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Miami, FL (AHN) - The nation's third largest homebuilder, Lennar Corp., on Monday reported a third quarter loss of nearly $172 million. It was the company's 10th consecutive quarter of losses. The per-share loss was 97 cents, a jump from the 56-cent loss of a year ago. Analysts had estimated a loss of between 51 and 52 cents a share Some 76 cents per share of the losses were linked to valuation adjustments, non-cash deferred tax asset valuation allowance and other write-offs, Lennar said. The company's homebuilding revenue fell in the quarter to $643.6 million, a drop of 42 percent....

After being widely derided for being asleep at the switch while folks like Bernard Madoff gradually stole tens of billions of dollars from unwitting clients, the SEC is now targeting subprime lenders, hedge funds and home builders. Imagine what kind of mixer that group would throw! From a BuilderOnline.com story: The U.S. Securities and Exchange Commission (SEC), which has been roundly chided for not uncovering several high-profile investment fraud schemes, is getting more aggressive. It now has launched a series of investigations focusing on subprime lenders, hedge funds, and home builders.“The SEC is fully committed to addressing the [economic] crisis,”...

Some home builders already struggling in Florida's dismal housing market are facing another headache: The Chinese-made drywall they used is causing unpleasant odors and possibly leading to electric problems in dozens of homes constructed during the housing boom.

Homebuilder Lennar Projects Fourth Quarter Loss, to Sell Stake in Joint Venture MIAMI (AP) -- Lennar Corp., one of the nation's largest homebuilders, said Tuesday it expected a fourth-quarter loss as the company reevaluates how much its inventory is worth as the industry has been slowing. The Miami-based company expects a loss within a range of 88 cents per share to $1.28 for its quarter ended November 30 after a pretax charge of up to $500 million for the inventory evaluation. Official earnings for the quarter will be released before the market opens on Jan. 17. Prior to the valuation...

There's a new cost to buying a house at some developments in San Diego County – a mandatory contribution by the buyer to charity. One of the nation's largest builders has adopted a program requiring homebuyers here to make a payment that will be given to local housing-assistance organizations chosen by a foundation set up by the builder. Lennar Corp. has been requiring the fee, amounting to 1/20th of 1 percent of the sales price of its new houses, under a program rolled out three years ago in Orange County. The company brought the program to San Diego County in...

Authorities seek to question van driver in arson; Vehicle was seen leaving Charles Co. development; 'Potential witness, but possibly something more' INDIAN HEAD -- More than one arsonist is believed to have set fires that destroyed 10 homes under construction and damaged 16 others in a Southern Maryland subdivision, investigators said today. Deputy State Fire Marshall W. Faron Taylor said fire investigators also discovered 11 other arson attempts in the Hunters Brooke subdivision. Evidence collected at those houses, which were not damaged, is of monumental value to investigators, he said. "We are strongly considering that this act had to have...