10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended February 29, 2012

Commission File Number: 1-11749

Lennar Corporation

(Exact name of registrant as specified in its charter)

Delaware	95-4337490
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

700 Northwest 107th Avenue, Miami, Florida 33172

(Address of principal executive offices) (Zip Code)

(305) 559-4000

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    YES  x    NO  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    YES  x    NO  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	x	Accelerated filer	¨
Non-accelerated filer	¨	Smaller reporting company	¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    YES  ¨    NO  x

Common stock outstanding as of March 31, 2012:

Class A 157,909,024

Class B   31,303,195

Part I. Financial Information

Item 1. Financial Statements

Lennar Corporation and Subsidiaries

Condensed Consolidated Balance Sheets

(In thousands, except shares and per share amounts)

(unaudited)

	February 29, 2012 (1)		November 30, 2011 (1)
ASSETS
Lennar Homebuilding:
Cash and cash equivalents	$	792,165		1,024,212
Restricted cash		8,001		8,590
Receivables, net		47,745		53,977
Inventories:
Finished homes and construction in progress		1,429,882		1,334,703
Land and land under development		2,858,079		2,636,510
Consolidated inventory not owned		379,581		389,322
Total inventories		4,667,542		4,360,535
Investments in unconsolidated entities		563,364		545,760
Other assets		440,146		524,694
		6,518,963		6,517,768
Rialto Investments:
Cash and cash equivalents		74,186		83,938
Defeasance cash to retire notes payable		111,223		219,386
Loans receivable, net		649,791		713,354
Real estate owned, held-for-sale		101,579		143,677
Real estate owned, held-and-used, net		630,570		582,111
Investments in unconsolidated entities		149,735		124,712
Other assets		34,637		29,970
		1,751,721		1,897,148
Lennar Financial Services		596,810		739,755
Total assets	$	8,867,494		9,154,671

(1) Under certain provisions of Accounting Standards Codification (“ASC”) Topic 810, Consolidations, (“ASC 810”) the Company is required to separately disclose on its condensed consolidated balance sheets the assets of consolidated variable interest entities (“VIEs”) that are owned by the consolidated VIEs and non-recourse liabilities of consolidated VIEs.

As of February 29, 2012, total assets include $2,111.5 million related to consolidated VIEs of which $19.0 million is included in Lennar Homebuilding cash and cash equivalents, $5.3 million in Lennar Homebuilding receivables, net, $0.5 million in Lennar Homebuilding finished homes and construction in progress, $504.1 million in Lennar Homebuilding land and land under development, $67.5 million in Lennar Homebuilding consolidated inventory not owned, $43.8 million in Lennar Homebuilding investments in unconsolidated entities, $219.4 million in Lennar Homebuilding other assets, $69.4 million in Rialto Investments cash and cash equivalents, $111.2 million in Rialto Investments defeasance cash to retire notes payable, $523.3 million in Rialto Investments loans receivable, net, $87.8 million in Rialto Investments real estate owned, held-for-sale, $450.3 million in Rialto Investments real estate owned, held-and-used, net, $0.6 million in Rialto Investments in unconsolidated entities and $9.3 million in Rialto Investments other assets.

As of November 30, 2011, total assets include $2,317.4 million related to consolidated VIEs of which $19.6 million is included in Lennar Homebuilding cash and cash equivalents, $5.3 million in Lennar Homebuilding receivables, net, $0.1 million in Lennar Homebuilding finished homes and construction in progress, $538.2 million in Lennar Homebuilding land and land under development, $71.6 million in Lennar Homebuilding consolidated inventory not owned, $43.4 million in Lennar Homebuilding investments in unconsolidated entities, $219.6 million in Lennar Homebuilding other assets, $80.0 million in Rialto Investments cash and cash equivalents, $219.4 million in Rialto Investments defeasance cash to retire notes payable, $565.6 million in Rialto Investments loans receivable, net, $115.4 million in Rialto Investments real estate owned, held-for-sale, $428.0 million in Rialto Investments real estate owned, held-and-used, net, $0.6 million in Rialto Investments in unconsolidated entities and $10.6 million in Rialto Investments other assets.

See accompanying notes to condensed consolidated financial statements.

2

Lennar Corporation and Subsidiaries

Condensed Consolidated Balance Sheets – (Continued)

(In thousands, except shares and per share amounts)

(unaudited)

	February 29, 2012 (2)			November 30, 2011 (2)
LIABILITIES AND EQUITY
Lennar Homebuilding:
Accounts payable	$	170,216			201,101
Liabilities related to consolidated inventory not owned		317,136			326,200
Senior notes and other debts payable		3,472,937			3,362,759
Other liabilities		562,402			602,231
		4,522,691			4,492,291
Rialto Investments:
Notes payable and other liabilities		612,144			796,120
Lennar Financial Services		409,406			562,735
Total liabilities		5,544,241			5,851,146
Stockholders’ equity:
Preferred stock		—			—
Class A common stock of $0.10 par value; Authorized: February 29, 2012 and November 30, 2011 - 300,000,000 shares; Issued: February 29, 2012 - 169,563,027 and November 30, 2011 - 169,099,760 shares		16,956			16,910
Class B common stock of $0.10 par value; Authorized: February 29, 2012 and November 30, 2011 - 90,000,000 shares; Issued: February 29, 2012 - 32,982,815 and November 30, 2011 - 32,982,815 shares		3,298			3,298
Additional paid-in capital		2,354,433			2,341,079
Retained earnings		963,807			956,401
Treasury stock, at cost; February 29, 2012 - 11,702,017 Class A common shares and 1,679,620 Class B common shares; November 30, 2011 - 12,000,017 Class A common shares and 1,679,620 Class B common shares		(615,698	)		(621,220	)
Total stockholders’ equity		2,722,796			2,696,468
Noncontrolling interests		600,457			607,057
Total equity		3,323,253			3,303,525
Total liabilities and equity	$	8,867,494			9,154,671

(2) As of February 29, 2012, total liabilities include $745.5 million related to consolidated VIEs as to which there was no recourse against the Company, of which $8.3 million is included in Lennar Homebuilding accounts payable, $39.1 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $170.1 million in Lennar Homebuilding senior notes and other debts payable, $34.9 million in Lennar Homebuilding other liabilities and $493.1 million in Rialto Investments notes payable and other liabilities.

As of November 30, 2011, total liabilities include $902.3 million related to consolidated VIEs as to which there was no recourse against the Company, of which $12.7 million is included in Lennar Homebuilding accounts payable, $43.6 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $175.3 million in Lennar Homebuilding senior notes and other debts payable, $16.7 million in Lennar Homebuilding other liabilities and $654.0 million in Rialto Investments notes payable and other liabilities.

See accompanying notes to condensed consolidated financial statements.

3

Lennar Corporation and Subsidiaries

Condensed Consolidated Statements of Operations

(In thousands, except per share amounts)

(unaudited)

	Three Months Ended
	February 29, 2012			February 28, 2011
Revenues:
Lennar Homebuilding	$	624,433			466,709
Lennar Financial Services		68,215			57,713
Rialto Investments		32,208			33,623
Total revenues		724,856			558,045
Cost and expenses:
Lennar Homebuilding		584,745			447,763
Lennar Financial Services		59,965			56,530
Rialto Investments		33,370			28,349
Corporate general and administrative		26,842			23,352
Total costs and expenses		704,922			555,994
Lennar Homebuilding equity in earnings from unconsolidated entities		1,083			8,661
Lennar Homebuilding other income, net (1)		4,067			29,960
Other interest expense		(24,849	)		(22,079	)
Rialto Investments equity in earnings from unconsolidated entities		18,458			4,525
Rialto Investments other income (expense), net		(12,240	)		13,203
Earnings before income taxes		6,453			36,321
Benefit for income taxes		1,524			2,405
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	$	7,977			38,726
Less: Net earnings (loss) attributable to noncontrolling interests (2)		(6,991	)		11,320
Net earnings attributable to Lennar	$	14,968			27,406
Basic earnings per share	$	0.08			0.15
Diluted earnings per share	$	0.08			0.14
Cash dividends per each Class A and Class B common share	$	0.04			0.04

(1) Lennar Homebuilding other income, net for the three months ended February 28, 2011 includes $8.3 million of valuation adjustments to the Company’s investments in Lennar Homebuilding’s unconsolidated entities.

(2) Net earnings (loss) attributable to noncontrolling interests for the three months ended February 29, 2012 and February 28, 2011 includes ($4.3) million and $12.0 million, respectively, related to the FDIC’s interest in the portfolio of real estate loans that the Company acquired in partnership with the FDIC.

See accompanying notes to condensed consolidated financial statements.

4

Lennar Corporation and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(In thousands)

(unaudited)

	Three Months Ended
	February 29, 2012			February 28, 2011
Cash flows from operating activities:
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	$	7,977			38,726
Adjustments to reconcile net earnings (including net earnings (loss) attributable to noncontrolling interests) to net cash provided by (used in) operating activities:
Depreciation and amortization		7,630			3,767
Amortization of discount/premium on debt, net		5,371			4,061
Lennar Homebuilding equity in earnings from unconsolidated entities		(1,083	)		(8,661	)
Distributions of earnings from Lennar Homebuilding unconsolidated entities		126			1,322
Rialto Investments equity in earnings from unconsolidated entities		(18,458	)		(4,525	)
Distributions of earnings from Rialto Investments unconsolidated entities		757			1,503
Share based compensation expense		8,161			6,730
Excess tax benefits from share-based awards		—			(258	)
Gains on retirement of Lennar Homebuilding other debts payable		(988	)		—
Unrealized and realized gains on Rialto Investments real estate owned		(5,831	)		(17,375	)
Gains on sale of Rialto Investments commercial mortgage-backed securities		—			(276	)
Impairments and charge-offs of Rialto Investments loans receivable and REO		4,748			—
Valuation adjustments and write-offs of option deposits and pre-acquisition costs, other receivables and other assets		2,326			18,014
Changes in assets and liabilities:
Decrease in restricted cash		773			3,214
Decrease in receivables		101,672			43,694
Increase in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs		(172,159	)		(81,071	)
Increase in other assets		(1,183	)		(13,851	)
Decrease in Lennar Financial Services loans-held-for-sale		30,866			110,412
Decrease in accounts payable and other liabilities		(103,149	)		(95,751	)
Net cash provided by (used in) operating activities		(132,444	)		9,675
Cash flows from investing activities:
Net disposals of operating properties and equipment		1,140			8
Investments in and contributions to Lennar Homebuilding unconsolidated entities		(26,810	)		(25,177	)
Distributions of capital from Lennar Homebuilding unconsolidated entities		9,897			7,630
Investments in and contributions to Rialto Investments unconsolidated entities		(7,294	)		(10,575	)
Distributions of capital from Rialto Investments unconsolidated entities		81			—
Decrease (increase) in Rialto Investments defeasance cash to retire notes payable		108,163			(24,250	)
Receipts of principal payments on Rialto Investments loans receivable		33,549			49,954
Proceeds from sales of Rialto Investments real estate owned		37,868			7,792
Improvements to Rialto Investments real estate owned		(3,963	)		(2,718	)
Purchases of Lennar Homebuilding investments available-for-sale		(2,408	)		—
Proceeds from sales of Lennar Homebuilding investments available-for-sale		6,436			—
Decrease in Lennar Financial Services loans held-for-investment, net		447			197
Purchases of Lennar Financial Services investment securities		(1,150	)		(5,126	)
Proceeds from maturities of Lennar Financial Services investment securities		750			129
Net cash provided by (used in) investing activities	$	156,706			(2,136	)

See accompanying notes to condensed consolidated financial statements.

5

Lennar Corporation and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(In thousands)

(unaudited)

	Three Months Ended
	February 29, 2012			February 28, 2011
Cash flows from financing activities:
Net repayments under Lennar Financial Services debt	$	(150,684	)		(149,339	)
Proceeds from 3.25% convertible senior notes due 2021		50,000			—
Debt issuance costs		(1,035	)		—
Principal repayments on Rialto Investments notes payable		(170,026	)		—
Proceeds from other borrowings		28,090			75
Principal payments on other borrowings		(20,267	)		(27,838	)
Exercise of land option contracts from an unconsolidated land investment venture		(4,628	)		(10,855	)
Receipts related to noncontrolling interests		391			115
Payments related to noncontrolling interests		—			(4,789	)
Excess tax benefits from share-based awards		—			258
Common stock:
Issuances		10,761			4,754
Dividends		(7,562	)		(7,469	)
Net cash used in financing activities		(264,960	)		(195,088	)
Net decrease in cash and cash equivalents		(240,698	)		(187,549	)
Cash and cash equivalents at beginning of period		1,163,604			1,394,135
Cash and cash equivalents at end of period	$	922,906			1,206,586
Summary of cash and cash equivalents:
Lennar Homebuilding	$	792,165			1,014,000
Lennar Financial Services		56,555			109,625
Rialto Investments		74,186			82,961
	$	922,906			1,206,586
Supplemental disclosures of non-cash investing and financing activities:
Lennar Homebuilding:
Non-cash contributions to unconsolidated entities	$	1,314			14,098
Non-cash distributions from unconsolidated entities	$	—			11,006
Inventory acquired in satisfaction of other assets including investments available-for-sale	$	90,385			—
Non-cash purchases of investments available-for-sale	$	12,520			—
Purchases of inventories financed by sellers	$	49,615			10,476
Rialto Investments:
Real estate owned acquired in satisfaction/partial satisfaction of loans receivable	$	41,588			175,875
Consolidations of newly formed or previously unconsolidated entities, net:
Inventories	$	—			18,621
Investments in Lennar Homebuilding unconsolidated entities	$	—			(525	)
Debts payable	$	—			(14,703	)
Other liabilities	$	—			(2,864	)
Noncontrolling interests	$	—			(529	)

See accompanying notes to condensed consolidated financial statements.

6

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements

(unaudited)

(1) Basis of Presentation

Basis of Consolidation

The accompanying condensed consolidated financial statements include the accounts of Lennar Corporation and all subsidiaries, partnerships and other entities in which Lennar Corporation has a controlling interest and VIEs (see Note 15) in which Lennar Corporation is deemed to be the primary beneficiary (the “Company”). The Company’s investments in both unconsolidated entities in which a significant, but less than controlling, interest is held and in VIEs in which the Company is not deemed to be the primary beneficiary, are accounted for by the equity method. All intercompany transactions and balances have been eliminated in consolidation. The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended November 30, 2011. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for the fair presentation of the accompanying condensed consolidated financial statements have been made.

The Company has historically experienced, and expects to continue to experience, variability in quarterly results. The condensed consolidated statement of operations for the three months ended February 29, 2012 is not necessarily indicative of the results to be expected for the full year.

Reclassification

Certain prior year amounts in the condensed consolidated financial statements have been reclassified to conform with the 2012 presentation.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

(2) Operating and Reporting Segments

The Company’s operating segments are aggregated into reportable segments, based primarily upon similar economic characteristics, geography and product type. The Company’s reportable segments consist of:

(1) Homebuilding East

(2) Homebuilding Central

(3) Homebuilding West

(4) Homebuilding Southeast Florida

(5) Homebuilding Houston

(6) Lennar Financial Services

(7) Rialto Investments

Information about homebuilding activities in states which are not economically similar to other states in the same geographic area is grouped under “Homebuilding Other,” which is not considered a reportable segment.

7

Evaluation of segment performance is based primarily on operating earnings (loss) before income taxes. Operations of the Company’s homebuilding segments primarily include the construction and sale of single-family attached and detached homes, as well as the purchase, development and sale of residential land directly and through the Company’s unconsolidated entities. Operating earnings (loss) for the homebuilding segments consist of revenues generated from the sales of homes and land, equity in earnings (loss) from unconsolidated entities and other income (expense), net, less the cost of homes sold and land sold, selling, general and administrative expenses and other interest expense of the segment. The Company’s reportable homebuilding segments and all other homebuilding operations not required to be reported separately have operations located in:

East: Florida⁽¹⁾, Georgia, Maryland, New Jersey, North Carolina, South Carolina and Virginia

Central: Arizona, Colorado and Texas⁽²⁾

West: California and Nevada

Southeast Florida: Southeast Florida

Houston: Houston, Texas

Other: Illinois and Minnesota

(1) Florida in the East reportable segment excludes Southeast Florida, which is its own reportable segment.

(2) Texas in the Central reportable segment excludes Houston, Texas, which is its own reportable segment.

Operations of the Lennar Financial Services segment include mortgage financing, title insurance and closing services for both buyers of the Company’s homes and others. Substantially all of the loans the Lennar Financial Services segment originates are sold within a short period in the secondary mortgage market on a servicing released, non-recourse basis. After the loans are sold, the Company retains potential liability for possible claims by purchasers that it breached certain limited industry-standard representations and warranties in the loan sale agreements. Lennar Financial Services’ operating earnings consist of revenues generated primarily from mortgage financing, title insurance and closing services, less the cost of such services and certain selling, general and administrative expenses incurred by the segment. The Lennar Financial Services segment operates generally in the same states as the Company’s homebuilding operations, as well as in other states.

Operations of the Rialto Investments (“Rialto”) segment include sourcing, underwriting, pricing, managing and ultimately monetizing real estate and real estate related assets, as well as providing similar services to others in markets across the country. Rialto’s operating earnings (loss) consists of revenues generated primarily from accretable interest income associated with portfolios of real estate loans acquired in partnership with the FDIC and other portfolios of real estate loans and assets acquired, fees for sub-advisory services, other income, net, consisting primarily of gains upon foreclosure of real estate owned (“REO”) and gains on sale of REO, and equity in earnings (loss) from unconsolidated entities, less the costs incurred by the segment for managing portfolios, REO expenses, due diligence expenses related to both completed and abandoned transactions, and other general administrative expenses.

