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First time homebuyers will not be able to return to the real estate market until the process for obtaining a mortgage moderates and does not scare so many of them away.

That’s according to Stuart Miller, CEO of Lennar Corp.,  a Miami-based home construction company, who told analysts on a Sept. 17 conference call about the firm’s third quarter earnings. He said the firm is “very well-positioned” for what he characterized as the home building industry’s “slow and shallow recovery” from the housing market crisis and Great Recession.

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