Good news this week for a major homebuilder in the Williamsburg VA area: Moody’s Investors Service raised the corporate ratings of the Miami-based homebuilder Lennar Corp.
Lennar has developed and is building homes in numerous Virginia communities for 55+ active adults. They include Colonial Heritage in Williamsburg VA, Lees Parke in- Fredericksburg, VA –, and Heritage Highlands in- Lovettsville, VA –
Moody’s rating outlook is positive, and reflects Lennar’s largely successful mitigation of the risks outlined by Moody’s at the time of its downgrades in 2008 and 2009 during an abysmal housing market that is now improving but still struggling.
Among other things, Lennar "improved its ability to generate net income even as the majority of its peers continued to rack up losses," Moody’s said in its upgrade report.
Still, Moody’s said the ratings incorporate Lennar’s elevated debt leverage and the likelihood that cash flow from operations will continue being negative in fiscal 2012.
The ratings agency expects the homebuilder’s volumes to rise moderately this year. But Moody’s warns that if the spring selling season is a bust or if the economy shows signs of recession, the positive rating may disappear.
Lennar earned $30.3 million, or 16 cents a share, for the three months ended Nov. 30, 2011, down from $32 million, or 17 cents a share, a year earlier. It has been profitable for seven straight quarters.
Housing starts for the industry rose 1.5% in January, according to the Commerce Department data, to the highest level since October 2008.
On a seasonally adjusted basis, starts increased to 699,000 from 689,000 for December, which was revised upward by 32,000. January housing starts rose 9.9% from 636,000 a year earlier.
Learn more about Colonial Heritage in Williamsburg VA
Learn about other 55+ active adult communities in Williamsburg, Yorktown, VA Beach, Chesapeake and Suffolk VA.
Like what you are reading ? Want to receive updates by email in the future ? Sign up here  psst … I’m a Realtor! Thanks for stopping by my website. I would love to help you find your dream home and community in the Hampton Roads or Williamsburg area or to sell your existing home. This post was authored by local resident and REALTOR, John Womeldorf. John is known around town as Mr. Williamsburg, for both his extensive knowledge of Hampton Roads and the historic triangle, and his expertise in the local real estate market. His websites, WilliamsburgsRealEstate.com and Mr Williamsburg.com were created as a resource for folks who are exploring a move to Williamsburg, VA , Hampton Roads VA and the surrounding areas of the Virginia Peninsula. On his website you can search homes for sale , foreclosures, 55+ active adult communities, condos and town homes , land and commercial property for sale in Williamsburg, Yorktown, New Kent, Poquoson, and Gloucester, VA as well as surrounding markets of Carrolton, Chesapeake,Gloucester, Hampton, Isle of Wight, Portsmouth Mathews, Newport News Norfolk, Poquoson, Smithfield, , Suffolk, Surry, Va Beach, Yorktown and York County Virginia
You can reach John by email John@MrWilliamsburg.com or phone @ 757-254-8136 |
Filed under: 55+ Active Adult Communities in Williamsburg VA, Colonial Heritage, Colonial Heritage ( 55+), James City County Williamsburg VA Neighborhoods |
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