Lennar Defies Housing Market Trends

Across the country home sales are slowing and prices are dropping. The trend is causing most production home builders scale back their development plans. However, Lennar views the slowdown differently.

1 minute read

October 1, 2006, 11:00 AM PDT

By Mike Lydon


"Standing in a hallway at Lennar's offices, chief executive Stuart Miller clears his throat. He then proceeds to recite the entire seven stanzas of Scratchings From The Little Red Hen by heart.

The poem -- about a hen that labors to find worms in tough times -- is something of a rite of passage at Lennar, the third-largest home builder in the country. Since 1994, some 4,000 employees have recited the poem to the applause of their peers, with the name, date and place of each performance memorialized on large plaques outside Miller's office.

But these days, the poem is taking on a whole new significance. After a housing boom of more than a decade, the long-awaited downturn has finally hit with a speed and force few anticipated. Home-builder confidence has dropped to its lowest in 15 years. Cancellations are up. And new construction is down to a level not seen in three years."

Perhaps worst of all, it's hard to tell when things will get better.

'It doesn't feel like we can identify a bottoming yet,' said Miller, who recently downgraded Lennar's earnings estimates for the year. 'It happened very quickly, very suddenly. I can't identify the trigger.'"

Thanks to Senen Antonio

Monday, September 25, 2006 in The Miami Herald

portrait of professional woman

I love the variety of courses, many practical, and all richly illustrated. They have inspired many ideas that I've applied in practice, and in my own teaching. Mary G., Urban Planner

I love the variety of courses, many practical, and all richly illustrated. They have inspired many ideas that I've applied in practice, and in my own teaching.

Mary G., Urban Planner

Cover CM Credits, Earn Certificates, Push Your Career Forward

Aerial view of town of Wailuku in Maui, Hawaii with mountains in background against cloudy sunset sky.

Maui's Vacation Rental Debate Turns Ugly

Verbal attacks, misinformation campaigns and fistfights plague a high-stakes debate to convert thousands of vacation rentals into long-term housing.

July 1, 2025 - Honolulu Civil Beat

Logo for Planetizen Federal Action Tracker with black and white image of U.S. Capitol with water ripple overlay.

Planetizen Federal Action Tracker

A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.

July 2, 2025 - Diana Ionescu

Map of Haussmann's redesign of Paris in the 1850s through 1870s under Napoleon III.

In Urban Planning, AI Prompting Could be the New Design Thinking

Creativity has long been key to great urban design. What if we see AI as our new creative partner?

June 30, 2025 - Tom Sanchez

Boston Red Line train with skyline in background.

Massachusetts Budget Helps Close MBTA Budget Gap

The budget signed by Gov. Maura Healey includes $470 million in MBTA funding for the next fiscal year.

30 minutes ago - Smart Cities Dive

View down center of street in Milwaukee, Wisconsin

Milwaukee Launches Vision Zero Plan

Seven years after the city signed its Complete Streets Policy, the city is doubling down on its efforts to eliminate traffic deaths.

1 hour ago - Urban Milwaukee

Street with parking protected bike lane and parked cars in downtown Portland, Oregon.

Portland Raises Parking Fees to Pay for Street Maintenance

The city is struggling to bridge a massive budget gap at the Bureau of Transportation, which largely depleted its reserves during the Civd-19 pandemic.

July 8 - Willamette Week

Urban Design for Planners 1: Software Tools

This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.

Planning for Universal Design

Learn the tools for implementing Universal Design in planning regulations.

Associate/Senior Planner

Gallatin County Department of Planning & Community Development

Senior Planner

Heyer Gruel & Associates PA