The Real Deal New York

Lennar posts second-quarter loss of $125M

Home builder Lennar posted a loss of $125.2 million, or 76 cents per share, for the second quarter. The Miami-based company’s loss was greater than the $120.9 million loss for the same period last year. Lennar sold almost 16 percent fewer houses in the second quarter of this year than in the second quarter of 2008. Company president and CEO Stuart Miller said Lennar doesn’t think a housing rebound is coming soon, since unemployment is still rising and foreclosures increasing. “This, combined with a recent spike in mortgage rates, has made it difficult to predict when the market will turn the corner,” Miller said.

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