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.