SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* JAFFE JONATHAN M (Last) (First) (Middle) LENNAR CORPORATION 700 NW 107TH AVENUE SUITE 400 (Street) MIAMI FL 33172 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol LENNAR CORP /NEW/ [ LEN,LEN.B ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director 10% Owner X Officer (give title below) Other (specify below) Vice President/COO
	3. Date of Earliest Transaction (Month/Day/Year) 11/02/2007
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	11/02/2007		M		107,858	A	$8.235	388,485	D
Class A Common Stock								245,097	I	See(1)
Class B Common Stock	11/02/2007		M		10,785	A	$0(5)	10,785	D
Class B Common Stock								39,101	I	See(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right to Buy)	$8.235	11/02/2007		M			107,858	11/03/2006	11/03/2007	Class A Common Stock	107,858	$8.235	0	D
Stock Option (Right to Buy)	$8.25							02/07/2004	02/07/2010	Class A Common Stock	5,998		5,998	D
Stock Option (Right to Buy)	$18.32							03/06/2005	03/06/2011	Class A Common Stock	20,000		20,000	D
Stock Option (Right to Buy)	$26.32							01/25/2006	01/25/2012	Class A Common Stock	4,000		4,000	D
Stock Option (Right to Buy)	$27.845							01/23/2007	01/23/2008	Class A Common Stock	100,000		100,000	D
Stock Option (Right to Buy)	$46.42							12/17/2004(3)	12/17/2008	Class A Common Stock	150,000		150,000	D
Stock Option (Right to Buy)	$55							12/16/2005(3)	12/16/2009	Class A Common Stock	100,000		100,000	D
Stock Option (Right to Buy)	$62.675							01/05/2007(3)	01/05/2011	Class A Common Stock	100,000		100,000	D
Stock Option (Right to Acquire)	$0(5)	11/02/2007		M			10,785	11/03/2006	11/03/2007	Class B Common Stock	10,785	$0	0	D
Stock Option (Right to Acquire)	$0							02/07/2004	02/07/2010	Class B Common Stock	599(4)		599	D
Stock Option (Right to Acquire)	$0							03/06/2005	03/06/2011	Class B Common Stock	2,000(4)		2,000	D
Stock Option (Right to Acquire)	$0							01/25/2006	01/25/2012	Class B Common Stock	400(4)		400	D
Stock Option (Right to Acquire)	$0							01/23/2007	01/23/2008	Class B Common Stock	10,000(4)		10,000	D

Explanation of Responses:

1. 227,724 shares are held in a family trust, 15,000 shares are held through a financial intermediary, 2,348 shares are held through an ESOP trust and 25 shares are owned my Mr. Jaffe's son of which Mr. Jaffe disclaims beneficial ownership.

2. 37,366 shares are held in a family trust, 1,500 shares are held through a financial intermediary and 235 shares are held through an ESOP trust.

3. These stock options become exercisable in four annual installments. 10% of the stock options become exercisable on the first anniversary of the grant date and 30% of the stock options become exercisable on each of the next three anniversaries of the grant date.

4. Represents shares of Class B Common Stock to be issued upon the exercise of certain options to purchase Class A Common Stock.

5. The Class B Common Stock was issued as a result of anti-dilution provisions with regard to certain exercises of options that relate to Class A Common Stock.

	Mark Sustana as Attorney-In-fact for Jonathan M. Jaffe	11/06/2007
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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