The Real Deal Miami

Lennar loss shrinks

September 24, 2008 11:11AM

Miami homebuilder Lennar Corp. cut its third-quarter earnings loss, though revenue continued to decline sharply in the prolonged housing slump. Its loss for the quarter was $89 million, or 56 cents per share, compared with a loss of $513.9 million, or $3.25 per share a year ago. Revenue fell 53 percent to $1.11 billion from $2.34 billion over the same period. Lennar Chief Executive Stuart Miller said weakness in the market accelerated as a result of increased foreclosures, weakened consumer confidence and tightened mortgage lending standards.