Each reportable segment follows the same accounting policies described in Note 1 – “Summary of Significant Accounting Policies” to the consolidated financial statements in the Company’s 2011 Annual Report on Form 10-K. Operational results of each segment are not necessarily indicative of the results that would have occurred had the segment been an independent, stand-alone entity during the periods presented.

8

Financial information relating to the Company’s operations was as follows:

(In thousands)	February 29, 2012		November 30, 2011
Assets:
Homebuilding East	$	1,407,776		1,312,750
Homebuilding Central		682,335		681,859
Homebuilding West		2,187,425		2,169,503
Homebuilding Southeast Florida		638,211		604,415
Homebuilding Houston		242,899		230,076
Homebuilding Other		626,435		595,615
Rialto Investments (1)		1,751,721		1,897,148
Lennar Financial Services		596,810		739,755
Corporate and unallocated		733,882		923,550
Total assets	$	8,867,494		9,154,671

(1) Consists primarily of assets of consolidated VIEs (see Note 8).

	Three Months Ended
(In thousands)	February 29, 2012			February 28, 2011
Revenues:
Homebuilding East	$	244,833			182,371
Homebuilding Central		85,713			67,006
Homebuilding West		123,085			96,382
Homebuilding Southeast Florida		49,789			35,091
Homebuilding Houston		84,834			52,953
Homebuilding Other		36,179			32,906
Lennar Financial Services		68,215			57,713
Rialto Investments		32,208			33,623
Total revenues (1)	$	724,856			558,045
Operating earnings (loss):
Homebuilding East	$	13,947			5,661
Homebuilding Central		1,064			(15,124	)
Homebuilding West (2)		(7,573	)		49,345
Homebuilding Southeast Florida		6,634			4,174
Homebuilding Houston		4,516			(41	)
Homebuilding Other		1,401			(8,527	)
Lennar Financial Services		8,250			1,183
Rialto Investments		5,056			23,002
Total operating earnings		33,295			59,673
Corporate general and administrative expenses		26,842			23,352
Earnings before income taxes	$	6,453			36,321

(1) Total revenues are net of sales incentives of $84.5 million ($34,200 per home delivered) for the three months ended February 29, 2012, compared to $62.9 million ($33,100 per home delivered) for the three months ended February 28, 2011.

(2) For the three months ended February 28, 2011, operating earnings include $37.5 million related to the receipt of a litigation settlement, as well as $15.4 million related to the Company’s share of a gain on debt extinguishment and the recognition of $10.0 million of deferred management fees related to management services previously performed by the Company for one of its Lennar Homebuilding unconsolidated entities.

9

Valuation adjustments and write-offs relating to the Company’s homebuilding operations were as follow:

	Three Months Ended
(In thousands)	February 29, 2012		February 28, 2011
Valuation adjustments to finished homes, CIP and land on which the Company intends to build homes:
East	$	217		852
Central		153		3,876
West		530		14
Southeast Florida		328		—
Houston		61		49
Other		736		21
Total		2,025		4,812
Valuation adjustments to land the Company intends to sell or has sold to third parties:
East		—		20
Central		—		23
Houston		—		10
Total		—		53
Write-offs of option deposits and pre-acquisition costs:
East		7		—
Central		49		—
West		232		—
Houston		—		81
Other		2		—
Total		290		81
Company’s share of valuation adjustments related to assets of unconsolidated entities:
Central		—		371
West		—		1,660
Other		—		2,495
Total		—		4,526
Valuation adjustments to investments of unconsolidated entities:
East		11		8,262
Total		11		8,262
Write-offs of other receivables and other assets:
Other		—		4,806
Total		—		4,806
Total valuation adjustments and write-offs of option deposits and pre-acquisition costs, other receivables and other assets	$	2,326		22,540

During the first quarter of 2012, the Company recorded lower valuation adjustments than the first quarter of 2011. Changes in market conditions and other specific developments may cause the Company to re-evaluate its strategy regarding certain assets that could result in further valuation adjustments and/or additional write-offs of option deposits and pre-acquisition costs due to abandonment of those options contracts.

10

(3) Lennar Homebuilding Investments in Unconsolidated Entities

Summarized condensed financial information on a combined 100% basis related to Lennar Homebuilding’s unconsolidated entities that are accounted for by the equity method was as follows:

Statements of Operations

	Three Months Ended
(In thousands)	February 29, 2012			February 28, 2011
Revenues	$	82,644			67,063
Costs and expenses		83,422			88,580
Other income		—			123,007
Net earnings (loss) of unconsolidated entities	$	(778	)		101,490
Lennar Homebuilding equity in earnings from unconsolidated entities (1)	$	1,083			8,661

(1) For the three months ended February 28, 2011, Lennar Homebuilding equity in earnings includes a $15.4 million gain related to the Company’s share of a $123.0 million gain on debt extinguishment at a Lennar Homebuilding unconsolidated entity, partially offset by $4.5 million of valuation adjustments related to assets of Lennar Homebuilding’s unconsolidated entities.

Balance Sheets

(In thousands)	February 29, 2012		November 30, 2011
Assets:
Cash and cash equivalents	$	85,510		90,584
Inventories		2,952,727		2,895,241
Other assets		212,756		277,152
	$	3,250,993		3,262,977
Liabilities and equity:
Account payable and other liabilities	$	265,535		246,384
Debt		895,755		960,627
Equity		2,089,703		2,055,966
	$	3,250,993		3,262,977

As of February 29, 2012, the Company’s recorded investments in Lennar Homebuilding unconsolidated entities were $563.4 million while the underlying equity in Lennar Homebuilding unconsolidated entities partners’ net assets was $657.5 million, primarily as a result of the Company buying at a discount the partners’ equity in a Lennar Homebuilding unconsolidated entity. At November 30, 2011, the Company’s recorded investments in Lennar Homebuilding unconsolidated entities were $545.8 million while the underlying equity in Lennar Homebuilding unconsolidated entities partners’ net assets was $628.1 million, primarily as a result of the Company buying at a discount the partners’ equity in a Lennar Homebuilding unconsolidated entity.

During the three months ended February 28, 2011, a Lennar Homebuilding unconsolidated entity was restructured. As part of the restructuring, the development management agreement (the “Agreement”) between the Company and the unconsolidated entity was terminated and a general release agreement was executed whereby the Company was released from any and all obligations, except any future potential third-party claims, associated with the Agreement. As a result of the restructuring, the termination of the Agreement and the execution of the general release agreement, the Company recognized $10 million of deferred management fees related to management services previously performed by the Company prior to November 30, 2010. The Company did not provide any other services to the unconsolidated entity associated with the deferred management fees recognized.

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In 2007, the Company sold a portfolio of land to a strategic land investment venture with Morgan Stanley Real Estate Fund II, L.P., an affiliate of Morgan Stanley & Co., Inc., in which the Company has approximately a 20% ownership interest and 50% voting rights. Due to the Company’s continuing involvement, the transaction did not qualify as a sale by the Company under GAAP; thus, the inventory has remained on the Company’s condensed consolidated balance sheet in consolidated inventory not owned. As of February 29, 2012 and November 30, 2011, the portfolio of land (including land development costs) of $369.7 million and $372.0 million, respectively, is also reflected as inventory in the summarized condensed financial information related to Lennar Homebuilding’s unconsolidated entities.

The Lennar Homebuilding unconsolidated entities in which the Company has investments usually finance their activities with a combination of partner equity and debt financing. In some instances, the Company and its partners have guaranteed debt of certain unconsolidated entities.

The summary of the Company’s net recourse exposure related to Lennar Homebuilding unconsolidated entities in which the Company has investments was as follows:

(In thousands)	February 29, 2012			November 30, 2011
Several recourse debt - repayment	$	51,518			62,408
Joint and several recourse debt - repayment		28,699			46,292
The Company’s maximum recourse exposure		80,217			108,700
Less: joint and several reimbursement agreements with the Company’s partners		(24,627	)		(33,795	)
The Company’s net recourse exposure	$	55,590			74,905

During the three months ended February 29, 2012, the Company’s maximum recourse exposure related to indebtedness of Lennar Homebuilding unconsolidated entities decreased by $28.5 million, as a result of $2.9 million paid by the Company primarily through capital contributions to unconsolidated entities and $25.6 million primarily related to the joint ventures selling assets and other transactions.

As of February 29, 2012 and November 30, 2011, the Company had no obligation guarantees accrued. The obligation guarantees, if any, are estimated based on current facts and circumstances and any unexpected changes may lead the Company to incur obligation guarantees in the future.

The recourse debt exposure in the previous table represents the Company’s maximum recourse exposure to loss from guarantees and does not take into account the underlying value of the collateral or the other assets of the borrowers that are available to repay the debt or to reimburse the Company for any payments on its guarantees. The Lennar Homebuilding unconsolidated entities that have recourse debt have a significant amount of assets and equity. The summarized balance sheets of Lennar Homebuilding’s unconsolidated entities with recourse debt were as follows:

(In thousands)	February 29, 2012		November 30, 2011
Assets	$	1,806,848		1,865,144
Liabilities	$	782,415		815,815
Equity	$	1,024,433		1,049,329

In addition, in most instances in which the Company has guaranteed debt of a Lennar Homebuilding unconsolidated entity, the Company’s partners have also guaranteed that debt and are required to contribute their share of the guarantee payments. Some of the Company’s guarantees are repayment guarantees and some are maintenance guarantees. In a repayment guarantee, the Company and its venture partners guarantee repayment of a portion or all of the debt in the event of default before the lender would have to exercise its rights against the collateral. In the event of default, if the Company’s venture partner does not have adequate financial resources to meet its obligations under the reimbursement agreement, the Company may be liable for more than its proportionate share, up to its maximum recourse exposure, which is the full amount covered by the joint and several guarantee. The maintenance guarantees only apply if the value of

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the collateral (generally land and improvements) is less than a specified percentage of the loan balance. If the Company is required to make a payment under a maintenance guarantee to bring the value of the collateral above the specified percentage of the loan balance, the payment would constitute a capital contribution or loan to the Lennar Homebuilding unconsolidated entity and increase the Company’s investment in the unconsolidated entity and its share of any funds the unconsolidated entity distributes. As of February 29, 2012, the Company does not have maintenance guarantees related to its Lennar Homebuilding unconsolidated entities.

In connection with many of the loans to Lennar Homebuilding unconsolidated entities, the Company and its joint venture partners (or entities related to them) have been required to give guarantees of completion to the lenders. Those completion guarantees may require that the guarantors complete the construction of the improvements for which the financing was obtained. If the construction is to be done in phases, the guarantee generally is limited to completing only the phases as to which construction has already commenced and for which loan proceeds were used.

During the three months ended February 29, 2012, there were other loan paydowns of $3.4 million. During the three months ended February 28, 2011, there were: (1) payments of $1.7 million under the Company’s maintenance guarantees and (2) other loan paydowns of $0.6 million, a portion of which related to amounts paid under the Company’s repayment guarantees. During the three months ended February 29, 2012 and February 28, 2011, there were no payments under completion guarantees.

As of February 29, 2012, the fair values of the repayment guarantees and completion guarantees were not material. The Company believes that as of February 29, 2012, in the event it becomes legally obligated to perform under a guarantee of the obligation of a Lennar Homebuilding unconsolidated entity due to a triggering event under a guarantee, most of the time the collateral should be sufficient to repay at least a significant portion of the obligation or the Company and its partners would contribute additional capital into the venture. In certain instances, the Company has placed performance letters of credit and surety bonds with municipalities for its joint ventures (see Note 11).

The total debt of the Lennar Homebuilding unconsolidated entities in which the Company has investments was as follows:

(In thousands)	February 29, 2012			November 30, 2011
The Company’s net recourse exposure	$	55,590			74,905
Reimbursement agreements from partners		24,627			33,795
The Company’s maximum recourse exposure	$	80,217			108,700
Non-recourse bank debt and other debt (partner’s share of several recourse)	$	122,806			149,937
Non-recourse land seller debt or other debt		26,376			26,391
Non-recourse debt with completion guarantees		471,053			441,770
Non-recourse debt without completion guarantees		195,303			233,829
Non-recourse debt to the Company		815,538			851,927
Total debt	$	895,755			960,627
The Company’s maximum recourse exposure as a % of total JV debt		9	%		11	%

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(4) Equity and Comprehensive Earnings (Loss)

The following table reflects the changes in equity attributable to both Lennar Corporation and the noncontrolling interests of its consolidated subsidiaries in which it has less than a 100% ownership interest for both the three months ended February 29, 2012 and February 28, 2011:

				Stockholders’ Equity
(In thousands)	Total Equity			Class A Common Stock		Class B Common Stock		Additional Paid in Capital		Treasury Stock			Retained Earnings			Noncontrolling Interests
Balance at November 30, 2011	$	3,303,525			16,910		3,298		2,341,079		(621,220	)		956,401			607,057
Net earnings (including net loss attributable to noncontrolling interests)		7,977			—		—		—		—			14,968			(6,991	)
Employee stock and directors plans		11,646			46		—		6,078		5,522			—			—
Amortization of restricted stock		7,276			—		—		7,276		—			—			—
Cash dividends		(7,562	)		—		—		—		—			(7,562	)
Receipts related to noncontrolling interests		391			—		—		—		—			—			391
Balance at February 29, 2012	$	3,323,253			16,956		3,298		2,354,433		(615,698	)		963,807			600,457

				Stockholders’ Equity
(In thousands)	Total Equity			Class A Common Stock		Class B Common Stock		Additional Paid in Capital		Treasury Stock			Retained Earnings			Noncontrolling Interests
Balance at November 30, 2010	$	3,194,383			16,701		3,297		2,310,339		(615,496	)		894,108			585,434
Net earnings (including net earnings attributable to noncontrolling interests)		38,726			—		—		—		—			27,406			11,320
Employee stock and directors plans		6,123			29		1		6,093		—			—			—
Amortization of restricted stock		5,368			—		—		5,368		—			—			—
Cash dividends		(7,469	)		—		—		—		—			(7,469	)		—
Receipts related to noncontrolling interests		115			—		—		—		—			—			115
Payments related to noncontrolling interests		(4,789	)		—		—		—		—			—			(4,789	)
Lennar Homebuilding non-cash consolidations		529			—		—		—		—			—			529
Balance at February 28, 2011	$	3,232,986			16,730		3,298		2,321,800		(615,496	)		914,045			592,609

Comprehensive earnings attributable to Lennar for both the three months ended February 29, 2012 and February 28, 2011 was the same as net earnings attributable to Lennar. Comprehensive earnings (loss) attributable to noncontrolling interests for both the three months ended February 29, 2012 and February 28, 2011 was the same as net earnings (loss) attributable to noncontrolling interests.

The Company has a stock repurchase program which permits the purchase of up to 20 million shares of its outstanding common stock. During the three months ended February 29, 2012 and February 28, 2011, there were no repurchases of common stock under the stock repurchase program. As of February 29, 2012, 6.2 million shares of common stock can be repurchased in the future under the program.

During the three months ended February 29, 2012, treasury stock decreased by 0.3 million Class A common shares due to activity related to the Company’s equity compensation plan.

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(5) Income Taxes

A reduction of the carrying amounts of deferred tax assets by a valuation allowance is required, if based on the available evidence, it is more likely than not that such assets will not be realized. Accordingly, the need to establish valuation allowances for deferred tax assets is assessed periodically based on the more-likely-than-not realization threshold criterion. In the assessment for a valuation allowance, appropriate consideration is given to all positive and negative evidence related to the realization of the deferred tax assets. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carryforward periods, the Company’s experience with loss carryforwards not expiring unused and tax planning alternatives.

At February 29, 2012, the Company continued its evaluation of whether the valuation allowance against its deferred tax assets was still needed. Although the Company’s performance and current positioning is bringing it closer to a conclusion that a valuation allowance is no longer needed, further evidence of a market recovery is needed to reverse the Company’s valuation allowance against its deferred tax assets.

Therefore, based upon all available positive and negative evidence, the Company concluded it still needed a valuation allowance against its deferred tax assets of $561.3 million at February 29, 2012. The valuation allowance against the Company’s deferred tax assets was $576.9 million at November 30, 2011. During the first quarter of fiscal 2012, the Company recorded a reversal of the deferred tax asset valuation allowance of $15.6 million primarily due to the net earnings generated during the period and an adjustment related to equity compensation. In future periods, the allowance could be reduced if sufficient positive evidence is present indicating that it is more likely than not that a portion or all of the Company’s deferred tax assets will be realized.

During the three months ended February 29, 2012, the Company recorded a tax benefit of $1.5 million primarily related to a refund claim for certain losses carried back to a prior year.

At February 29, 2012 and November 30, 2011, the Company had $18.0 million and $36.7 million of gross unrecognized tax benefits. If the Company were to recognize its gross unrecognized tax benefits as of February 29, 2012, $9.1 million would affect the Company’s effective tax rate. The Company expects the total amount of unrecognized tax benefits to decrease by $7.1 million within twelve months as a result of settlements with various taxing authorities.

During the three months ended February 29, 2012, the Company’s gross unrecognized tax benefits decreased by $18.7 million primarily as a result of the resolution of an IRS examination, which included a settlement for certain losses carried back to prior years and the settlement of certain tax accounting method items. There was no effect on the Company’s effective tax rate from the decrease in gross unrecognized tax benefits.

At February 29, 2012, the Company had $20.1 million accrued for interest and penalties, of which $0.3 million was recorded during the three months ended February 29, 2012, offset by a reduction of the accrual for interest and penalties of $0.2 million as a result of the settlement of a state tax issue. At November 30, 2011, the Company had $20.0 million accrued for interest and penalties.

