Lennar Swings to Loss in First Quarter

Miami, FL, March 27, 2008–Homebuilder Lennar said net income was down in the first quarter as sales of new homes fell and selling prices declined.

Lennar  reported a loss of $88.2 million, or $.56 per share, compared with profit of $68.6 million, or $.43 per share a year ago.

Sales fell 62 percent to $1.06 billion from $2.79 billion a year ago. The average selling price fell 8 percent.

CEO Stuart Miller said foreclosures and lower consumer confidence have softened demand.