Lennar posts $1.25 billion fourth-quarter loss
Lennar Corp., the infamous homebuilder that has seen its fair share of controversies over the years, announced some less-than-shocking (though also less-than-appealing) news Thursday, as the company posted a $1.25-billion loss for the fourth quarter of 2007, making it the worst loss in the company’s long history.
”As we look ahead to 2008, we are not expecting market conditions to improve, and perhaps might continue to decline in the near term,” said Stuart Miller, president and chief executive of Lennar, in a statement.
South Florida’s lagging real estate market has been a major point of blame (the average home price has dipped from $315,000 to $297,000 in just one year), as many of Lennar’s holdings have been in properties heavily affected by the economy’s downward turn.
This is just the latest in a long line of slips and falls for Lennar, which cut its work force by 35 percent during the 2007 year.
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