During the three months ended February 29, 2012, the IRS closed its examination of fiscal years 2005 through 2008. The results of such examination were accrued for in prior periods, and there was no adverse effect on the Company’s financial statements during the first quarter of 2012. The IRS is currently examining the Company’s federal income tax returns for fiscal years 2009 through 2010, and certain state taxing authorities are examining various fiscal years. The final outcome of these examinations is not yet determinable. The statute of limitations for the Company’s major tax jurisdictions remains open for examination for fiscal year 2005 and subsequent years.

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(6) Earnings Per Share

Basic earnings per share is computed by dividing net earnings attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company.

All outstanding nonvested shares that contain non-forfeitable rights to dividends or dividend equivalents that participate in undistributed earnings with common stock are considered participating securities and are included in computing earnings per share pursuant to the two-class method. The two class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating securities according to dividends or dividend equivalents and participation rights in undistributed earnings. The Company’s restricted common stock (“nonvested shares”) are considered participating securities.

Basic and diluted earnings per share were calculated as follows:

	Three Months Ended
(In thousands, except per share amounts)	February 29, 2012		February 28, 2011
Numerator:
Net earnings attributable to Lennar	$	14,968		27,406
Less: distributed earnings allocated to nonvested shares		115		101
Less: undistributed earnings allocated to nonvested shares		113		269
Numerator for basic earnings per share		14,740		27,036
Plus: interest on 2.00% convertible senior notes due 2020 and 3.25% convertible senior notes due 2021		2,911		871
Plus: undistributed earnings allocated to convertible shares		113		269
Less: undistributed earnings reallocated to convertible shares		137		265
Numerator for diluted earnings per share	$	17,627		27,911
Denominator:
Denominator for basic earnings per share - weighted average common shares outstanding		185,997		184,155
Effect of dilutive securities:
Shared based payments		883		699
2.00% convertible senior notes due 2020 and 3.25% convertible senior notes due 2021		26,933		10,005
Denominator for diluted earnings per share - weighted average common shares outstanding		213,813		194,859
Basic earnings per share	$	0.08		0.15
Diluted earnings per share	$	0.08		0.14

Options to purchase 0.3 million and 1.2 million shares, respectively, in total of Class A and Class B common stock were outstanding and anti-dilutive for the three months ended February 29, 2012 and February 28, 2011.

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(7) Lennar Financial Services Segment

The assets and liabilities related to the Lennar Financial Services segment were as follows:

(In thousands)	February 29, 2012		November 30, 2011
Assets:
Cash and cash equivalents	$	56,555		55,454
Restricted cash		16,135		16,319
Receivables, net (1)		106,880		220,546
Loans held-for-sale (2)		272,760		303,780
Loans held-for-investment, net		23,563		24,262
Investments held-to-maturity		48,771		48,860
Goodwill		34,046		34,046
Other (3)		38,100		36,488
	$	596,810		739,755
Liabilities:
Notes and other debts payable	$	259,449		410,134
Other (4)		149,957		152,601
	$	409,406		562,735

(1) Receivables, net primarily relate to loans sold to investors for which the Company had not yet been paid as of February 29, 2012 and November 30, 2011, respectively.

(2) Loans held-for-sale relate to unsold loans carried at fair value.

(3) Other assets include mortgage loan commitments carried at fair value of $5.6 million and $4.2 million, respectively, as of February 29, 2012 and November 30, 2011.

(4) Other liabilities include $76.8 million and $75.4 million, respectively, of certain of the Company’s self-insurance reserves related to general liability and workers’ compensation. Other liabilities also include forward contracts carried at fair value of $0.7 million and $1.4 million as of February 29, 2012 and November 30, 2011, respectively.

At February 29, 2012, the Lennar Financial Services segment had a 364-day warehouse repurchase facility with a maximum aggregate commitment of $100 million and an additional uncommitted amount of $50 million that matures in February 2013, and another 364-day warehouse repurchase facility with a maximum aggregate commitment of $175 million that matures in July 2012. As of February 29, 2012, the maximum aggregate commitment and uncommitted amount under these facilities totaled $275 million and $50 million, respectively.

The Lennar Financial Services segment uses these facilities to finance its lending activities until the mortgage loans are sold to investors and expects the facilities to be renewed or replaced with other facilities when they mature. Borrowings under the facilities were $259.4 million and $410.1 million, respectively, at February 29, 2012 and November 30, 2011, and were collateralized by mortgage loans and receivables on loans sold to investors but not yet paid for with outstanding principal balances of $271.8 million and $431.6 million, respectively, at February 29, 2012 and November 30, 2011. If the facilities are not renewed, the borrowings under the lines of credit will be paid off by selling the mortgage loans held-for-sale to investors and by collecting on receivables on loans sold but not yet paid. Without the facilities, the Lennar Financial Services segment would have to use cash from operations and other funding sources to finance its lending activities.

Substantially all of the loans the Lennar Financial Services segment originates are sold within a short period in the secondary mortgage market on a servicing released, non-recourse basis. After the loans are sold, the Company retains potential liability for possible claims by purchasers that it breached certain limited industry-standard representations and warranties in the loan sale agreement. There has been an increased industry-wide effort by purchasers to defray their losses in an unfavorable economic environment by purporting to have found inaccuracies related to sellers’ representations and warranties in particular loan sale agreements. The Company’s mortgage operations have established reserves for possible losses associated with mortgage loans previously originated and sold to investors. The Company establishes reserves for such possible losses based upon, among other things, an analysis of repurchase

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requests received, an estimate of potential repurchase claims not yet received and actual past repurchases and losses through the disposition of affected loans, as well as previous settlements. While the Company believes that it has adequately reserved for known losses and projected repurchase requests, given the volatility in the mortgage industry and the uncertainty regarding the ultimate resolution of these claims, if either actual repurchases or the losses incurred resolving those repurchases exceed the Company’s expectations, additional recourse expense may be incurred. Loan origination liabilities are included in Lennar Financial Services’ liabilities in the condensed consolidated balance sheets. The activity in the Company’s loan origination liabilities was as follows:

	Three Months Ended
(In thousands)	February 29, 2012			February 28, 2011
Loan origination liabilities, beginning of period	$	6,050			9,872
Provision for losses during the period		93			70
Adjustments to pre-existing provisions for losses from changes in estimates		8			(70	)
Payments/settlements		(190	)		—
Loan origination liabilities, end of period	$	5,961			9,872

For Lennar Financial Services loans held-for-investment, net, a loan is deemed impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Interest income is not accrued or recognized on impaired loans unless payment is received. Impaired loans are written-off if and when the loan is no longer secured by collateral. The total unpaid principal balance of the impaired loans as of February 29, 2012 and November 30, 2011 was $8.5 million and $8.8 million, respectively. At February 29, 2012, the recorded investment in the impaired loans with a valuation allowance was $3.4 million, net of an allowance of $5.1 million. At November 30, 2011, the recorded investment in the impaired loans with a valuation allowance was $3.7 million, net of an allowance of $5.1 million. The average recorded investment in impaired loans totaled $3.6 million and $4.1 million, respectively, for the three months ended February 29, 2012 and February 28, 2011.

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(8) Rialto Investments Segment

The assets and liabilities related to the Rialto segment were as follows:

(In thousands)	February 29, 2012		November 30, 2011
Assets:
Cash and cash equivalents	$	74,186		83,938
Defeasance cash to retire notes payable		111,223		219,386
Loans receivable, net		649,791		713,354
Real estate owned - held-for-sale		101,579		143,677
Real estate owned - held-and-used, net		630,570		582,111
Investments in unconsolidated entities		149,735		124,712
Investments held-to-maturity		14,313		14,096
Other		20,324		15,874
	$	1,751,721		1,897,148
Liabilities:
Notes payable	$	595,515		765,541
Other		16,629		30,579
	$	612,144		796,120

Rialto’s operating earnings for the three months ended February 29, 2012 and February 28, 2011 was as follows:

	Three Months Ended
(In thousands)	February 29, 2012			February 28, 2011
Revenues	$	32,208			33,623
Costs and expenses		33,370			28,349
Rialto Investments equity in earnings from unconsolidated entities		18,458			4,525
Rialto Investments other income (expense), net		(12,240	)		13,203
Operating earnings (1)	$	5,056			23,002

(1) Operating earnings for the three months ended February 29, 2012 and February 28, 2011 includes net earnings (loss) attributable to noncontrolling interests of ($4.3) million and $12.0 million respectively.

Loans Receivable

In February 2010, the Rialto segment acquired indirectly 40% managing member equity interests in two limited liability companies (“LLCs”), in partnership with the FDIC. The LLCs hold performing and non-performing loans formerly owned by 22 failed financial institutions and when the Rialto segment acquired its interests in the LLCs, the two portfolios consisted of approximately 5,500 distressed residential and commercial real estate loans (“FDIC Portfolios”). The FDIC retained 60% equity interests in the LLCs and provided $626.9 million of financing with 0% interest, which is non-recourse to the Company and the LLCs. As of February 29, 2012 and November 30, 2011, the notes payable balance was $470.0 million and $626.9 million, respectively; however, $111.2 million and $219.4 million, respectively, of cash collections on loans in excess of expenses were deposited in a defeasance account, established for the repayment of the notes payable, under the agreement with the FDIC. The funds in the defeasance account are being and will be used to retire the notes payable upon their maturity. During the three months ended February 29, 2012, the LLCs retired $156.9 million principal amount of the notes payable under the agreement with the FDIC through the defeasance account.

The LLCs met the accounting definition of VIEs and since the Company was determined to be the primary beneficiary, the Company consolidated the LLCs. At February 29, 2012, these consolidated LLCs had total combined assets and liabilities of $1.3 billion and $0.5 billion, respectively. At November 30, 2011, these consolidated LLCs had total combined assets and liabilities of $1.4 billion and $0.7 billion, respectively.

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In September 2010, the Rialto segment acquired approximately 400 distressed residential and commercial real estate loans (“Bank Portfolios”) and over 300 REO properties from three financial institutions. The Company paid $310 million for the distressed real estate and real estate related assets of which $124 million was financed through a 5-year senior unsecured note provided by one of the selling institutions. During the three months ended February 29, 2012, the Company retired $13.0 million principal amount of the 5-year senior unsecured note.

The following table displays the loans receivable by aggregate collateral type:

(In thousands)	February 29, 2012		November 30, 2011
Land	$	332,706		348,234
Single family homes		139,152		152,265
Commercial properties		145,375		172,799
Multi-family homes		24,217		28,108
Other		8,341		11,948
Loans receivable	$	649,791		713,354

With regard to loans accounted for under ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality, (“ASC 310-30”), the Rialto segment estimated the cash flows, at acquisition, it expected to collect on the FDIC Portfolios and Bank Portfolios. In accordance with ASC 310-30, the difference between the contractually required payments and the cash flows expected to be collected at acquisition is referred to as the nonaccretable difference. This difference is neither accreted into income nor recorded on the Company’s condensed consolidated balance sheets. The excess of cash flows expected to be collected over the cost of the loans acquired is referred to as the accretable yield and is recognized in interest income over the remaining life of the loans using the effective yield method.

The Rialto segment periodically evaluates its estimate of cash flows expected to be collected on its FDIC Portfolios and Bank Portfolios. These evaluations require the continued use of key assumptions and estimates, similar to those used in the initial estimate of fair value of the loans to allocate purchase price. Subsequent changes in the estimated cash flows expected to be collected may result in changes in the accretable yield and nonaccretable difference or reclassifications from nonaccretable yield to accretable yield. Increases in the cash flows expected to be collected will generally result in an increase in interest income over the remaining life of the loan or pool of loans. Decreases in expected cash flows due to further credit deterioration will generally result in an impairment charge recognized as a provision for loan losses, resulting in an increase to the allowance for loan losses.

The outstanding balance and carrying value of loans accounted for under ASC 310-30 was as follows:

(In thousands)	February 29, 2012		November 30, 2011
Outstanding principal balance	$	1,211,492		1,331,094
Carrying value	$	586,264		639,642

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The activity in the accretable yield for the FDIC Portfolios and Bank Portfolios was as follows:

(In thousands)	February 29, 2012			February 28, 2011
Accretable yield, beginning of period	$	209,480			396,311
Additions		1,838			11,443
Deletions		(10,635	)		(35,065	)
Accretions		(21,403	)		(32,343	)
Accretable yield, end of period	$	179,280			340,346

Additions primarily represent reclasses from nonaccretable yield to accretable yield on the portfolios. Deletions represent disposal of loans, which includes foreclosure of underlying collateral and result in the removal of the loans from the accretable yield portfolios.

When forecasted principal and interest cannot be reasonably estimated at the loan acquisition date, management classifies the loan as nonaccrual and accounts for these assets in accordance with ASC 310-10, Receivables (“ASC 310-10”). When a loan is classified as nonaccrual, any subsequent cash receipt is accounted for using the cost recovery method. In accordance with ASC 310-10, a loan is considered impaired when based on current information and events it is probable that all amounts due according to the contractual terms of the loan agreement will not be collected. Although these loans met the definition of ASC 310-10, these loans were not considered impaired relative to the Company’s recorded investment at the time of acquisition since they were acquired at a substantial discount to their unpaid principal balance. A provision for loan losses is recognized when the recorded investment in the loan is in excess of its fair value. The fair value of the loan is determined by using either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral less estimated costs to sell. As of February 29, 2012 and November 30, 2011, the Company had an allowance for loan losses against the nonaccrual loans of $0.1 million and $0.8 million, respectively.

The following tables represent nonaccrual loans in the FDIC Portfolios and Bank Portfolios accounted for under ASC 310-10 aggregated by collateral type:

February 29, 2012

			Recorded Investment
(In thousands)	Unpaid Principal Balance		With Allowance		Without Allowance		Total  Recorded Investment
Land	$	66,002		—		22,910		22,910
Single family homes		28,700		1,054		10,736		11,790
Commercial properties		40,126		—		23,681		23,681
Multi-family homes		10,928		—		5,146		5,146
Loans receivable	$	145,756		1,054		62,473		63,527

November 30, 2011

			Recorded Investment
(In thousands)	Unpaid Principal  Balance		With Allowance		Without Allowance		Total  Recorded Investment
Land	$	75,557		—		24,692		24,692
Single family homes		55,377		1,956		13,235		15,191
Commercial properties		48,293		2,660		24,434		27,094
Multi-family homes		16,750		—		6,735		6,735
Other		405		—		—		—
Loans receivable	$	196,382		4,616		69,096		73,712

The average recorded investment in impaired loans totaled approximately $69 million and $224 million, respectively, for the three months ended February 29, 2012 and February 28, 2011.

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The loans receivable portfolios consist of loans acquired at a discount. Based on the nature of these loans, the portfolios are managed by assessing the risks related to the likelihood of collection of payments from borrowers and guarantors, as well as monitoring the value of the underlying collateral. The following are the risk categories for the loans receivable portfolios:

Accrual — Loans in which forecasted cash flows under the loan agreement, as it might be modified from time to time, can be reasonably estimated at the date of acquisition. The risk associated with loans in this category relates to the possible default by the borrower with respect to principal and interest payments and the possible decline in value of the underlying collateral and thus, both could cause a decline in the forecasted cash flows used to determine accretable yield income and the recognition of an impairment through an allowance for loan losses.

Nonaccrual — Loans in which forecasted principal and interest could not be reasonably estimated at the date of acquisition. Although the Company believes the recorded investment balance will ultimately be realized, the risk of nonaccrual loans relates to a decline in the value of the collateral securing the outstanding obligation and the recognition of an impairment through an allowance for loan losses if the recorded investment in the loan exceeds the fair value of the collateral less estimated cost to sell. As of February 29, 2012 and November 30, 2011, the Company had an allowance on these loans of $0.1 million and $0.8 million, respectively. During the three months ended February 29, 2012, the Company recorded $0.9 million of provision for loan losses offset by charge-offs of $1.6 million upon foreclosure of the loans.

Accrual and nonaccrual loans receivable by risk categories were as follows:

February 29, 2012

(In thousands)	Accrual		Nonaccrual		Total
Land	$	309,796		22,910		332,706
Single family homes		127,362		11,790		139,152
Commercial properties		121,694		23,681		145,375
Multi-family homes		19,071		5,146		24,217
Other		8,341		—		8,341
Loans receivable	$	586,264		63,527		649,791

November 30, 2011

(In thousands)	Accrual		Nonaccrual		Total
Land	$	323,542		24,692		348,234
Single family homes		137,074		15,191		152,265
Commercial properties		145,705		27,094		172,799
Multi-family homes		21,373		6,735		28,108
Other		11,948		—		11,948
Loans receivable	$	639,642		73,712		713,354

In order to assess the risk associated with each risk category, the Rialto segment evaluates the forecasted cash flows and the value of the underlying collateral securing loans receivable on a quarterly basis or when an event occurs that suggest a decline in the collateral’s fair value.

Real Estate Owned

The acquisition of properties acquired through, or in lieu of, loan foreclosure are reported within the condensed consolidated balance sheets as REO held-and-used, net and REO held-for-sale. When a property is determined to be held-and-used, net, the asset is recorded at fair value and depreciated over its useful life using the straight line method. When certain criteria set forth in ASC 360, Property, Plant and Equipment, are met; the property is classified as held-for-sale. When a real estate asset is classified as held-for-sale, the property is recorded at the lower of its cost basis or fair value less estimated costs to sell. The fair value of REO held-for-sale are determined in part by placing reliance on third party appraisals of the properties and/or internally prepared analyses of recent offers or prices on comparable properties in the proximate vicinity. During the three months ended February 29, 2012, the Rialto segment recorded $3.8 million of REO impairments. During the three months ended February 28, 2011, the Rialto segment recorded no REO impairments.

