Bay area builder Lennar reports $89M loss

Times Staff Writer
Posted: Sep 23, 2008 06:40 PM

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Lennar Corp., one of the Tampa Bay area's biggest home builders, lost $89-million in its third quarter that ended Aug. 31. Sales were off by about half between last year and this year.

But all failure is relative. Lennar lost more than five times as much — $513.9-million — in the third quarter of 2007.

Lennar president Stuart Miller reported that the company's East division, which comprises Florida, Virginia, Maryland and New Jersey, outperformed the rest of its divisions earlier this year.

But Miller emphasized that "the housing market continues to search for a bottom" and bemoaned lack of government action to stabilize home prices.

Lennar builds in such communities as Avalon in Spring Hill, Concord Station in Land O'Lakes and Cypress Creek in Ruskin.

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Bay area builder Lennar reports $89M loss

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