Home Builder Lennar Sees Revenues Tumble

Miami, FL, Sept. 23, 2008–Lennar Corp. said cost cutting helped narrow its loss in the third-quarter, but revenue fell by more than half.

The homebuilder says its lost $89 million, or 56 cents per share, compared with a loss of $513.9 million, or $3.25 per share a year ago.

Revenue fell 53 percent to $1.11 billion from $2.34 billion last year.

Deliveries of homes fell 49 percent in the quarter and average sales price of homes fell 9 percent.

CEO Stuart Miller says the housing market slump accelerated due to increased foreclosures, weakened consumer confidence and tightened mortgage lending standards.