The real estate market has been a mess, and it's not getting better anytime soon. For one of the largest homebuilders in the country, Lennar (NYSE: LEN), that's bad news. Lennar stock is down 20% year-to-date and 34% over the past year, as revenue and earnings have declined through the first eight months of the year. In the latest quarter ended Aug. 31, revenue fell 9% year over year to $8 billion, and earnings cratered 49% to $1.19 per share. Lennar missed analysts' estimates for both. The reason is a combination of factors, but mainly because people aren't buying, selling, or building due to inflation, rising mortgage rates, incentives, and macroeconomic uncertainty.
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