Lennar Corp said Wednesday its fiscal first-quarter loss narrowed as the company offered fewer sales incentives and trimmed costs. Lennar Corp. trades on the “New York Stock Exchange” under the stock symbol “LEN”. For More information regarding the "LEN", make sure to visit the Most Exclusive and In Depth newsletter website at: http://www.wallstreetgrand.com/.
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Lennar Corp., (NYSE:LEN) one of the nation's largest homebuilders, said Wednesday its fiscal first-quarter loss narrowed as the company offered fewer sales incentives and trimmed costs.
Management said the housing market is stabilizing, as seen by improved traffic, increased backlog and lower cancellation rates during the quarter. The company, based in Miami, said it's on track to post a profit for fiscal 2010.
President and CEO Stuart Miller said in a statement that Lennar was able to improve its quarterly gross margin by lowering construction costs and trimming sales incentives.
Miller also said Lennar is upbeat about improving market conditions, even though homebuyer tax credits which are$8,000 for new buyers and $6,500 for those who have previously owned a home, are set to expire at the end of April. Miller said affordable prices and improving consumer confidence levels should offset the absence of the tax credits over time.
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