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Article: Lennar posts wider loss in 3Q, but market improves
- Article from:
- AP Online
- Article date:
- September 21, 2009
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Lennar Corp. reported a wider loss in its fiscal third quarter as the homebuilder continued to write down the value of its land and unsold homes.
While customer orders were down 8 percent from the prior-year period, the number of new orders increased each month during the quarter and the Lennar ended August with the highest backlog in a year.
"The overall housing market continued its road back to recovery as more confident homebuyers took advantage of increased affordability," Stuart Miller, Lennar's president and CEO, said in a statement.
While the company didn't provide future financial guidance, it said if the economy continues to improve Lennar will return to ...