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The following tables present the activity in REO for the three months ended February 29, 2012 and February 28, 2011:

	Three Months Ended
	February 29,			February 28,
(In thousands)	2012			2011
REO - held-for-sale, beginning of period	$	143,677			250,286
Additions		1,134			185,641
Improvements		3,963			2,718
Sales		(36,844	)		(7,526	)
Impairments		(1,240	)		—
Transfers to held-and-used, net (1)		(9,111	)		—
REO - held-for-sale, end of period	$	101,579			431,119

	Three Months Ended
	February 29,			February 28,
(In thousands)	2012			2011
REO - held-and-used, net, beginning of period	$	582,111			7,818
Additions		46,241			7,343
Sales		(981	)		—
Impairments		(2,597	)		—
Depreciation		(3,315	)		(35	)
Transfers from held-for-sale (1)		9,111			—
REO - held-and-used, net, end of period	$	630,570			15,126

(1) During the three months ended February 29, 2012, the Rialto segment transferred certain properties to REO held-and-used, net from REO held-for-sale as a result of changes in the disposition strategy of the real estate assets. The Rialto segment plans to hold these properties longer term and dispose of them when market conditions improve.

For the three months ended February 29, 2012 and February 28, 2011, the Company recorded approximately $5.8 million and $17.4 million, respectively, of gains primarily from acquisitions of REO through foreclosure. These gains are recorded in Rialto Investments other income (expense), net.

Investments

In 2010, the Rialto segment invested in approximately $43 million of non-investment grade commercial mortgage-backed securities (“CMBS”) for $19.4 million, representing a 55% discount to par value. The CMBS have a stated and assumed final distribution date of November 2020 and a stated maturity date of October 2057. The Rialto segment reviews changes in estimated cash flows periodically, to determine if other-than-temporary impairment has occurred on its investment securities. Based on the Rialto segment’s assessment, no impairment charges were recorded during both the three months ended February 29, 2012 and February 28, 2011. The carrying value of the investment securities at February 29, 2012 and November 30, 2011, was $14.3 million and $14.1 million, respectively. The Rialto segment classified these securities as held-to-maturity based on its intent and ability to hold the securities until maturity.

In addition to the acquisition and management of the FDIC Portfolios and Bank Portfolios, an affiliate in the Rialto segment is a sub-advisor to the AllianceBernstein L.P. (“AB”) fund formed under the Federal government’s Public-Private Investment Program (“PPIP”) to purchase real estate related securities from banks and other financial institutions. The sub-advisor receives management fees for sub-advisory services. The Company committed to invest $75 million, of which the remaining outstanding commitment as of February 29, 2012 was $7.5 million, of the total equity commitments of approximately $1.2 billion made by private investors in this fund, and the U.S Treasury has committed to a matching amount of approximately $1.2 billion of equity in the fund, as well as agreed to extend up to approximately $2.3 billion of debt financing. As of February 29, 2012 and November 30, 2011, the carrying value of the Company’s investment in the AB PPIP fund was $75.5 million and $65.2 million, respectively.

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In 2010, the Rialto segment completed its first closing of a real estate investment fund (the “Fund”) with initial equity commitments of approximately $300 million (including $75 million committed by the Company, of which the remaining outstanding commitment as of February 29, 2012 was $20.5 million). The Fund was determined to have the attributes of an investment company in accordance with ASC 946, Financial Services – Investment Companies, the attributes of which are different from the attributes that would cause a company to be an investment company for purposes of the Investment Company Act of 1940. As a result, the Fund’s assets and liabilities are recorded at fair value with increases/decreases in fair value recorded in the statement of operations of the Fund, the Company’s share of which are recorded in the Rialto Investments equity in earnings from unconsolidated entities financial statement line item.

As of February 29, 2012, the equity commitments of the Fund were $700 million (including the $75 million committed by the Company). During the three months ended February 29, 2012, the Company contributed $7.3 million to the Fund. As of February 29, 2012 and November 30, 2011, the carrying value of the Company’s investment in the Fund was $65.0 million and $50.1 million, respectively. For the three months ended February 29, 2012, the Company’s share of earnings from the Fund was $7.6 million.

Additionally, another subsidiary in the Rialto segment has approximately a 5% investment in a service and infrastructure provider to the residential home loan market (the “Servicer Provider”), which provides services to the consolidated LLCs, among others. As of February 29, 2012 and November 30, 2011, the carrying value of the Company’s investment in the Servicer Provider was $8.6 million and $8.8 million, respectively.

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Summarized condensed financial information on a combined 100% basis related to Rialto’s investments in unconsolidated entities that are accounted for by the equity method was as follows:

Balance Sheets

	February 29,		November 30,
(In thousands)	2012		2011
Assets:
Cash and cash equivalents	$	50,769		60,936
Loans receivable		341,470		274,213
Real estate owned		88,982		47,204
Investment securities		4,517,824		4,336,418
Other assets		81,109		171,196
	$	5,080,154		4,889,967
Liabilities and equity:
Accounts payable and other liabilities	$	124,044		320,353
Notes payable		54,655		40,877
Partner loans		163,320		137,820
Debt due to the U.S. Treasury		2,044,950		2,044,950
Equity		2,693,185		2,345,967
	$	5,080,154		4,889,967

Statements of Operations

	Three Months Ended
	February 29,		February 28,
(In thousands)	2012		2011
Revenues	$	122,405		116,888
Costs and expenses		51,185		51,471
Other income, net (1)		266,440		86,788
Net earnings of unconsolidated entities	$	337,660		152,205
Rialto Investments equity in earnings from unconsolidated entities	$	18,458		4,525

(1) Other income, net for the three months ended February 29, 2012 and February 28, 2011 includes the AB PPIP Fund’s mark-to-market unrealized gains, of which the Company’s portion is a small percentage.

(9) Lennar Homebuilding Cash and Cash Equivalents

Cash and cash equivalents as of February 29, 2012 and November 30, 2011 included $12.4 million and $26.1 million, respectively, of cash held in escrow for approximately three days.

(10) Lennar Homebuilding Restricted Cash

Restricted cash consists of customer deposits on home sales held in restricted accounts until title transfers to the homebuyer, as required by the state and local governments in which the homes were sold.

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(11) Lennar Homebuilding Senior Notes and Other Debts Payable

	February 29,		November 30,
(Dollars in thousands)	2012		2011
5.95% senior notes due 2013	$	266,855		266,855
5.50% senior notes due 2014		248,967		248,967
5.60% senior notes due 2015		500,885		500,999
6.50% senior notes due 2016		249,835		249,819
12.25% senior notes due 2017		394,067		393,700
6.95% senior notes due 2018		247,733		247,598
2.00% convertible senior notes due 2020		276,500		276,500
2.75% convertible senior notes due 2020		391,741		388,417
3.25% convertible senior notes due 2021		400,000		350,000
Mortgages notes on land and other debt		496,354		439,904
	$	3,472,937		3,362,759

At February 29, 2012, the Company had a $150 million Letter of Credit and Reimbursement Agreement with certain financial institutions, which may be increased to $200 million, but for which there are currently no commitments for the additional $50 million. In addition, at February 29, 2012, the Company had a $50 million Letter of Credit and Reimbursement Agreement with certain financial institutions that had a $50 million accordion feature for which there are currently no commitments, and a $200 million Letter of Credit Facility with a financial institution. The Company believes it was in compliance with its debt covenants at February 29, 2012.

The Company’s performance letters of credit outstanding were $70.6 million and $68.0 million, respectively, at February 29, 2012 and November 30, 2011. The Company’s financial letters of credit outstanding were $197.7 million and $199.3 million, respectively, at February 29, 2012 and November 30, 2011. Performance letters of credit are generally posted with regulatory bodies to guarantee the Company’s performance of certain development and construction activities, and financial letters of credit are generally posted in lieu of cash deposits on option contracts, for insurance risks, credit enhancements and as other collateral. Additionally, at February 29, 2012, the Company had outstanding performance and surety bonds related to site improvements at various projects (including certain projects in the Company’s joint ventures) of $607.3 million. Although significant development and construction activities have been completed related to these site improvements, these bonds are generally not released until all development and construction activities are completed. As of February 29, 2012, there were approximately $334.3 million, or 55%, of anticipated future costs to complete related to these site improvements. The Company does not presently anticipate any draws upon these bonds, but if any such draws occur, the Company does not believe they would have a material effect on its financial position, results of operations or cash flows.

In November 2011, the Company issued $350.0 million aggregate principal amount of 3.25% convertible senior notes due 2021 (the “3.25% Convertible Senior Notes”). During the three months ended February 29, 2012, the initial purchasers of the 3.25% Convertible Senior Notes purchased an additional $50.0 million aggregate principal amount to cover over-allotments. At February 29, 2012 and November 30, 2011, the carrying and principal amount of the 3.25% Convertible Senior Notes was $400.0 million and $350.0 million, respectively. The 3.25% Convertible Senior Notes are convertible into shares of Class A common stock at any time prior to maturity or redemption at the initial conversion rate of 42.5555 shares of Class A common stock per $1,000 principal amount of the 3.25% Convertible Senior Notes or 17,022,200 Class A common shares if all the 3.25% Convertible Senior Notes are converted, which is equivalent to an initial conversion price of approximately $23.50 per share of Class A common stock, subject to anti-dilution adjustments. The shares are included in the calculation of diluted earnings per share. Holders of the 3.25% Convertible Senior Notes have the right to require the Company to repurchase them for cash equal to 100% of their principal amount, plus accrued but unpaid interest on November 15, 2016. The Company has the right to redeem the 3.25% Convertible Senior Notes at any time on or after November 20, 2016 for 100% of their principal amount, plus accrued but unpaid interest.

The 2.75% convertible senior notes due 2020 (the “2.75% Convertible Senior Notes”) are convertible into cash, shares of Class A common stock or a combination of both, at the Company’s election. However, it is the Company’s intent to settle the face value of the 2.75% Convertible Senior Notes in cash. The shares

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are not included in the calculation of diluted earnings per share primarily because it is the Company’s intent to settle the face value of the 2.75% Convertible Senior Notes in cash and the Company’s volume weighted average stock price for the first quarter of 2012 did not exceed the conversion price. Holders may convert the 2.75% Convertible Senior Notes at the initial conversion rate of 45.1794 shares of Class A common stock per $1,000 principal amount or 20,150,012 Class A common shares if all the 2.75% Convertible Senior Notes are converted, which is equivalent to an initial conversion price of approximately $22.13 per share of Class A common stock. Holders of the 2.75% Convertible Senior Notes have the right to require the Company to repurchase them for cash equal to 100% of their principal amount, plus accrued but unpaid interest, on December 15, 2015. The Company has the right to redeem the 2.75% Convertible Senior Notes at any time on or after December 20, 2015 for 100% of their principal amount, plus accrued but unpaid interest.

Certain provisions under ASC 470, Debt, require the issuer of certain convertible debt instruments that may be settled in cash on conversion to separately account for the liability and equity components of the instrument in a manner that reflects the issuer’s non-convertible debt borrowing rate. The Company has applied these provisions to its 2.75% Convertible Senior Notes. At both February 29, 2012 and November 30, 2011, the principal amount of the 2.75% Convertible Senior Notes was $446.0 million. At February 29, 2012 and November 30, 2011, the carrying amount of the equity component included in stockholders’ equity was $54.3 million and $57.6 million, respectively, and the net carrying amount of the 2.75% Convertible Senior Notes included in Lennar Homebuilding senior notes and other debts payable was $391.7 million and $388.4 million, respectively.

The 2.00% convertible senior notes due 2020 (the “2.00% Convertible Senior Notes”) are convertible into shares of Class A common stock at the initial conversion rate of 36.1827 shares of Class A common stock per $1,000 principal amount of the 2.00% Convertible Senior Notes or 10,004,517 Class A common shares if all the 2.00% Convertible Senior Notes are converted, which is equivalent to an initial conversion price of approximately $27.64 per share of Class A common stock, subject to anti-dilution adjustments. The shares are included in the calculation of diluted earnings per share. At both February 29, 2012 and November 30, 2011, the carrying and principal amount of the 2.00% Convertible Senior Notes was $276.5 million. Holders of the 2.00% Convertible Senior Notes have the right to require the Company to repurchase them for cash equal to 100% of their principal amount, plus accrued but unpaid interest, on each of December 1, 2013 and December 1, 2015. The Company has the right to redeem the 2.00% Convertible Senior Notes at any time on or after December 1, 2013 for 100% of their principal amount, plus accrued but unpaid interest.

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(12) Product Warranty

Warranty and similar reserves for homes are established at an amount estimated to be adequate to cover potential costs for materials and labor with regard to warranty-type claims expected to be incurred subsequent to the delivery of a home. Reserves are determined based on historical data and trends with respect to similar product types and geographical areas. The Company regularly monitors the warranty reserve and makes adjustments to its pre-existing warranties in order to reflect changes in trends and historical data as information becomes available. Warranty reserves are included in other liabilities in the accompanying condensed consolidated balance sheets. The activity in the Company’s warranty reserve was as follows:

	Three Months Ended
	February 29,			February 28,
(In thousands)	2012			2011
Warranty reserve, beginning of period	$	88,120			109,179
Warranties issued during the period		6,855			4,739
Adjustments to pre-existing warranties from changes in estimates		1,367			(2,727	)
Payments		(10,625	)		(7,215	)
Warranty reserve, end of period	$	85,717			103,976

As of February 29, 2012, the Company has identified approximately 1,000 homes delivered in Florida primarily during its 2006 and 2007 fiscal years that are confirmed to have defective Chinese drywall and resulting damage. This represents a small percentage of homes the Company delivered nationally (1.2%) during those fiscal years. Defective Chinese drywall is an industry-wide issue as other homebuilders have publicly disclosed that they have experienced similar issues with defective Chinese drywall.

Based on its efforts to date, the Company has not identified defective Chinese drywall in homes delivered by the Company outside of Florida. The Company is continuing its investigation of homes delivered during the relevant time period in order to determine whether there are additional homes, not yet inspected, with defective Chinese drywall and resulting damage. If the outcome of the Company’s inspections identifies more homes than the Company has estimated to have defective Chinese drywall, it might require an increase in the Company’s warranty reserve in the future. The Company has replaced defective Chinese drywall when it has been found in homes the Company has built.

Through February 29, 2012, the Company has accrued $82.2 million of warranty reserves related to homes confirmed as having defective Chinese drywall, as well as an estimate for homes not yet inspected that may contain Chinese drywall. No additional amount was accrued during the three months ended February 29, 2012. As of February 29, 2012 and November 30, 2011, the warranty reserve related to Chinese drywall, net of payments, was $7.1 million and $9.1 million, respectively. The Company has received, and continues to seek, reimbursement from its subcontractors, insurers and others for costs the Company has incurred or expects to incur to investigate and repair defective Chinese drywall and resulting damage. During the three months ended February 29, 2012, the Company received an immaterial amount of payments through third party recoveries relative to the costs it has incurred and expects to incur remedying the homes confirmed and estimated to have defective Chinese drywall and resulting damage. During the three months ended February 28, 2011, the Company received payments of $1.3 million through third party recoveries relative to the costs it has incurred and expects to incur remedying the homes confirmed and estimated to have defective Chinese drywall and resulting damage.

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(13) Share-Based Payment

During the three months ended February 29, 2012, the Company did not grant any stock options and granted an immaterial number of nonvested shares. During the three months ended February 28, 2011, the Company did not grant any stock options or nonvested shares. Compensation expense related to the Company’s share-based payment awards was as follows:

	Three Months Ended
	February 29,		February 28,
(In thousands)	2012		2011
Stock options	$	885		1,362
Nonvested shares		7,276		5,368
Total compensation expense for share-based awards	$	8,161		6,730

(14) Financial Instruments

The following table presents the carrying amounts and estimated fair values of financial instruments held by the Company at February 29, 2012 and November 30, 2011, using available market information and what the Company believes to be appropriate valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. The use of different market assumptions and/or estimation methodologies might have a material effect on the estimated fair value amounts. The table excludes cash and cash equivalents, restricted cash, defeasance cash to retire notes payable, receivables, net and accounts payable, which had fair values approximating their carrying amounts due to the short maturities of these instruments.

	February 29, 2012				November 30, 2011
	Carrying		Fair		Carrying		Fair
(In thousands)	Amount		Value		Amount		Value
ASSETS
Rialto Investments:
Loans receivable, net	$	649,791		665,023		713,354		749,382
Investments held-to-maturity	$	14,313		14,214		14,096		13,996
Lennar Financial Services:
Loans held-for-investment, net	$	23,563		21,106		24,262		22,736
Investments held-to-maturity	$	48,771		48,524		48,860		47,651
LIABILITIES
Lennar Homebuilding:
Senior notes and other debts payable	$	3,472,937		3,923,617		3,362,759		3,491,212
Rialto Investments:
Notes payable	$	595,515		575,725		765,541		729,943
Lennar Financial Services:
Notes and other debts payable	$	259,449		259,449		410,134		410,134

The following methods and assumptions are used by the Company in estimating fair values:

Lennar Homebuilding—For senior notes and other debts payable, the fair value of fixed-rate borrowings is based on quoted market prices and the fair value of variable-rate borrowings is based on expected future cash flows calculated using current market forward rates.

