Miami homebuilder says orders jump 20%

Lennar Corp - the big builder from Miami with several local projects - reported its second profitable year in a row Wednesday. And, the company says, its orders for new homes are up 20 percent.

The homebuilding company’s fourth quarter, which ended Nov. 30, saw a small drop from year-ago levels.

The year-end net earnings was $92.2 million, compared to $95.3 million for 2010 — a 3.2% dip. However, this last year’s earnings was a big plus compared to 2007, when the company’s balance sheet showed a $1.9 billion loss, due mainly to value reductions in land and homes the company owned.

The fourth quarter net earnings was $30.3 million, down 5.5% from the Q4 2010 total of $32 million.

Said company CEO Stuart Miller: "As we come to the end of 2011 and head into 2012, we have seen the market start to stabilize, driven by a combination of low home prices and low interest rates, making the decision to purchase a new home more attractive, compared to the heated rental market."

Source: OCRegister.com