Last week, shares of KB Home collapsed after the company reported mass cancellations of deals. It seemed to be a major setback for investors who have been increasingly bullish on the homebuilding sector, betting that after years of being beat down, it’s finally ready to come off the floor.
Well, maybe not all is lost.
Homebuilder Lennar just reported earnings of 8 cents per share, double analyst estimates. Revenue of $724.9 million, was about $30 million ahead of estimates.
And the raw numbers, based on deliveries and units shipped look pretty nice too on a year-over-year basis. They say it’s the best first quarter volume-wise since Q1 08.