Lennar reports lower quarterly profit as affordability pressures weigh on home buyers
(Reuters) -Homebuilder Lennar (LEN) reported a 46% decline in third-quarter profit and forecast fourth-quarter home deliveries below Wall Street estimates on Thursday, as inflationary pressures continued to weigh on housing demand. Shares of Lennar fell more than 2% in premarket trading on Friday. Elevated interest rates and affordability challenges have pressured U.S. homebuilders' profitability in recent quarters. Treasury yields rose on Wednesday despite a rate cut, reversing losses seen in June. L ...