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Lennar Corporation (NYSE: LEN) said late on Monday that its profit and revenue in the fiscal third quarter blew past Wall Street estimates. The U.S. homebuilder attributed higher demand to record-low mortgage rates.

The U.S. housing market has recovered sharply in recent months as the government eased COVID-19 restrictions. In July, U.S. homebuilding posted a record growth since 2016.

Shares of the company were reported about 4% down in extended trading on Tuesday. At £58.79 per share, Lennar has gained roughly 40% in 2020 so far. Here’s what you should know about how to invest in the stock market.

According to Lennar, orders posted a 16.4% growth in the fiscal third quarter to 15,563 homes. At 13,842, the company sold more houses in the recent quarter versus the year-ago figure of 13,552 homes. Lennar also highlighted in its report on Monday that average selling price for homes climbed from £305 thousand in the comparable quarter of last year, to £307 thousand in Q3.

Executive Chairman Stuart Miller’s remarks on Monday

Executive Chairman Stuart Miller of Lennar Corporation commented on the earnings report on Monday and said:

“Fundamentals in the housing market continues to remain strong supported by record-low interest rates and a continued undersupply of new and existing inventory.”

Lennar reported £516.49 million of net earnings in the quarter that concluded on 31st August, that translates to £1.64 per share. In the same quarter last year, its net earnings were recorded at a lower £397.91 million or £1.23 a share.

Its gross margin, the Miami-based company said, jumped from 20.4% last year to 23.1% in the fiscal third quarter. In terms of revenue, the increase, as per

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currensceneFLOGO WHTsquareThough not the oldest form of currency, some form of shell money appears to have been found on almost every continent. The shell most widely used worldwide as currency was the shell of Cypraea moneta, the money cowry.

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