Lennar Narrows Losses, Sees Worsening Market

Miami, FL, June 26, 2008--Homebuilder Lennar Corp. narrowed its loss in the second quarter but sees housing market conditions deteriorating even more this year.

Lennar said losses declined to $120.9 million, or $0.76 per share, from $244.2 million, or $1.55 per share, a year ago. The results include charges of 60 cents per share to write off land values and deposits.

Revenue fell 61 percent to $1.13 billion from $2.88 billion.