Why does CentOS notifies me "Login with home=/" althought home directory is created already?

Let me clarify my question.

I have a CentOS 6 virtual machine, with /home directory mounted on a logical volume (formed by 2 virtual HDDs). I used this command to create a new user named user03

useradd user03 -c "User 03"

and give him a password

passwd user03

Everything happened normally. But when I log in with user03, CentOS give me this notification:

No directory /home/user03!

Logging in with home = "/"

The weird thing is: /home/user03/ does exists and associated with user03 and user03 has full access. When I do this

[user03@vm0 /]$ cd

[user03@vm0 ~]$ pwd

/home/user03

working directory changes back to /home/user03/ as it's supposed to do.

So is there anything wrong with my system? Why does it tell me that "No directory /home/..." while that directory does exists?

Thanks in advanced!