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MIAMI-With continued weak conditions in the housing market,locally based Lennar Corp. reported a 69% drop in homebuildingearnings for the first quarter which ended Feb. 28.
Lennar reported earnings of $68.6 million, or 43 cents perdiluted share, compared to earnings of $258.1 million, or $1.58 perdiluted share, in the first quarter of 2006. "Although we areseeing sporadic firming in some markets, the reality is marketconditions are still challenging at best and, in some markets,continue to deteriorate," Lennar Corp. CEO Stuart Miller saidduring a Tuesday conference call.
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