March 20, 2013 at 11:17 AM EDT
Lennar Shoots Past Views As Housing Rebound Continues
Low interest rates and rising rents drove stronger orders and higher average prices for homebuilder Lennar (LEN), which reported much better than expected first-quarter earnings. The nation's No. 3 homebuilder also said it's built up a bank of land -- including almost $500 million spent in the first quarter -- giving it runway as the housing market continues its rebound. "We are well-positioned for 2013 and 2014, so our land focus is now primarily
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