Rialto Investments—The fair values for loans receivable is based on discounted cash flows, or the fair value of the collateral less estimated cost to sell. The fair value for investments held-to-maturity is based on discounted cash flows. For notes payable, the fair value of the zero percent interest notes guaranteed by the FDIC was calculated based on a 3-year treasury yield, and the fair value of other notes payable was calculated based on discounted cash flows using the Company’s weighted average borrowing rate.

Lennar Financial Services—The fair values above are based on quoted market prices, if available. The fair values for instruments that do not have quoted market prices are estimated by the Company on the basis of discounted cash flows or other financial information.

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Fair Value Measurements

GAAP provides a framework for measuring fair value, expands disclosures about fair value measurements and establishes a fair value hierarchy which prioritizes the inputs used in measuring fair value summarized as follows:

Level 1 Fair value determined based on quoted prices in active markets for identical assets.

Level 2 Fair value determined using significant other observable inputs.

Level 3 Fair value determined using significant unobservable inputs.

The Company’s financial instruments measured at fair value on a recurring basis are summarized below:

Financial Instruments	Fair Value Hierarchy		Fair Value at February 29, 2012			Fair Value at November 30, 2011
(In thousands)
Lennar Financial Services:
Loans held-for-sale (1)		Level 2	$	272,760			303,780
Mortgage loan commitments		Level 2	$	5,634			4,192
Forward contracts		Level 2	$	(669	)		(1,404	)
Lennar Homebuilding:
Investments available-for-sale		Level 3	$	18,236			42,892

(1) The aggregate fair value of loans held-for-sale of $272.8 million at February 29, 2012 exceeds their aggregate principal balance of $262.5 million by $10.3 million. The aggregate fair value of loans held-for-sale of $303.8 million at November 30, 2011 exceeds their aggregate principal balance of $292.2 million by $11.6 million.

The estimated fair values of the Company’s financial instruments have been determined by using available market information and what the Company believes to be appropriate valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. The use of different market assumptions and/or estimation methodologies might have a material effect on the estimated fair value amounts. The following methods and assumptions are used by the Company in estimating fair values:

Loans held-for-sale— Fair value is based on independent quoted market prices, where available, or the prices for other mortgage whole loans with similar characteristics. Management believes carrying loans held-for-sale at fair value improves financial reporting by mitigating volatility in reported earnings caused by measuring the fair value of the loans and the derivatives instruments used to economically hedge them without having to apply complex hedge accounting provisions. In addition, the Company recognizes the fair value of its rights to service a mortgage loan as revenue upon entering into an interest rate lock loan commitment with a borrower. The fair value of these servicing rights is included in Lennar Financial Services’ loans held-for-sale as of February 29, 2012 and November 30, 2011. Fair value of the servicing rights is determined based on value in the servicing sales contracts.

Mortgage loan commitments— Fair value of commitments to originate loans is based upon the difference between the current value of similar loans and the price at which the Lennar Financial Services segment has committed to originate the loans. The fair value of commitments to sell loan contracts is the estimated amount that the Lennar Financial Services segment would receive or pay to terminate the commitments at the reporting date based on market prices for similar financial instruments.

Forward contracts— Fair value is based on quoted market prices for similar financial instruments.

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Investments available-for-sale— The fair value of these investments are based on third party valuations.

Gains and losses of Lennar Financial Services financial instruments measured at fair value from initial measurement and subsequent changes in fair value are recognized in the Lennar Financial Services segment’s operating earnings. There were no gains or losses recognized for the Lennar Homebuilding investment available-for-sale during the three months ended February 29, 2012. The changes in fair values that are included in operating earnings are shown, by financial instrument and financial statement line item below:

	Three Months Ended
	February 29,			February 28,
(In thousands)	2012			2011
Changes in fair value included in Lennar Financial Services revenues:
Loans held-for-sale	$	(1,307	)		(147	)
Mortgage loan commitments	$	1,442			2,517
Forward contracts	$	735			(4,666	)

Interest income on loans held-for-sale measured at fair value is calculated based on the interest rate of the loan and recorded in interest income in the Lennar Financial Services’ statement of operations.

The following table represents a reconciliation of beginning and ending balance for the Company’s Level 3 recurring fair value measurements (investments available-for-sale) included in the Lennar Homebuilding segment’s other assets for the three months ended February 29, 2012:

(In thousands)	Three Months Ended February 29, 2012
Investments available-for-sale, beginning of period	$	42,892
Purchases (1)		14,928
Sales		(6,436	)
Settlements (2)		(33,148	)
Investments available-for-sale, end of period	$	18,236

(1) Represents investments in community development district bonds that mature at various dates between 2022 and 2042.

(2) The investments available-for-sale that were settled during the three months ended February 29, 2012 related to investments in community development district bonds, which were in default by the borrower and which the Company foreclosed on the underlying real estate collateral. Therefore, these investments were reclassified from other assets to land and land under development.

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The Company’s assets measured at fair value on a nonrecurring basis are those assets for which the Company has recorded valuation adjustments and write-offs and Rialto Investments real estate owned assets. The fair value included in the tables below represent only those assets whose carrying value were adjusted to fair value during the respective periods disclosed. The assets measured at fair value on a nonrecurring basis are summarized below:

Non-financial assets	Fair Value Hierarchy		Fair Value Three Months Ended February 29, 2012		Total Gains (Losses) (1)
(In thousands)
Lennar Homebuilding:
Finished homes and construction in progress (2)		Level 3	$	1,548		(2,025	)
Rialto Investments:
REO - held-for-sale (3)		Level 3	$	11,423		(462	)
REO - held-and-used, net (4)		Level 3	$	54,289		2,414

(1) Represents total losses due to valuation adjustments and impairments, and total gains from acquisitions of real estate through foreclosure recorded during the three months ended February 29, 2012.

(2) Finished homes and construction in progress with an aggregate carrying value of $3.5 million were written down to their fair value of $1.5 million, resulting in valuation adjustments of $2.0 million, which were included in Lennar Homebuilding costs and expenses in the Company’s statement of operations for the three months ended February 29, 2012.

(3) REO, held-for-sale, assets are initially recorded at fair value less estimated costs to sell at the time of acquisition through, or in lieu of, loan foreclosure. Upon acquisition, the REO, held-for-sale, had a carrying value of $0.3 million and a fair value of $1.1 million. The fair value of REO, held-for-sale, is based upon the appraised value at the time of foreclosure or management’s best estimate. The gains upon acquisition of REO, held-for-sale, were $0.8 million. As part of management’s periodic valuations of its REO, held-for-sale, during the three months ended February 29, 2012, REO, held-for-sale, with an aggregate value of $11.5 million were written down to their fair value of $10.3 million, resulting in impairments of $1.2 million. These gains and impairments are included within Rialto Investments other income (expense), net in the Company’s statement of operations for the three months ended February 29, 2012.

(4) REO, held-and-used, net, assets are initially recorded at fair value at the time of acquisition through, or in lieu of, loan foreclosure. Upon acquisition, the REO, held-and-used, net, had a carrying value of $41.2 million and a fair value of $46.2 million. The fair value of REO, held-and-used, net, is based upon the appraised value at the time of foreclosure or management’s best estimate. The gains upon acquisition of REO, held-and-used, net, were $5.0 million. As part of management’s periodic valuations of its REO, held-and-used, net, during the three months ended February 29, 2012, REO, held-and-used, net, with an aggregate value of $10.6 million were written down to their fair value of $8.0 million, resulting in impairments of $2.6 million. These gains and impairments are included within Rialto Investments other income (expense), net in the Company’s statement of operations for the three months ended February 29, 2012.

Non-financial assets	Fair Value Hierarchy		Fair Value Three Months Ended February 28, 2011		Total Gains (Losses) (1)
(In thousands)
Lennar Homebuilding:
Finished homes and construction in progress (2)		Level 3	$	4,332		(4,812	)
Investments in unconsolidated entities (3)		Level 3	$	529		(8,262	)
Rialto Investments:
REO - held-for-sale (4)		Level 3	$	185,641		16,940
REO - held-and-used, net (5)		Level 3	$	7,343		169

(1) Represents total losses due to valuation adjustments and total gains from acquisitions of real estate through foreclosure recorded during the three months ended February 28, 2011.

(2) Finished homes and construction in progress with an aggregate carrying value of $9.1 million were written down to their fair value of $4.3 million, resulting in valuation adjustments of $4.8 million, which were included in Lennar Homebuilding costs and expenses in the Company’s statement of operations for the three months ended February 28, 2011.

(3) Lennar Homebuilding investments in unconsolidated entities with an aggregate carrying value of $8.8 million were written down to their fair value of $0.5 million, resulting in valuation adjustments of $8.3 million, which were included in Lennar Homebuilding other income, net in the Company’s statement of operations for the three months ended February 28, 2011.

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(4) REO, held-for-sale, assets are initially recorded at fair value less estimated costs to sell at the time of acquisition through, or in lieu of, loan foreclosure. Upon acquisition, the REO, held-for-sale, had a carrying value of $168.7 million and a fair value of $185.6 million. The fair value of REO, held-for-sale, is based upon the appraised value at the time of foreclosure or management’s best estimate. The gains upon acquisition of REO, held-for-sale, were $16.9 million and are included within Rialto Investments other income (expense), net in the Company’s statement of operations for the three months ended February 28, 2011.

(5) REO, held-and-used, net, assets are initially recorded at fair value at the time of acquisition through, or in lieu of, loan foreclosure. Upon acquisition, the REO, held-and-used, net, had a carrying value of $7.1 million and a fair value of $7.3 million. The fair value of REO, held-and-used, net, is based upon the appraised value at the time of foreclosure or management’s best estimate. The gains upon acquisition of REO, held-and-used, net, were $0.2 million and are included within Rialto Investments other income (expense), net in the Company’s statement of operations for the three months ended February 28, 2011.

Finished homes and construction in progress are included within inventories. Inventories are stated at cost unless the inventory within a community is determined to be impaired, in which case the impaired inventory is written down to fair value. Inventory costs include land, land development and home construction costs, real estate taxes, deposits on land purchase contracts and interest related to development and construction. Construction overhead and selling expenses are expensed as incurred. Homes held-for-sale are classified as inventories until delivered. Land, land development, amenities and other costs are accumulated by specific area and allocated to homes within the respective areas. The Company reviews its inventory for indicators of impairment by evaluating each community during each reporting period. The inventory within each community is categorized as finished homes and construction in progress or land under development based on the development state of the community. There were 426 and 447 active communities as of February 29, 2012 and February 28, 2011, respectively. If the undiscounted cash flows expected to be generated by a community are less than its carrying amount, an impairment charge is recorded to write down the carrying amount of such community to its estimated fair value.

In conducting its review for indicators of impairment on a community level, the Company evaluates, among other things, the margins on homes that have been delivered, margins on homes under sales contracts in backlog, projected margins with regard to future home sales over the life of the community, projected margins with regard to future land sales and the estimated fair value of the land itself. The Company pays particular attention to communities in which inventory is moving at a slower than anticipated absorption pace and communities whose average sales price and/or margins are trending downward and are anticipated to continue to trend downward. From this review, the Company identifies communities whose carrying values exceed their undiscounted cash flows.

The Company estimates the fair value of its communities using a discounted cash flow model. The projected cash flows for each community are significantly impacted by estimates related to market supply and demand, product type by community, homesite sizes, sales pace, sales prices, sales incentives, construction costs, sales and marketing expenses, the local economy, competitive conditions, labor costs, costs of materials and other factors for that particular community. Every division evaluates the historical performance of each of its communities as well as current trends in the market and economy impacting the community and its surrounding areas. These trends are analyzed for each of the estimates listed above. For example, since the start of the downturn in the housing market, the Company has found ways to reduce its construction costs in many communities, and this reduction in construction costs in addition to change in product type in many communities has impacted future estimated cash flows.

Each of the homebuilding markets in which the Company operates is unique, as homebuilding has historically been a local business driven by local market conditions and demographics. Each of the Company’s homebuilding markets has specific supply and demand relationships reflective of local economic conditions. The Company’s projected cash flows are impacted by many assumptions. Some of the most critical assumptions in the Company’s cash flow model are projected absorption pace for home sales, sales prices and costs to build and deliver homes on a community by community basis.

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In order to arrive at the assumed absorption pace for home sales included in the Company’s cash flow model, the Company analyzes its historical absorption pace in the community as well as other comparable communities in the geographical area. In addition, the Company considers internal and external market studies and trends, which generally include, but are not limited to, statistics on population demographics, unemployment rates and availability of competing product in the geographic area where the community is located. When analyzing the Company’s historical absorption pace for home sales and corresponding internal and external market studies, the Company places greater emphasis on more current metrics and trends such as the absorption pace realized in its most recent quarters as well as forecasted population demographics, unemployment rates and availability of competing product. Generally, if the Company notices a variation from historical results over a span of two fiscal quarters, the Company considers such variation to be the establishment of a trend and adjusts its historical information accordingly in order to develop assumptions on the projected absorption pace in the cash flow model for a community.

In order to determine the assumed sales prices included in its cash flow models, the Company analyzes the historical sales prices realized on homes it delivered in the community and other comparable communities in the geographical area as well as the sales prices included in its current backlog for such communities. In addition, the Company considers internal and external market studies and trends, which generally include, but are not limited to, statistics on sales prices in neighboring communities and sales prices on similar products in non-neighboring communities in the geographic area where the community is located. When analyzing its historical sales prices and corresponding market studies, the Company also places greater emphasis on more current metrics and trends such as future forecasted sales prices in neighboring communities as well as future forecasted sales prices for similar products in non-neighboring communities. Generally, if the Company notices a variation from historical results over a span of two fiscal quarters, the Company considers such variation to be the establishment of a trend and adjusts its historical information accordingly in order to develop assumptions on the projected sales prices in the cash flow model for a community.

In order to arrive at the Company’s assumed costs to build and deliver homes, the Company generally assumes a cost structure reflecting contracts currently in place with its vendors adjusted for any anticipated cost reduction initiatives or increases in cost structure. Costs assumed in the cash flow model for the Company’s communities are generally based on the rates the Company is currently obligated to pay under existing contracts with its vendors adjusted for any anticipated cost reduction initiatives or increases in cost structure.

Since the estimates and assumptions included in the Company’s cash flow models are based upon historical results and projected trends, they do not anticipate unexpected changes in market conditions or strategies that may lead the Company to incur additional impairment charges in the future.

Using all available information, the Company calculates its best estimate of projected cash flows for each community. While many of the estimates are calculated based on historical and projected trends, all estimates are subjective and change from market to market and community to community as market and economic conditions change. The determination of fair value also requires discounting the estimated cash flows at a rate the Company believes a market participant would determine to be commensurate with the inherent risks associated with the assets and related estimated cash flow streams. The discount rate used in determining each asset’s fair value depends on the community’s projected life and development stage. The Company generally uses a discount rate of approximately 20%, subject to the perceived risks associated with the community’s cash flow streams relative to its inventory.

The Company estimates the fair value of inventory evaluated for impairment based on market conditions and assumptions made by management at the time the inventory is evaluated, which may differ materially from actual results if market conditions or assumptions change. For example, further market deterioration or changes in assumptions may lead to the Company incurring additional impairment charges on previously impaired inventory, as well as on inventory not currently impaired but for which indicators of impairment may arise if further market deterioration occurs.

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The Company evaluates its investments in unconsolidated entities for indicators of impairment during each reporting period. A series of operating losses of an investee or other factors may indicate that a decrease in value of the Company’s investment in the unconsolidated entity has occurred which is other-than-temporary. The amount of impairment recognized is the excess of the investment’s carrying amount over its estimated fair value.

The evaluation of the Company’s investment in unconsolidated entities includes certain critical assumptions made by management: (1) projected future distributions from the unconsolidated entities, (2) discount rates applied to the future distributions and (3) various other factors.

The Company’s assumptions on the projected future distributions from the unconsolidated entities are dependent on market conditions. Specifically, distributions are dependent on cash to be generated from the sale of inventory by the unconsolidated entities. Such inventory is also reviewed for potential impairment by the unconsolidated entities. The unconsolidated entities generally use a discount rate of approximately 20% in their reviews for impairment, subject to the perceived risks associated with the community’s cash flow streams relative to its inventory. If a valuation adjustment is recorded by an unconsolidated entity related to its assets, the Company’s proportionate share is reflected in the Company’s homebuilding equity in earnings (loss) from unconsolidated entities with a corresponding decrease to its investment in unconsolidated entities. In certain instances, the Company may be required to record additional losses relating to its investment in unconsolidated entities, if the Company’s investment in the unconsolidated entity, or a portion thereof, is deemed to be other than temporarily impaired. These losses are included in Lennar Homebuilding other income, net.

Additionally, the Company considers various qualitative factors to determine if a decrease in the value of the investment is other-than-temporary. These factors include age of the venture, intent and ability for the Company to recover its investment in the entity, financial condition and long-term prospects of the entity, short-term liquidity needs of the unconsolidated entity, trends in the general economic environment of the land, entitlement status of the land held by the unconsolidated entity, overall projected returns on investment, defaults under contracts with third parties (including bank debt), recoverability of the investment through future cash flows and relationships with the other partners and banks. If the Company believes that the decline in the fair value of the investment is temporary, then no impairment is recorded.

