Lennar Reports $244.2M 2nd-Quarter Loss

The AP reports:

Lennar Corp., one of the nation's leading homebuilders, said Tuesday it fell to a second-quarter loss as inventories of unsold homes rose and it had to cut prices to attract buyers. Lennar also warned that it would likely post a loss in the third quarter as well.


"As we look to our third quarter and the remainder of 2007, we continue to see weak, and perhaps deteriorating, market conditions," Lennar President and Chief Executive Stuart Miller said.

The downside isn't over.