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South Florida

Lennar CEO says housing bust won’t end soon

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Stuart Miller, CEO of Miami-based homebuilder Lennar, said a federal
stimulus package is the only way to make the country’s housing market
healthy again. The economic downturn has sent Lennar’s stock down 80
percent in the last two years, and the company yesterday reported its seventh straight quarterly loss. Lennar plans to weather the downturn by hoarding reserve cash and establishing a fund to buy distressed residential property.