REO represents real estate that the Rialto segment has taken control or has effective control of in partial or full satisfaction of loans receivable. At the time of acquisition of a property through foreclosure of a loan, REO is recorded at fair value less estimated costs to sell if classified as held-for-sale or at fair value if classified as held-and-used, which becomes the property’s new basis. The fair values of these assets are determined in part by placing reliance on third party appraisals of the properties and/or internally prepared analyses of recent offers or prices on comparable properties in the proximate vicinity. The third party appraisals and internally developed analyses are significantly impacted by the local market economy, market supply and demand, competitive conditions and prices on comparable properties, adjusted for date of sale, location, property size, and other factors. Each REO is unique and is analyzed in the context of the particular market where the property is located. In order to establish the significant assumptions for a particular REO, the Company analyzes historical trends, including trends achieved by our local homebuilding operations, if applicable, and current trends in the market and economy impacting the REO. Using available trend information, the Company then calculates its best estimate of fair value, which can include projected cash flows discounted at a rate the Company believes a market participant would determine to be commensurate with the inherent risks associated with the assets and related estimated cash flow streams.

Changes in economic factors, consumer demand and market conditions, among other things, could materially impact estimates used in the third party appraisals and/or internally prepared analyses of recent offers or prices on comparable properties. Thus, estimates can differ significantly from the amounts ultimately realized by the Rialto segment from disposition of these assets. The amount by which the recorded investment in the loan is less than the REO’s fair value (net of estimated cost to sell if held-for-sale), is recorded as an unrealized gain on foreclosure in the Company’s statement of operations. The amount by which the recorded investment in the loan is greater than the REO’s fair value (net of estimated cost to sell if held-for-sale) is initially recorded as an impairment in the Company’s statement of operations.

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(15) Consolidation of Variable Interest Entities

GAAP requires the consolidation of VIEs in which an enterprise has a controlling financial interest. A controlling financial interest will have both of the following characteristics: (a) the power to direct the activities of a VIE that most significantly impact the VIEs economic performance and (b) the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE.

The Company’s variable interest in VIEs may be in the form of (1) equity ownership, (2) contracts to purchase assets, (3) management and development agreements between the Company and a VIE, (4) loans provided by the Company to a VIE or other partner and/or (5) guarantees provided by members to banks and other third parties. The Company examines specific criteria and uses its judgment when determining if the Company is the primary beneficiary of a VIE. Factors considered in determining whether the Company is the primary beneficiary include risk and reward sharing, experience and financial condition of other partner(s), voting rights, involvement in day-to-day capital and operating decisions, representation on a VIE’s executive committee, existence of unilateral kick-out rights or voting rights, level of economic disproportionality, if any, between the Company and the other partner(s) and contracts to purchase assets from VIEs.

Generally, all major decision making in the Company’s joint ventures is shared between all partners. In particular, business plans and budgets are generally required to be unanimously approved by all partners. Usually, management and other fees earned by the Company are nominal and believed to be at market and there is no significant economic disproportionality between the Company and other partners. Generally, the Company purchases less than a majority of the joint venture’s assets and the purchase prices under the Company’s option contracts are believed to be at market.

Generally, Lennar Homebuilding unconsolidated entities become VIEs and consolidate when the other partner(s) lack the intent and financial wherewithal to remain in the entity. As a result, the Company continues to fund operations and debt paydowns through partner loans or substituted capital contributions.

The Company evaluated the joint venture agreements of its joint ventures that had reconsideration events during the three months ended February 29, 2012. Based on the Company’s evaluation, there were no entities that consolidated during the three months ended February 29, 2012. In addition, during the three months ended February 29, 2012, there were no VIEs that were deconsolidated.

At February 29, 2012 and November 30, 2011, the Company’s recorded investments in Lennar Homebuilding unconsolidated entities were $563.4 million and $545.8 million, respectively, and the Rialto segment’s investments in unconsolidated entities as of February 29, 2012 and November 30, 2011 were $149.7 million and $124.7 million, respectively.

Consolidated VIEs

As of February 29, 2012, the carrying amounts of the VIEs’ assets and non-recourse liabilities that consolidated were $2.1 billion and $0.7 billion, respectively. Those assets are owned by, and those liabilities are obligations of, the VIEs, not the Company.

A VIE’s assets can only be used to settle obligations of that VIE. The VIEs are not guarantors of Company’s senior notes and other debts payable. In addition, the assets held by a VIE usually are collateral for that VIE’s debt. The Company and other partners do not generally have an obligation to make capital contributions to a VIE unless the Company and/or the other partner(s) have entered into debt guarantees with a VIE’s banks. Other than debt guarantee agreements with a VIE’s banks, there are no liquidity arrangements or agreements to fund capital or purchase assets that could require the Company to provide financial support to a VIE. While the Company has option contracts to purchase land from certain of its VIEs, the Company is not required to purchase the assets and could walk away from the contracts.

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Unconsolidated VIEs

The Company’s recorded investment in VIEs that are unconsolidated and its estimated maximum exposure to loss were as follows:

As of February 29, 2012

(In thousands)	Investments in Unconsolidated VIEs		Lennar’s Maximum Exposure to Loss
Lennar Homebuilding (1)	$	98,616		126,077
Rialto Investments (2)		98,399		105,899
	$	197,015		231,976

As of November 30, 2011

(In thousands)	Investments in Unconsolidated VIEs		Lennar’s Maximum Exposure to Loss
Lennar Homebuilding (1)	$	94,517		123,038
Rialto Investments (2)		88,076		95,576
	$	182,593		218,614

(1) At both February 29, 2012 and November 30, 2011, the maximum exposure to loss of Lennar Homebuilding’s investments in unconsolidated VIEs is limited to its investment in the unconsolidated VIEs, except with regard to $27.4 million and $28.3 million, respectively, of recourse debt of one of the unconsolidated VIEs, which is included in the Company’s maximum recourse related to Lennar Homebuilding unconsolidated entities.

(2) For Rialto’s investment in unconsolidated VIEs, the Company made a $75 million commitment to fund capital in the AB PPIP fund. As of both February 29, 2012 and November 30, 2011, the Company had contributed $67.5 million of the $75 million commitment, and it cannot walk away from its remaining commitment to fund capital. Therefore, as of February 29, 2012 and November 30, 2011, the maximum exposure to loss for Rialto’s unconsolidated VIEs was higher than the carrying amount of its investments. In addition, at February 29, 2012 and November 30, 2011, investments in unconsolidated VIEs and Lennar’s maximum exposure to loss include $14.3 million and $14.1 million, respectively, related to Rialto’s investments held-to-maturity.

While these entities are VIEs, the Company has determined that the power to direct the activities of the VIEs that most significantly impact the VIEs’ economic performance is generally shared. While the Company generally manages the day-to-day operations of the VIEs, the VIEs have an executive committee made up of representatives from each partner. The members of the executive committee have equal votes and major decisions require unanimous consent and approval from all members. The Company does not have the unilateral ability to exercise participating voting rights without partner consent. Furthermore, the Company’s economic interest is not significantly disproportionate to the point where it would indicate that the Company has the power to direct these activities.

The Company and other partners do not generally have an obligation to make capital contributions to the VIEs, except for the Company’s $7.5 million remaining commitment to the AB PPIP fund as of February 29, 2012 and $27.4 million of recourse debt of one of the Lennar Homebuilding unconsolidated VIEs. The Company and the other partners did not guarantee any debt of these unconsolidated VIEs. There are no liquidity arrangements or agreements to fund capital or purchase assets that could require the Company to provide financial support to the VIEs. While the Company has option contracts to purchase land from certain of its unconsolidated VIEs, the Company is not required to purchase the assets and could walk away from the contracts.

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Option Contracts

The Company has access to land through option contracts, which generally enables it to control portions of properties owned by third parties (including land funds) and unconsolidated entities until the Company has determined whether to exercise the option.

A majority of the Company’s option contracts require a non-refundable cash deposit or irrevocable letter of credit based on a percentage of the purchase price of the land. The Company’s option contracts sometimes include price adjustment provisions, which adjust the purchase price of the land to its approximate fair value at the time of acquisition or are based on the fair value at the time of takedown.

The Company’s investments in option contracts are recorded at cost unless those investments are determined to be impaired, in which case the Company’s investments are written down to fair value. The Company reviews option contracts for indicators of impairment during each reporting period. The most significant indicator of impairment is a decline in the fair value of the optioned property such that the purchase and development of the optioned property would no longer meet the Company’s targeted return on investment with appropriate consideration given to the length of time available to exercise the option. Such declines could be caused by a variety of factors including increased competition, decreases in demand or changes in local regulations that adversely impact the cost of development. Changes in any of these factors would cause the Company to re-evaluate the likelihood of exercising its land options.

Some option contracts contain a predetermined take-down schedule for the optioned land parcels. However, in almost all instances, the Company is not required to purchase land in accordance with those take-down schedules. In substantially all instances, the Company has the right and ability to not exercise its option and forfeit its deposit without further penalty, other than termination of the option and loss of any unapplied portion of its deposit and pre-acquisition costs. Therefore, in substantially all instances, the Company does not consider the take-down price to be a firm contractual obligation.

When the Company does not intend to exercise an option, it writes off any unapplied deposit and pre-acquisition costs associated with the option contract.

The Company evaluates all option contracts for land to determine whether they are VIEs and, if so, whether the Company is the primary beneficiary of certain of these option contracts. Although the Company does not have legal title to the optioned land, if the Company is deemed to be the primary beneficiary, it is required to consolidate the land under option at the purchase price of the optioned land. During the three months ended February 29, 2012, the effect of consolidation of these option contracts was a net increase of $2.1 million to consolidated inventory not owned with a corresponding increase to liabilities related to consolidated inventory not owned in the accompanying condensed consolidated balance sheet as of February 29, 2012. To reflect the purchase price of the inventory consolidated, the Company reclassified the related option deposits from land under development to consolidated inventory not owned in the accompanying condensed consolidated balance sheet as of February 29, 2012. The liabilities related to consolidated inventory not owned primarily represent the difference between the option exercise prices for the optioned land and the Company’s cash deposits. The increase to consolidated inventory not owned was offset by the Company exercising its options to acquire land under certain contracts previously consolidated resulting in a net decrease in consolidated inventory not owned of $9.7 million for the three months ended February 29, 2012.

The Company’s exposure to loss related to its option contracts with third parties and unconsolidated entities consisted of its non-refundable option deposits and pre-acquisition costs totaling $159.8 million and $156.8 million, respectively, at February 29, 2012 and November 30, 2011. Additionally, the Company had posted $44.4 million and $44.1 million, respectively, of letters of credit in lieu of cash deposits under certain option contracts as of February 29, 2012 and November 30, 2011.

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(16) New Accounting Pronouncements

In January 2010, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2010-06, Improving Disclosures about Fair Value Measurements, (“ASU 2010-06”), which requires additional disclosures about transfers between Levels 1 and 2 of the fair value hierarchy and disclosures about purchases, sales, issuances and settlements in the rollforward of activity in Level 3 fair value measurements. The Company adopted ASU 2010-06 for its second quarter ended May 31, 2010, except for the Level 3 activity disclosures which were effective for the Company’s fiscal year beginning December 1, 2011. The adoption of this ASU did not have a material effect on the Company’s condensed consolidated financial statements, but did require additional disclosures.

In May 2011, the FASB issued ASU 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs, (“ASU 2011-04”). ASU 2011-04 amends ASC 820, Fair Value Measurements, (“ASC 820”), providing a consistent definition and measurement of fair value, as well as similar disclosure requirements between U.S. GAAP and International Financial Reporting Standards. ASU 2011-04 changes certain fair value measurement principles, clarifies the application of existing fair value measurement and expands the ASC 820 disclosure requirements, particularly for Level 3 fair value measurements. ASU 2011-04 will be effective for the Company’s quarter ending May 31, 2012. The adoption of ASU 2011-04 is not expected to have a material effect on the Company’s condensed consolidated financial statements, but may require certain additional disclosures.

In June 2011, the FASB issued ASU 2011-05, Presentation of Comprehensive Income, (“ASU 2011-05”). ASU 2011-05 requires the presentation of comprehensive income in either (1) a continuous statement of comprehensive income or (2) two separate but consecutive statements. ASU 2011-05 will be effective for the Company’s quarter ending May 31, 2012. The adoption of ASU 2011-05 is not expected to have a material effect on the Company’s condensed consolidated financial statements, but will require a change in the presentation of the Company’s comprehensive income from the notes of the consolidated financial statements, where it is currently disclosed, to the face of the condensed consolidated financial statements.

In September 2011, the FASB issued ASU 2011-08, Testing Goodwill for Impairment, (“ASU 2011-08”), which amends the guidance in ASC 350-20, Intangibles – Goodwill and Other – Goodwill. Under ASU 2011-08, entities have the option of performing a qualitative assessment before calculating the fair value of the reporting unit when testing goodwill for impairment. If the fair value of the reporting unit is determined, based on qualitative factors, to be more likely than not less than the carrying amount of the reporting unit, then entities are required to perform the two-step goodwill impairment test. ASU 2011-08 will be effective for the Company’s fiscal year beginning December 1, 2012, with early adoption permitted. The adoption of ASU 2011-08 is not expected to have a material effect on the Company’s condensed consolidated financial statements.

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(17) Supplemental Financial Information

The indentures governing the principal amounts of the Company’s 5.95% senior notes due 2013, 5.50% senior notes due 2014, 5.60% senior notes due 2015, 6.50% senior notes due 2016, 12.25% senior notes due 2017, 6.95% senior notes due 2018, 2.00% convertible senior notes due 2020, 2.75% convertible senior notes due 2020 and 3.25% convertible senior notes due 2021 require that, if any of the Company’s wholly owned subsidiaries, other than its finance company subsidiaries and foreign subsidiaries, directly or indirectly guarantee at least $75 million principal amount of debt of Lennar Corporation, those subsidiaries must also guarantee Lennar Corporation’s obligations with regard to its senior notes. The entities referred to as “guarantors” in the following tables are subsidiaries that were guaranteeing the $150 million LC Agreement and the $200 million Letter of Credit Facility at February 29, 2012. Supplemental information for the guarantors is as follows:

Condensed Consolidating Balance Sheet

February 29, 2012

(In thousands)	Lennar Corporation			Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Total
ASSETS
Lennar Homebuilding:
Cash and cash equivalents, restricted cash and receivables, net	$	676,284			147,285		24,342		—			847,911
Inventories		—			4,163,879		503,663		—			4,667,542
Investments in unconsolidated entities		—			519,592		43,772		—			563,364
Other assets		41,037			179,697		219,412		—			440,146
Investments in subsidiaries		3,356,188			599,693		—		(3,955,881	)		—
		4,073,509			5,610,146		791,189		(3,955,881	)		6,518,963
Rialto Investments		—			—		1,751,721		—			1,751,721
Lennar Financial Services		—			150,754		446,056		—			596,810
Total assets	$	4,073,509			5,760,900		2,988,966		(3,955,881	)		8,867,494
LIABILITIES AND EQUITY
Lennar Homebuilding:
Accounts payable and other liabilities	$	234,448			476,587		21,583		—			732,618
Liabilities related to consolidated inventory not owned		—			317,136		—		—			317,136
Senior notes and other debts payable		2,976,583			277,466		218,888		—			3,472,937
Intercompany		(1,860,318	)		1,288,416		571,902		—			—
		1,350,713			2,359,605		812,373		—			4,522,691
Rialto Investments		—			—		612,144		—			612,144
Lennar Financial Services		—			45,107		364,299		—			409,406
Total liabilities		1,350,713			2,404,712		1,788,816		—			5,544,241
Stockholders’ equity		2,722,796			3,356,188		599,693		(3,955,881	)		2,722,796
Noncontrolling interests		—			—		600,457		—			600,457
Total equity		2,722,796			3,356,188		1,200,150		(3,955,881	)		3,323,253
Total liabilities and equity	$	4,073,509			5,760,900		2,988,966		(3,955,881	)		8,867,494

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(17) Supplemental Financial Information – (Continued)

Condensed Consolidating Balance Sheet

November 30, 2011

(In thousands)	Lennar Corporation			Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Total
ASSETS
Lennar Homebuilding:
Cash and cash equivalents, restricted cash and receivables, net	$	871,376			190,483		24,920		—			1,086,779
Inventories		—			3,822,009		538,526		—			4,360,535
Investments in unconsolidated entities		—			502,363		43,397		—			545,760
Other assets		35,722			269,392		219,580		—			524,694
Investments in subsidiaries		3,368,336			611,311		—		(3,979,647	)		—
		4,275,434			5,395,558		826,423		(3,979,647	)		6,517,768
Rialto Investments		—			—		1,897,148		—			1,897,148
Lennar Financial Services		—			149,842		589,913		—			739,755
Total assets	$	4,275,434			5,545,400		3,313,484		(3,979,647	)		9,154,671
LIABILITIES AND EQUITY
Lennar Homebuilding:
Accounts payable and other liabilities	$	290,337			483,590		29,405		—			803,332
Liabilities related to consolidated inventory not owned		—			326,200		—		—			326,200
Senior notes and other debts payable		2,922,855			215,840		224,064		—			3,362,759
Intercompany		(1,634,226	)		1,105,872		528,354		—			—
		1,578,966			2,131,502		781,823		—			4,492,291
Rialto Investments		—			—		796,120		—			796,120
Lennar Financial Services		—			45,562		517,173		—			562,735
Total liabilities		1,578,966			2,177,064		2,095,116		—			5,851,146
Stockholders’ equity		2,696,468			3,368,336		611,311		(3,979,647	)		2,696,468
Noncontrolling interests		—			—		607,057		—			607,057
Total equity		2,696,468			3,368,336		1,218,368		(3,979,647	)		3,303,525
Total liabilities and equity	$	4,275,434			5,545,400		3,313,484		(3,979,647	)		9,154,671

41

(17) Supplemental Financial Information – (Continued)

