Jan. 10 (Bloomberg) — Lennar Corp.’s November sale of 11,000 properties in eight states set a price that may mark the bottom for the U.S. housing market: 40 cents on the dollar.
That’s how much Morgan Stanley Real Estate paid for an 80 percent stake in the 32 communities, 60 percent less than the price at which the properties were valued just two months earlier.
Closer to reality. But is this really the low tide mark, or is it just another ring in the bathtub?
