Homebuilder Lennar Reports Larger Backlog

Miami, FL, Jan. 11, 2012 --  Lennar Corp, the third-largest U.S. homebuilder, reported fourth-quarter net income was $30.3 million, or $0.16 a share, down from $32.0 million, or $0.17 a share, a year ago.

Revenue rose 11% to $952.7 million.

New orders rose 20% during the quarter, compared with 11% growth in the third quarter.

The company's backlog was up 35% as of November.

"As we come to the end of 2011 and head into 2012, we have seen the market start to stabilize, driven by a combination of low home prices and low interest rates, making the decision to purchase a new home more attractive," CEO Stuart Miller said in a press release.