BUSINESS BRIEFING / CONSTRUCTION
Times Wire Reports
Lennar Corp. reported a slightly larger second-quarter loss than a year earlier as the home builder took some write-offs to adjust land and inventory values and dealt with fewer home deliveries and a drop in new orders.
Though consumers did buy more new homes than in the first quarter, Lennar Chief Executive Stuart Miller said that increased unemployment, rising foreclosures and stricter credit standards still weighed on the sector.
Lennar, based in Miami, lost $125.2 million, or 76 cents a share, for the three months ended May 31. That compares with a loss of $120.9 million, or 76 cents, a year earlier.