Condensed Consolidating Statement of Operations

Three Months Ended February 29, 2012

(In thousands)	Lennar Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Revenues:
Lennar Homebuilding	$	—			624,028			405			—			624,433
Lennar Financial Services		—			34,550			37,982			(4,317	)		68,215
Rialto Investments		—			—			32,208			—			32,208
Total revenues		—			658,578			70,595			(4,317	)		724,856
Cost and expenses:
Lennar Homebuilding		—			580,510			4,375			(140	)		584,745
Lennar Financial Services		—			34,966			28,918			(3,919	)		59,965
Rialto Investments		—			78			33,370			(78	)		33,370
Corporate general and administrative		25,499			—			—			1,343			26,842
Total costs and expenses		25,499			615,554			66,663			(2,794	)		704,922
Lennar Homebuilding equity in earnings (loss) from unconsolidated entities		—			1,141			(58	)		—			1,083
Lennar Homebuilding other income (expense), net		(77	)		4,058			—			86			4,067
Other interest expense		(1,437	)		(24,849	)		—			1,437			(24,849	)
Rialto Investments equity in earnings from unconsolidated entities		—			—			18,458			—			18,458
Rialto Investments other expense, net		—			—			(12,240	)		—			(12,240	)
Earnings (loss) before income taxes		(27,013	)		23,374			10,092			—			6,453
Benefit (provision) for income taxes		12,609			(6,034	)		(5,051	)		—			1,524
Equity in earnings from subsidiaries		29,372			12,032			—			(41,404	)		—
Net earnings (including net loss attributable to noncontrolling interests)		14,968			29,372			5,041			(41,404	)		7,977
Less: Net loss attributable to noncontrolling interests		—			—			(6,991	)		—			(6,991	)
Net earnings attributable to Lennar	$	14,968			29,372			12,032			(41,404	)		14,968

42

(17) Supplemental Financial Information – (Continued)

Condensed Consolidating Statement of Operations

Three Months Ended February 28, 2011

(In thousands)	Lennar Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Revenues:
Lennar Homebuilding	$	—			458,957			7,752			—			466,709
Lennar Financial Services		—			33,994			38,365			(14,646	)		57,713
Rialto Investments		—			—			33,623			—			33,623
Total revenues		—			492,951			79,740			(14,646	)		558,045
Cost and expenses:
Lennar Homebuilding		—			434,220			15,635			(2,092	)		447,763
Lennar Financial Services		—			35,770			32,337			(11,577	)		56,530
Rialto Investments		—			—			28,349			—			28,349
Corporate general and administrative		22,231			—			—			1,121			23,352
Total costs and expenses		22,231			469,990			76,321			(12,548	)		555,994
Lennar Homebuilding equity in earnings (loss) from unconsolidated entities		—			8,683			(22	)		—			8,661
Lennar Homebuilding other income, net		9,676			29,951			—			(9,667	)		29,960
Other interest expense		(11,765	)		(22,079	)		—			11,765			(22,079	)
Rialto Investments equity in earnings from unconsolidated entities		—			—			4,525			—			4,525
Rialto Investments other income, net		—			—			13,203			—			13,203
Earnings (loss) before income taxes		(24,320	)		39,516			21,125			—			36,321
Benefit (provision) for income taxes		13,109			(9,801	)		(903	)		—			2,405
Equity in earnings from subsidiaries		38,617			8,902			—			(47,519	)		—
Net earnings (including net earnings attributable to noncontrolling interests)		27,406			38,617			20,222			(47,519	)		38,726
Less: Net earnings attributable to noncontrolling interests		—			—			11,320			—			11,320
Net earnings attributable to Lennar	$	27,406			38,617			8,902			(47,519	)		27,406

43

(17) Supplemental Financial Information – (Continued)

Condensed Consolidating Statement of Cash Flows

Three Months Ended February 29, 2012

(In thousands)	Lennar Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Cash flows from operating activities:
Net earnings (including net loss attributable to noncontrolling interests)	$	14,968			29,372			5,041			(41,404	)		7,977
Adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by (used in) operating activities		(46,874	)		(229,062	)		94,111			41,404			(140,421	)
Net cash provided by (used in) operating activities		(31,906	)		(199,690	)		99,152			—			(132,444	)
Cash flows from investing activities:
Investments in and contributions to Lennar Homebuilding unconsolidated entities, net		—			(16,465	)		(448	)		—			(16,913	)
Investments in and contributions to Rialto Investments consolidated and unconsolidated entities, net		—			—			(7,213	)		—			(7,213	)
Decrease in Rialto Investments defeasance cash to retire notes payable		—			—			108,163			—			108,163
Receipts of principal payments on Rialto Investments loans receivable		—			—			33,549			—			33,549
Proceeds from sales of Rialto Investments real estate owned		—			—			37,868			—			37,868
Other		—			5,147			(3,895	)		—			1,252
Net cash provided by (used in) investing activities		—			(11,318	)		168,024			—			156,706
Cash flows from financing activities:
Net repayments under Lennar Financial Services debt		—			(55	)		(150,629	)		—			(150,684	)
Net proceeds from convertible senior notes		48,965			—			—			—			48,965
Principal repayments on Rialto Investments notes payable		—			—			(170,026	)		—			(170,026	)
Net borrowings (repayments) on other borrowings		—			12,296			(4,473	)					7,823
Exercise of land option contracts from an unconsolidated land investment venture		—			(4,628	)		—			—			(4,628	)
Net receipts related to noncontrolling interests		—			—			391			—			391
Common stock:
Issuances		10,761			—			—			—			10,761
Dividends		(7,562	)		—			—			—			(7,562	)
Intercompany		(212,652	)		165,478			47,174			—			—
Net cash provided by (used in) financing activities		(160,488	)		173,091			(277,563	)		—			(264,960	)
Net decrease in cash and cash equivalents		(192,394	)		(37,917	)		(10,387	)		—			(240,698	)
Cash and cash equivalents at beginning of period		864,237			172,018			127,349			—			1,163,604
Cash and cash equivalents at end of period	$	671,843			134,101			116,962			—			922,906

44

(17) Supplemental Financial Information – (Continued)

Condensed Consolidating Statement of Cash Flows

Three Months Ended February 28, 2011

(In thousands)	Lennar Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Cash flows from operating activities:
Net earnings (including net earnings attributable to noncontrolling interests)	$	27,406			38,617			20,222			(47,519	)		38,726
Adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities		(15,550	)		(187,700	)		126,680			47,519			(29,051	)
Net cash provided by (used in) operating activities		11,856			(149,083	)		146,902			—			9,675
Cash flows from investing activities:
Investments in and contributions to Lennar Homebuilding unconsolidated entities, net		—			(16,752	)		(795	)		—			(17,547	)
Investments in and contributions to Rialto Investments consolidated and unconsolidated entities, net		—			—			(10,575	)		—			(10,575	)
Increase in Rialto Investments defeasance cash to retire notes payable		—			—			(24,250	)		—			(24,250	)
Receipts of principal payments on Rialto Investments loans receivable		—			—			49,954			—			49,954
Other		—			(4,560	)		4,842			—			282
Net cash provided (used in) by investing activities		—			(21,312	)		19,176			—			(2,136	)
Cash flows from financing activities:
Net repayments under Lennar Financial Services debt		—			(5	)		(149,334	)		—			(149,339	)
Net repayments on other borrowings		—			(12,510	)		(15,253	)		—			(27,763	)
Exercise of land option contracts from an unconsolidated land investment venture		—			(10,855	)		—			—			(10,855	)
Net payments related to noncontrolling interests		—			—			(4,674	)		—			(4,674	)
Excess tax benefits from share-based awards		258			—			—			—			258
Common stock:
Issuances		4,754			—			—			—			4,754
Dividends		(7,469	)		—			—			—			(7,469	)
Intercompany		(182,844	)		162,765			20,079			—			—
Net cash provided by (used in) financing activities		(185,301	)		139,395			(149,182	)		—			(195,088	)
Net (decrease) increase in cash and cash equivalents		(173,445	)		(31,000	)		16,896			—			(187,549	)
Cash and cash equivalents at beginning of period		1,071,542			179,215			143,378			—			1,394,135
Cash and cash equivalents at end of period	$	898,097			148,215			160,274			—			1,206,586

45

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited condensed consolidated financial statements and accompanying notes included under Item 1 of this Report and our audited consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for our fiscal year ended November 30, 2011.

Some of the statements in this Management’s Discussion and Analysis of Financial Condition and Results of Operations, and elsewhere in this Quarterly Report on Form 10-Q, are “forward-looking statements,” as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include statements regarding our business, financial condition, results of operations, cash flows, strategies and prospects. You can identify forward-looking statements by the fact that these statements do not relate strictly to historical or current matters. Rather, forward-looking statements relate to anticipated or expected events, activities, trends or results. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties. Many factors could cause our actual activities or results to differ materially from the activities and results anticipated in forward-looking statements. These factors include those described under the caption “Risk Factors” included in Item 1A of our Annual Report on Form 10-K for our fiscal year ended November 30, 2011. We do not undertake any obligation to update forward-looking statements, except as required by Federal securities laws.

Outlook

During the first quarter of 2012, we reported diluted earnings per share of $0.08, making this our eighth consecutive quarter of profitability. We benefited greatly from our strategic capital investments in new higher margin communities, which helped us drive a 20.9% home sales gross margin in the first quarter of 2012 and improve our operating margin by 240 basis points over last year.

We continue to manage our homebuilding business carefully with tight controls over our costs and an intense focus on improving our gross margins. As evidenced by a 33% year-over year increase in new orders, we believe that we are seeing the housing market 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. We have been able to increase sales prices and have started to reduce sales incentives in some of our communities. We have also seen a noticeable improvement in our sales pace per community, which should lead to an increase in the operating leverage of our homebuilding segment in the second half of 2012. We continue to make carefully underwritten strategic acquisitions in well-positioned markets that will support our homebuilding operations going forward.

Our Rialto Investments segment has continued to contribute earnings to our operating results in the first quarter of 2012, generating $9.4 million of pre-tax earnings (including $4.3 million of net loss attributable to noncontrolling interests). Rialto remains focused on maximizing the value of its assets, which it purchased at significant discounts; however, the timing of these asset resolutions varies from quarter to quarter. We expect this segment to continue to be a growing component of our operating earnings in the future as we continue to evaluate and execute on potential opportunities and as the market continues to improve.

Our strong balance sheet and significant liquidity puts us in an excellent position to capitalize on opportunities and we believe that the strategic investments we have made in our Homebuilding and Rialto segments positions us well to have our third consecutive profitable year in 2012.

46

(1) Results of Operations

Overview

We historically have experienced, and expect to continue to experience, variability in quarterly results. Our results of operations for the three months ended February 29, 2012 are not necessarily indicative of the results to be expected for the full year.

Our net earnings attributable to Lennar were $15.0 million, or $0.08 per basic share and diluted share, in the first quarter of 2012, compared to net earnings attributable to Lennar of $27.4 million, or $0.15 per basic share and $0.14 per diluted share, in the first quarter of 2011, which included $37.5 million, or $0.19 per diluted share, related to the receipt of a non-recurring litigation settlement. During the three months ended February 29, 2012, there was an increase in operating results primarily due to an increase in the number of home deliveries and in the average sales price of homes delivered.

Financial information relating to our operations was as follows:

(In thousands)	February 29, 2012			February 28, 2011
Lennar Homebuilding revenues:
Sales of homes	$	610,700			457,869
Sales of land		13,733			8,840
Total Lennar Homebuilding revenues		624,433			466,709
Lennar Homebuilding costs and expenses:
Cost of homes sold		482,822			366,199
Cost of land sold		10,836			6,389
Selling, general and administrative		91,087			75,175
Total Lennar Homebuilding costs and expenses		584,745			447,763
Lennar Homebuilding operating margins		39,688			18,946
Lennar Homebuilding equity in earnings from unconsolidated entities		1,083			8,661
Lennar Homebuilding other income, net		4,067			29,960
Other interest expense		(24,849	)		(22,079	)
Lennar Homebuilding operating earnings	$	19,989			35,488
Lennar Financial Services revenues	$	68,215			57,713
Lennar Financial Services costs and expenses		59,965			56,530
Lennar Financial Services operating earnings	$	8,250			1,183
Rialto Investments revenues	$	32,208			33,623
Rialto Investments costs and expenses		33,370			28,349
Rialto Investments equity in earnings from unconsolidated entities		18,458			4,525
Rialto Investments other income (expense), net		(12,240	)		13,203
Rialto Investments operating earnings	$	5,056			23,002
Total operating earnings	$	33,295			59,673
Corporate general administrative expenses		(26,842	)		(23,352	)
Earnings before income taxes	$	6,453			36,321

Revenues from home sales increased 33% in the first quarter of 2012 to $610.7 million from $457.9 million in 2011. Revenues were higher primarily due to a 3% increase in the average sales price of homes delivered and 30% increase in the number of home deliveries, excluding unconsolidated entities. New home deliveries, excluding unconsolidated entities, increased to 2,472 homes in the first quarter of 2012 from 1,903 homes last year. There was an increase in home deliveries in all of our Homebuilding segments and Homebuilding Other as a result of an increase in demand as evidenced by higher traffic volume in our communities, compared to the same period last year resulting in higher home sales per community. The average sales price of homes delivered increased to $246,000 in the first quarter of 2012 from $240,000 in the

47

same period last year, driven primarily by an increase in the average sales price of home deliveries in all of our Homebuilding segments because as the housing market continues to stabilize, we have been able to increase the sales price of homes delivered in certain of our communities. Sales incentives offered to homebuyers were $34,200 per home delivered in the first quarter of 2012, or 12.2% as a percentage of home sales revenue, compared to $33,100 per home delivered in the same period last year, or 12.1% as a percentage of home sales revenue, and $33,900 per home delivered in the fourth quarter of 2011, or 12.2% as a percentage of home sales revenue. Currently, our biggest competition is from sales of existing and foreclosed homes. We differentiate our new homes from those homes by issuing new home warranties, and in certain markets emphasizing energy efficiency and new technology such as keyless door locks and lighting and thermostats controlled remotely from outside the home.

Gross margins on home sales were $127.9 million, or 20.9%, in the first quarter of 2012, compared to $91.7 million, or 20.0%, in the first quarter of 2011. Gross margin percentage on home sales improved compared to last year, primarily due to an increase in average sales price and lower valuation adjustments. Gross profits on land sales totaled $2.9 million in the first quarter of 2012, compared to $2.5 million in the first quarter of 2011.

Selling, general and administrative expenses were $91.1 million in the first quarter of 2012, compared to $75.2 million in the first quarter of 2011, which included $6.6 million related to expenses associated with remedying pre-existing liabilities of a previously acquired company, offset by $8.0 million of income related to the receipt of a non-recurring litigation settlement. As a percentage of revenues from home sales, selling, general and administrative expenses improved to 14.9% in the first quarter of 2012, from 16.4% in the first quarter of 2011 due to higher revenues.

Lennar Homebuilding equity in earnings from unconsolidated entities was $1.1 million in the first quarter of 2012, compared to $8.7 million, in the first quarter of 2011, which included our share of a gain on debt extinguishment at one of Lennar Homebuilding’s unconsolidated entities totaling $15.4 million, partially offset by $4.5 million of valuation adjustments related to assets of Lennar Homebuilding’s unconsolidated entities.

Lennar Homebuilding other income, net, totaled $4.1 million in the first quarter of 2012, compared to $30.0 million, in the first quarter of 2011, which included $29.5 million related to the receipt of a non-recurring litigation settlement. Lennar Homebuilding other income, net, in the first quarter of 2011 also included the recognition of $10.0 million of deferred management fees related to management services previously performed for one of Lennar Homebuilding’s unconsolidated entities. These amounts were partially offset by $13.1 million of valuation adjustments to our investments in Lennar Homebuilding’s unconsolidated entities in the first quarter of 2011.

Homebuilding interest expense was $41.3 million in the first quarter of 2012 ($16.1 million was included in cost of homes sold, $0.4 million in cost of land sold and $24.8 million in other interest expense), compared to $35.8 million in the first quarter of 2011 ($13.5 million was included in cost of homes sold, $0.2 million in cost of land sold and $22.1 million in other interest expense). Interest expense increased due to an increase in our outstanding debt compared to the same period last year.

Operating earnings for our Lennar Financial Services segment were $8.3 million in the first quarter of 2012, compared to operating earnings of $1.2 million in the first quarter of 2011. The increase in profitability was primarily due to improved operating leverage as a result of an increase in originations in the segment’s mortgage operations and reduced costs in the segment’s title operations.

In the first quarter of 2012, operating earnings for our Rialto Investments segment were $9.4 million, or $5.1 million (net of $4.3 million of net loss attributable to noncontrolling interests), compared to $11.0 million, or $23.0 million (which included $12.0 million of net earnings attributable to noncontrolling interests) in the same period last year. In the first quarter of 2012, revenues in this segment were $32.2 million, which consisted primarily of accretable interest income associated with the segment’s portfolio of real estate loans and fees for managing and servicing assets, compared to revenues of $33.6 million in the same period last year. In the first quarter of 2012, Rialto Investments other income (expense), net, was ($12.2) million, which consisted

48

primarily of expenses related to owning and maintaining real estate owned, partially offset by rental income and gains from acquisition of real estate owned (“REO”) through foreclosure. In the first quarter of 2011, Rialto Investments other income, net was $13.2 million, which consisted primarily of gains from acquisition of REO through foreclosure.

