The atrophied housing market has sent America’s largest homebuilder into even more of tailspin than expected. Lennar announced today it lost $513.9 million last quarter, or $3.25 per share—the worst losses in its 53-year history. Lennar says home discounting and the dismal mortgage situation will force it to cut more jobs to return to profitability, Bloomberg reports.
Revenue fell 44%, to its lowest point in 3 years. Miami-based Lennar has already cut 35% of its workforce, and sales have fallen for four straight quarters. The stock—already down 54% this year—fell as much as 6.5% on the news. Analysts say supply is outstripping demand as tougher mortgage standards drive off buyers.