Lennar (NYSE:LEN) reported a fiscal Q1 loss of 98 cents per share, missing estimates of a 64-cent loss. Revenues in the quarter fell 44.2% year-over-year to $593 million, but came in ahead of consensus estimates of $530 million. Home deliveries in the quarter fell 40% from year-over-year to 2,142, and the average selling price of those homes fell 12% to $244,000. The homebuilder closed the quarter with $1.1 billion in cash and no outstanding balance. The company's chief executive Stuart Miller offered this statement, "Despite historically low interest rates and some indicators pointing toward market stabilization, low consumer confidence, increased unemployment and growing foreclosure rates negatively impacted new home sales in most of our markets."

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