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Home builder (NYSE:LEN) Lennar has managed its company well, but business still sucks. The great line of demarcation was sales before and after the Home Buyer Tax Credit expiry.

Since Uncle Sam has stopped subsidizing buyers, housing sales have slowed:

Stuart Miller, President and Chief Executive Officer of Lennar Corporation, said, “During our third quarter, as expected, our sales pace declined as a result of the expiration of the Federal homebuyer tax credit at the end of April. Although high unemployment and foreclosures have continued to present challenges for the national housing market, our communities have been less impacted than the broader market.” [see call transcript]

Earnings: Increased to $30 million ($0.16 a share) from a loss of $171.6 million (-$0.97 cents a share) a year ago.

Revenues: Increased 14% to $825 million.

Notable Stats: New orders dropped 15% to 2,624. Deliveries increased 10% to 2,950. The cancellation rate declined to 18% from 19%. The average sale price of a home rose a grand to $240,000 from $239,000.

Disclosure: No positions in the stocks mentioned.

Source: Lennar Beats Expectations, But Housing Still a Mess