Business Insider reports on Lennar's fiscal second-quarter earnings conference call on Tuesday:

Stuart Miller, CEO of Lennar Homes, laid out the full picture of the US housing market in a post-earnings conference call on Tuesday, explaining why the hopes for a sudden pickup in American home ownership may not be on its way in the near future.

In what may be one of the more frank discussions of the housing market we've seen from a home builder, Miller first acknowledges the "new housing crisis" rising up in the supply of homes.

Miller said on the call:

"As we've noted consistently over the past years, the overall housing market has been generally defined by a rather large production deficit that has continued to grow over the past year.

"While questions have been raised as to the real normalized levels of production that are required to serve the U.S. current population, we believe that production levels in the 1 million to 1.2 million starts per year range are still too low for the needs of American household growth that is now normalizing."

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