2012-12-10bloomberg.com

Construction is taking a back seat to lending for some U.S. homebuilders, turning the uneven housing recovery into an earnings boom.

At PulteGroup Inc. (PHM), the second-largest builder by market value, mortgage revenue jumped 70 percent in the third quarter, almost six times the revenue gain from home sales. At Lennar Corp. (LEN), the No. 1 builder, mortgage-unit revenue surged 60 percent, double the increase in sales revenue. Aided by lucrative lending units, both companies posted the biggest overall profits since 2006.



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