Homebuilder Lennar Reports Higher Quarterly Loss

Miami, FL, June 25, 2009--Lennar Corp. reported a slightly deeper quarterly loss on continuing weakness in the housing market.

The homebuilder reported a second-quarter net loss of $125.2 million, or 76 cents a share, compared with a loss of $120.9 million, or 76 cents a share, in the year-ago period.

"While we are sensing pent-up demand in the market, rising unemployment, increased foreclosures and tighter credit standards continue to present challenges for the industry to generate sales at a more robust pace and at stabilized pricing," said Chief Executive Stuart Miller in the earnings release.

"This combined with a recent spike in mortgage rates has made it difficult to predict when the market will ultimately turn the corner," Miller said, adding the company is focused on getting back to profitability.

Total revenue slipped to $891.9 million from $1.13 billion in the year-earlier quarter.

Lennar said new orders fell 19% from the same quarter the previous year to 3,564 homes. The cancellation rate improved to 15% from 22%.