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American-based construction company Lennar (LEN) missed its fiscal fourth quarter earnings expectations amid higher interest rates that are scaring homebuyers. Lennar Co-CEO Stuart Miller cites the housing market has "proved to be far more challenging as mortgage rates rose almost 100 basis points through the quarter." Now, the company — in addition to the broad homebuilding industry — faces a widespread issue with housing demand lessening compounded by affordability concerns.
In the video above, Morning Brief hosts Seana Smith and Brad Smith give more insights into Lennar's fourth quarter performance.
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This post was written by Josh Lynch.