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[LEN – Lennar] Sum-of-the-Parts Valuation

Conservatively, the US needs to build about 1.3mn homes annually (MF and single-family) to keep pace with household formation (population growth + “headship” rates) and secondary home demand, and replace destroyed housing stock.  Based on Census Bureau data, it looks like we overbuilt by around 3.5mn units from 2000 to 2007 and underbuilt by 4.1mn […]

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