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Value Questions Circle Lennar

Stock quotes in this article: LEN , KBH , DHI , MS  

Lennar's(LEN Quote) sale of a chunk of its land portfolio at a steep discount boosts liquidity for the homebuilder, but it also points to troubling signs about the stock's valuation.

The company sold its land to Morgan Stanley(MS Quote) at a 60% discount to book value. That raises the question: What if all of Lennar's land is worth 60% less than what is stated in the company's financials?

If that's the case, Lennar's stock is wildly overpriced. ...

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