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September 22, 2009

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Home » Business » Real Estate

Builder's loss expands

LENNAR Corp reported a wider loss in its fiscal third quarter as the home builder continued to write down the value of its land and unsold homes.

While customer orders were down 8 percent from the prior-year period, the number of new orders increased each month during the quarter, and the Miami-based builder ended August with the highest backlog in a year.

"The overall housing market continued its road back to recovery as more confident home buyers took advantage of increased affordability," Stuart Miller, Lennar's president and chief executive officer, said in a statement.

The company sold 2,691 homes, down 29 percent from year-ago levels.

The company reported yesterday that it lost US$171.6 million, or 97 US cents per share, in the three months ended in August. That includes 76 cents per share in write-downs and tax adjustments and compares with a loss of US$89 million, or 56 cents per share, a year earlier.

Revenue fell 35 percent to US$720.7 million from US$1.11 billion.

Analysts were expecting a loss of 46 cents a share on revenue of US$774.4 million.


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