Lennar (LEN): Housing Gets Much Worse

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Lennar (LEN), one of the largest home-builders, reported a third quarter net loss in 2007 of $513.9 million, or $3.25 per diluted share, compared to third quarter net earnings of $206.7 million, or $1.30 per diluted share, in 2006. Revenues from home sales decreased 44% in the third quarter of 2007 to $2.2 billion from $3.9 billion in 2006.

Lennar said home sales and backlogs were poor in all of its regions. No part of the country was spared, a sign that the housing recession is now nationwide.

Lennar shares trade at $24.18, down from a 52-week high of $56.54.

Douglas A. McIntyre