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Lennar sees strong demand in 2018; shares hit record high


By Ankit Ajmera(Reuters) - Lennar Corp on Wednesday reported a surprise drop in quarterly profit but said strong economic growth in 2018 would offset concerns about housing demand being hit by cuts to tax relief on mortgages.Shares of the Miami-based builder rose to a record of $68.Investors have been concerned that caps on deduction of interest payment on mortgage debt and state and local tax could make housing more expensive and hurt demand in luxury home markets such as California.Lennar, whose California homes can cost upwards of $1 million, said any impact from the caps was likely to be ...

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First Published: Thu, January 11 2018. 00:32 IST