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Housing Conference: The Real News Here Is Lennar

Forgive me if I'm all thumbs and short thoughts today as I'm blogging by B'berry from the big housing conference in Washington, DC. So far I've heard Countrywide's Angelo Mozilo argue with Robert Toll over what's to blame for the housing problem, poor liquidity or bad lending standards (you can guess who was on which side).

And then there was the Treasury Secretary who added yet another aspect to his already confusing plan of last week to freeze "certain" subprime loans at their teaser rates. So where's the news? Well it happened when I was chatting with a certain analyst from a really large investment house. He didn't want to talk about anything he heard today rather what he heard late Friday. That's when Lennar announced this "venture" with Morgan Stanley which is essentially buying 1.3 billion dollars worth of Lennar's land for 525,000 bucks.The analyst called it "terrifying."

UPDATE:As some of you have noticed, the correct figure for the deal is $525,000,000. Thanks for letting me know!

Questions? Comments? RealtyCheck@cnbc.com

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  • Diana Olick serves as CNBC's real estate correspondent as well as the editor of the Realty Check section on CNBC.com.

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