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MIAMI-Lennar Corp. opened the first quarter of the year withrevenues of $3.2 billion, up 35% from the same quarter a year ago,and net earnings of $258.1 million, a 34% rise over the comparablequarter of 2005. New orders for 9,793 homes, however, representjust a 4% increase during this first quarter in comparison withopening quarter a year ago.

In light of this, during a conference call, Stuart Miller,president and CEO, acknowledged a "slowdown" in some markets."Price appreciation in these markets has moderated relative to theappreciation experienced over the past few years," he said. Inresponse to analysts' questions, Miller identified Sacramento, SanDiego and Tucson as places with lower orders year over year. Healso said the company had increased sales incentives in Minnesota,Illinois, Colorado and Nevada.