennar Corp. beat third-quarter Wall Street estimates by 2 cents per share Monday, helped by strong quarterly profit and a stable economy, leading it to raise guidance for fiscal 2004 and 2005.
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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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U.S. stock index futures suggested a   flat market opening on Tuesday, with investors cautious before   consumer confidence data, while home builder Lennar Corp.'s   LEN.N plummeting profit underscored weakness in the housing   sector.
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Business & money: Wall Street threatened by crumbling housing market.
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Sputtering U.S. economy forces shipper to cut forecast.
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The home builder reported that it swung to a loss in the first quarter, continuing a trend of bad news in the housing market.
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Weak housing market hurting demand for power tools.
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Business & money: Housing market slows as mortgage approvals fall.
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Many of the nation's biggest companies have cut back their sales expectations in recent days and the financial system is showing signs of new stress, evidence that the U.S. economy is more threatened by the sharp downturn in housing than it appeared to be only a few weeks ago.
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Citing a difficult market for home builders, Pulte Homes Inc.  said on Tuesday it would cut 16 percent of its work force, adding to previously announced job cuts.
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Homebuilder to report large sales declines and even larger inventory write-offs for the second quarter.
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Home improvement retailer Home Depot Inc.  on Tuesday cut its 2007 earnings outlook, citing weakness in the U.S. housing market, and said it was launching a tender offer for 250 million shares.
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Lennar Corp. LEN.N, the   third-largest U.S. home builder, on Tuesday said quarterly   profit fell 39 percent, citing a steeper than expected decline   in the U.S. housing market.