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.