A Note from our Friends at Lennar

Remember when the housing market was supposed to rebound in 2H07

The Daily Bear never believed it, now it appears neither did the industry

The U.S. housing market "has continued to deteriorate throughout the second quarter," noted CEO Stuart Miller. Analysts, on average, had been looking for a quarterly profit of 5 cents a share. New orders amounted to 8,056 homes in the latest quarter, down 31%, while the cancellation rate was 29% and backlog value plunged 56% to $2.8 billion. Lennar's second-quarter revenue dropped to $2.88 billion from $4.58 billion a year earlier, as house deliveries fell to 9,568 from 13,225. "As we look to our third quarter and the remainder of 2007, we continue to see weak, and perhaps deteriorating, market conditions," Miller said,