Lennar Corporation, the nation's second largest homebuilder in a press release has stated that it has reduced its workforce by 35% to date. This in an effort to reduce its overhead in our current slumping housing market. They also stated that they expect to make more cuts during the last three months of 2007. While this may be bad news for the company and its employees, it could be a golden opportunity for home buyers who are considering buying that brand new home.
Heavy discounting and the deteriorating market have affected Lennar, as evidenced by the following data also released today:
- Revenues of $2.3 billion - down 44%
- Homebuilding Operating Losses of $787.7 million
- Deliveries of 7,636 new homes - down 41%
- New Orders for 5,804 homes - down 48%
- Loss per stock share of $3.25
Source: Lennar Corporation Press Release
With losses like that it is no wonder that workforce reductions are taking place and agressive marketing and pricing are becoming prevalent. If you are thinking of purchasing a new home, now might be the time to take a look. You definitely have the advantage, and large builders can discount their prices and offer incentives that resale owners cannot. Interest rates are reasonable. Lennar and other builders are agressively courting buyers with everything from appliance packages, closing cost assistance, and attractive pricing, you name it. You definitely have the advantage, and large builders can discount their prices and offer incentives that resale owners cannot.
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