Lennar Profit Halves on High Mortgage Rates
Lennar reported a sharp drop in third-quarter profit as persistently high mortgage rates weakened demand for new homes. Total revenue fell over eight percent from a year ago.
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LENNAR CORP-A reported third-quarter net income fell to $283.9 million as high mortgage rates weighed on homebuyer demand. The drop cuts profit by more than half compared to the previous year's $591 million. Shares fell 3% in late trading following the release.
