Lennar Sells Land for $525M, Takes Loss

Lennar Corp. has sold land in eight states to Morgan Stanley Real Estate at about 40 cents on the dollar, giving the homebuilder a $525 million influx in cash as it continues to pare down inventory in the face of the housing crisis.

While analysts noted the deal would result in future charges for the Miami-based builder, investors were heartened by the sale, sending Lennar's stock up more than 5 percent to $16.74 Monday.