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Lennar posts smaller quarterly loss


    NEW YORK (Reuters) - Lennar Corp posted a much smaller quarterly loss on Tuesday as the No. 2 U.S. home builder reduced construction and administrative costs.

    The net loss narrowed to $89 million, or 56 cents per share, in the third quarter ended on August 31 from $513.9 million, or $3.25 per share, a year earlier.

    The company, which has been reeling from the effects of the slump in U.S. housing market, saw its revenue decline 53 percent to $1.1 billion during the quarter.

    (Reporting by Euan Rocha; Editing by Lisa Von Ahn)