Lennar’s just-reported Q3 results, showing a double miss with adjusted EPS of $1.23 and revenue of $8.05 billion, set the tone for the September 17 earnings call amid a sharply deteriorated housing market. Elevated 30-year mortgage rates near 6.8%, reduced affordability, and a 9% year-over-year drop in new orders prompted the company to trim full-year 2026 delivery guidance to 80,000–81,000 homes while projecting Q4 gross margins of 15.5–16.0%. CEO Stuart Miller emphasized volume-focused execution and ongoing land-light strategies to navigate rate-driven demand softness. Traders will watch for commentary on incentive levels, backlog conversion, competitive positioning versus peers, and any signals on rate sensitivity or share repurchases that could influence sentiment on near-term housing recovery.