New Home Sales

Home Builder Posts 28% Drop in Q1 Orders 

Lennar Corp. [stock LEN][/stock], a major U.S. home builder, reported this week a first-quarter net loss of $155.9 million — or 98 cents per share — for the quarter ended Feb. 28, 2009. A 38 percent decline in home orders and a 12 percent decrease in average sales price from the same quarter last year drove the company’s narrowed home sales revenues — down 45 percent from last year to $522.8 million.