The segment also had equity in earnings from unconsolidated entities of $18.5 million during the first quarter of 2012, which included $8.4 million of net gains primarily related to unrealized gains for our share of the mark-to-market adjustments of the investment portfolio underlying the AllianceBernstein L.P. (“AB”) fund formed under the Federal government’s Public-Private Investment Program (“PPIP”), $2.6 million of interest income earned by the AB PPIP fund and $7.6 million of equity in earnings related to our share of the Rialto Investments Real Estate Fund (the “Fund”). This compares to equity in earnings from unconsolidated entities of $4.5 million in the same period last year, which included $2.0 million of gains primarily related to unrealized gains for our share of the mark-to-market adjustments of the AB PPIP investments and $2.8 million of interest income earned by the AB PPIP fund, partially offset by other expenses. In the first quarter of 2012, expenses in this segment were $33.4 million, which consisted primarily of costs related to its portfolio operations, due diligence expenses related to both completed and abandoned transactions, and other general and administrative expenses, compared to expenses of $28.3 million in the same period last year.

Corporate general and administrative expenses were $26.8 million, or 3.7% as a percentage of total revenues, in the first quarter of 2012, compared to $23.4 million, or 4.2% as a percentage of total revenues, in the first quarter of 2011. The decrease in corporate general and administrative expenses as a percentage of total revenues was a result of an increase in total revenues due primarily to an increase in home deliveries.

Net earnings (loss) attributable to noncontrolling interests were ($7.0) million and $11.3 million, respectively, in the first quarter of 2012 and 2011. Net loss attributable to noncontrolling interests during the first quarter of 2012 was attributable to noncontrolling interests related to our Homebuilding and Rialto Investments segments. The Rialto Investments’ net loss attributable to noncontrolling interests related to the FDIC’s interest in the portfolio of real estate loans that we acquired in partnership with the FDIC and it was primarily due to the timing of deficiency collections and an increase in REO activity, which resulted in an increase in REO expenses due to payments made in the current year relating to prior year unpaid property taxes and legal expenses incurred to collect on deficiency judgments. Net earnings attributable to noncontrolling interests during the first quarter of 2011 were primarily related to the FDIC’s interest in the portfolio of real estate loans that we acquired in partnership with the FDIC.

Our overall effective income tax rates were (11.33%) and (9.62%), respectively, for the three months ended February 29, 2012 and February 28, 2011. During the three months ended February 29, 2012, we recorded a tax benefit of $1.5 million primarily related to a refund claim for certain losses carried back to a prior year. The change in the effective tax rate, compared with the same period during 2011, resulted primarily from lower earnings generated during the three months ended February 29, 2012.

A reduction of the carrying amounts of deferred tax assets by a valuation allowance is required if, based on available evidence, it is more likely than not that such assets will not be realized. At February 29, 2012, the Company continued its evaluation of whether the valuation allowance against its deferred tax assets was still needed. Although the Company’s performance and current positioning is bringing it closer to a conclusion that a valuation allowance is no longer needed, further evidence of a market recovery is needed to reverse the Company’s valuation allowance against its deferred tax assets during 2012.

Therefore, based upon all available positive and negative evidence, we concluded we still needed a valuation allowance against our deferred tax assets of $561.3 million at February 29, 2012. The valuation allowance against our deferred tax assets was $576.9 million at November 30, 2011. During the first quarter of fiscal 2012, we recorded a reversal of the deferred tax asset valuation allowance of $15.6 million primarily due to the net earnings generated during the period and an adjustment related to equity compensation.

49

Homebuilding Segments

We have grouped our homebuilding activities into five reportable segments, which we refer to as Homebuilding East, Homebuilding Central, Homebuilding West, Homebuilding Southeast Florida and Homebuilding Houston, based primarily upon similar economic characteristics, geography and product type. Information about homebuilding activities in states that do not have economic characteristics that are similar to those in other states in the same geographic area is grouped under “Homebuilding Other,” which is not a reportable segment. References in this Management’s Discussion and Analysis of Financial Condition and Results of Operations to homebuilding segments are to those reportable segments.

At February 29, 2012, our reportable homebuilding segments and Homebuilding Other consisted of homebuilding divisions located in:

East: Florida⁽¹⁾, Georgia, Maryland, New Jersey, North Carolina, South Carolina and Virginia

Central: Arizona, Colorado and Texas⁽²⁾

West: California and Nevada

Southeast Florida: Southeast Florida

Houston: Houston, Texas

Other: Illinois and Minnesota

(1) Florida in the East reportable segment excludes Southeast Florida, which is its own reportable segment.

(2) Texas in the Central reportable segment excludes Houston, Texas, which is its own reportable segment.

The following tables set forth selected financial and operational information related to our homebuilding operations for the periods indicated:

Selected Financial and Operational Data

	Three Months Ended
(In thousands)	February 29, 2012		February 28, 2011
Revenues:
East:
Sales of homes	$	236,264		178,762
Sales of land		8,569		3,609
Total East		244,833		182,371
Central:
Sales of homes		84,927		66,064
Sales of land		786		942
Total Central		85,713		67,006
West:
Sales of homes		122,850		96,382
Sales of land		235		—
Total West		123,085		96,382
Southeast Florida:
Sales of homes		49,789		35,091
Total West		49,789		35,091
Houston:
Sales of homes		80,768		48,664
Sales of land		4,066		4,289
Total Houston		84,834		52,953
Other
Sales of homes		36,102		32,906
Sales of land		77		—
Total Other		36,179		32,906
Total homebuilding revenues	$	624,433		466,709

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	Three Months Ended
(In thousands)	February 29, 2012			February 28, 2011
Operating earnings (loss):
East:
Sales of homes	$	17,627			16,111
Sales of land		1,800			922
Equity in earnings (loss) from unconsolidated entities		31			(59	)
Other income (expense), net		1,431			(5,575	)
Other interest expense		(6,942	)		(5,738	)
Total East		13,947			5,661
Central:
Sales of homes (1)		4,039			(11,717	)
Sales of land		92			736
Equity in loss from unconsolidated entities		(36	)		(402	)
Other income, net		709			121
Other interest expense		(3,740	)		(3,862	)
Total Central		1,064			(15,124	)
West:
Sales of homes (1)		(2,227	)		4,007
Sales of land		(73	)		13
Equity in earnings from unconsolidated entities (2)		1,340			12,059
Other income, net (3)		1,823			41,006
Other interest expense		(8,436	)		(7,740	)
Total West		(7,573	)		49,345
Southeast Florida:
Sales of homes		8,580			6,188
Equity in loss from unconsolidated entities		(245	)		(318	)
Other income (expense), net		444			(126	)
Other interest expense		(2,145	)		(1,570	)
Total West		6,634			4,174
Houston:
Sales of homes		4,686			48
Sales of land		1,057			780
Equity in loss from unconsolidated entities		(7	)		(10	)
Other income (expense), net		(50	)		167
Other interest expense		(1,170	)		(1,026	)
Total Houston		4,516			(41	)
Other
Sales of homes		4,086			1,858
Sales of land		21			—
Equity in loss from unconsolidated entities		—			(2,609	)
Other expense, net		(290	)		(5,633	)
Other interest expense		(2,416	)		(2,143	)
Total Other		1,401			(8,527	)
Total homebuilding operating earnings	$	19,989			35,488

(1) Operating loss on the sales of homes in Homebuilding Central for the three months ended February 28, 2011 was impacted by $6.6 million of expenses associated with remedying pre-existing liabilities of a previously acquired company. Operating earnings on the sales of homes in Homebuilding West for the three months ended February 28, 2011 included $8.0 million related to the receipt of a non-recurring litigation settlement.

(2) Equity in earnings from unconsolidated entities for the three months ended February 28, 2011 included our $15.4 million share of a gain on debt extinguishment at one of our Lennar Homebuilding unconsolidated entities.

(3) Other income, net, for the three months ended February 28, 2011 included $29.5 million related to the receipt of a litigation settlement discussed previously in the Overview section and the recognition of $10.0 million of previously deferred management fee income related to one of Lennar Homebuilding’s unconsolidated entities.

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Summary of Homebuilding Data

Deliveries:

	Three Months Ended
	Homes				Dollar Value (In thousands)				Average Sales Price
	February 29, 2012		February 28, 2011		February 29, 2012		February 28, 2011		February 29, 2012		February 28, 2011
East		1,062		831	$	237,021		178,763	$	223,000		215,000
Central		387		312		84,927		66,064		219,000		212,000
West		394		341		126,015		110,992		320,000		325,000
Southeast Florida		187		134		49,788		35,091		266,000		262,000
Houston		352		219		80,768		48,664		229,000		222,000
Other		100		86		36,103		32,905		361,000		383,000
Total		2,482		1,923	$	614,622		472,479	$	248,000		246,000

Of the total homes delivered listed above, 10 homes with a dollar value of $3.9 million and an average sales price of $392,000 represent home deliveries from unconsolidated entities for the three months ended February 29, 2012, compared to 20 home deliveries with a dollar value of $14.6 million and an average sales price of $731,000 for the three months ended February 28, 2011.

Sales Incentives (1):

	Three Months Ended
	Sales Incentives (In thousands)				Average Sales Incentives Per Home Delivered				Sales Incentives as a % of Revenue
	February 29, 2012		February 28, 2011		February 29, 2012		February 28, 2011		February 29, 2012			February 28, 2011
East	$	36,077		26,147	$	34,100		31,500		13.3	%		12.8	%
Central		12,991		9,728		33,600		31,200		13.2	%		12.9	%
West		11,985		9,395		31,000		29,300		8.9	%		8.9	%
Southeast Florida		6,820		4,667		36,500		34,800		12.1	%		11.7	%
Houston		12,608		8,921		35,800		40,700		13.5	%		15.5	%
Other		3,973		4,086		39,700		47,500		9.9	%		11.0	%
Total	$	84,454		62,944	$	34,200		33,100		12.2	%		12.1	%

(1) Sales incentives relate to home deliveries during the period, excluding deliveries by unconsolidated entities.

New Orders (2):

	Three Months Ended
	Homes				Dollar Value (In thousands)				Average Sales Price
	February 29, 2012		February 28, 2011		February 29, 2012		February 28, 2011		February 29, 2012		February 28, 2011
East		1,246		982	$	292,490		207,591	$	235,000		211,000
Central		481		341		104,051		71,120		216,000		209,000
West		515		388		157,598		127,979		306,000		330,000
Southeast Florida		225		176		62,462		49,899		278,000		284,000
Houston		424		266		97,947		59,653		231,000		224,000
Other		131		114		48,786		45,298		372,000		397,000
Total		3,022		2,267	$	763,334		561,540	$	253,000		248,000

(2) New orders represent the number of new sales contracts executed with homebuyers, net of cancellations, during the three months ended February 29, 2012 and February 28, 2011.

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Of the total new orders listed above, 23 homes with a dollar value of $8.9 million and an average sales price of $387,000 represent new orders from unconsolidated entities for the three months ended February 29, 2012, compared to 21 new orders with a dollar value of $16.9 million and an average sales price of $806,000 for the three months ended February 28, 2011.

Backlog:

	Homes				Dollar Value (In thousands)				Average Sales Price
	February 29, 2012		February 28, 2011		February 29, 2012		February 28, 2011		February 29, 2012		February 28, 2011
East		1,132		906	$	278,092		206,302	$	246,000		228,000
Central		403		283		84,245		58,348		209,000		206,000
West		419		226		129,173		74,825		308,000		331,000
Southeast Florida		204		165		64,920		53,842		318,000		326,000
Houston		427		292		96,948		69,900		227,000		239,000
Other		126		76		58,007		34,245		460,000		451,000
Total		2,711		1,948	$	711,385		497,462	$	262,000		255,000

Of the total homes in backlog listed above, 15 homes with a backlog dollar value of $6.0 million and an average sales price of $399,000 represent the backlog from unconsolidated entities at February 29, 2012, compared with backlog from unconsolidated entities of 4 homes with a backlog dollar value of $4.5 million and an average sales price of $1.1 million at February 28, 2011.

Backlog represents the number of homes under sales contracts. Homes are sold using sales contracts, which are generally accompanied by sales deposits. In some instances, purchasers are permitted to cancel sales if they fail to qualify for financing or under certain other circumstances. The cancellation rates for the three months ended February 29, 2012 was within a range that is consistent with our historical cancellation rates. We experienced cancellation rates in our homebuilding segments and Homebuilding Other as follows:

	Three Months Ended
	February 29, 2012			February 28, 2011
East		18	%		16	%
Central		19	%		21	%
West		15	%		14	%
Southeast Florida		14	%		15	%
Houston		22	%		23	%
Other		7	%		3	%
Total		18	%		17	%

Homebuilding East: Homebuilding revenues increased for the three months ended February 29, 2012, compared to the three months ended February 28, 2011, primarily due to an increase in the number of home deliveries in all of the states in the segment, except New Jersey, which had a slight decrease and Maryland and Virginia, which was the same as prior year; and an increase in the average sales price of homes delivered in all of the states in the segment, except Florida, excluding Southeast Florida, in which the average sales price of homes delivered was the same for the three months ended February 29, 2012, compared to the same period last year. The increase in the number of deliveries was primarily driven by an increase in demand as evidenced by higher traffic volume in some of our communities, compared to the same period last year, resulting in an increase in our home sales per community. The increase in the average sales price of homes delivered was primarily because we have been able to increase the sales price of homes delivered in certain of our communities as the market continues to stabilize. Gross margins on home sales were $50.8 million, or 21.5%, in 2012, compared to gross margins on home sales of $39.6 million, or 22.1%, in 2011. Gross margin percentage on homes decreased compared to last year primarily due to an increase in sales incentives offered to homebuyers as a percentage of revenues from home sales (13.3% in 2012, compared to 12.8% in 2011).

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Homebuilding Central: Homebuilding revenues increased for the three months ended February 29, 2012 compared to the three months ended February 28, 2011, primarily due to an increase in the number of home deliveries in all of the states in the segment and an increase in the average sales price of homes delivered in all states in the segment, except Colorado. The increase in the number of deliveries was primarily driven by an increase in demand as evidenced by higher traffic volume in some of our communities, compared to the same period last year, resulting in an increase in our home sales per community. The increase in the average sales price of homes delivered was primarily because we have been able to increase the sales price of homes delivered in certain of our communities as the market continues to stabilize. Gross margins on home sales were $15.0 million, or 17.7%, in 2012, compared to gross margins on home sales of $5.8 million, or 8.7%, in 2011. Gross margin percentage on homes sales improved compared to last year primarily due to a decrease in valuation adjustments and because gross margin on homes sales for the three months ended February 28, 2011 included $6.6 million of expenses associated with pre-existing home warranties in Texas, excluding Houston. In addition, sales incentives offered to homebuyers as a percentage of revenues from home sales were 13.2% in 2012, compared to 12.9% in 2011.

Homebuilding West: Homebuilding revenues increased for the three months ended February 29, 2012, compared to the three months ended February 28, 2011, primarily due to an increase in the number of home deliveries and an increase in the average sales price of homes delivered in all of the states in the segment. The increase in the number of deliveries was primarily driven by an increase in demand as evidenced by higher traffic volume in some of our communities, compared to the same period last year, resulting in an increase in our home sales per community. The increase in the average sales price of homes delivered was primarily because we have been able to increase the sales price of homes delivered in certain of our communities as the market continues to stabilize. Gross margins on home sales were $23.0 million, or 18.7%, in 2012, compared to gross margins on home sales of $21.4 million, or 22.2%, in 2011. Gross margin percentage on homes sales decreased compared to last year because gross margin on home sales for the three months ended February 28, 2011 included receipt of an $8.0 million non-recurring litigation settlement.

Homebuilding Southeast Florida: Homebuilding revenues increased for the three months ended February 29, 2012, compared to the three months ended February 28, 2011 primarily due to an increase in the number of home deliveries in this segment driven by an increase in demand as evidenced by higher traffic volume in some of our communities, compared to the same period last year, resulting in an increase in our home sales per community. Gross margins on home sales were $14.3 million, or 28.8%, in 2012, compared to gross margins on home sales of $9.9 million, or 28.3%, in 2011.

Homebuilding Houston: Homebuilding revenues increased for the three months ended February 29, 2012, compared to the three months ended February 28, 2011, primarily due to an increase in the number of home deliveries and an increase in the average sales price of homes delivered in this segment. The increase in the number of deliveries was primarily driven by an increase in demand as evidenced by higher traffic volume in some of our communities, compared to the same period last year, resulting in an increase in our home sales per community. The increase in the average sales price of homes delivered was primarily because we have been able to increase the sales price of homes delivered in certain of our communities as the market continues to stabilize. Gross margins on home sales were $15.2 million, or 18.8%, in 2012, compared to gross margins on home sales of $8.4 million, or 17.2%, in 2011. Gross margin percentage on homes sales improved compared to last year primarily due to a decrease in sales incentives offered to homebuyers as a percentage of revenues from home sales (13.5% in 2012, compared to 15.5% in 2011).

Homebuilding Other: Homebuilding revenues increased for the three months ended February 29, 2012, compared to the three months ended February 28, 2011, primarily due to an increase in the number of home deliveries in Minnesota, partially offset by a decrease in deliveries in Illinois. The increase in deliveries in Minnesota was primarily driven by an increase in demand as evidenced by higher traffic volume in some of our communities, compared to the same period last year, resulting in an increase in our home sales per community. Gross margins on home sales were $9.6 million, or 26.5%, in 2012, compared to gross margins on home sales of $6.7 million, or 20.2%, in 2011. Gross margin percentage on homes sales improved compared to last year primarily due a decrease in sales incentives offered to homebuyers as a percentage of revenues from home sales (9.9% in 2012, compared to 11.0% in 2011).

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At February 29, 2012 and February 28, 2011, we owned 100,465 homesites and 91,007 homesites, respectively, and had access to an additional 16,621 homesites and 17,432 homesites, respectively, through either option contracts with third parties or agreements with unconsolidated entities in which we have investments. At November 30, 2011, we owned 94,684 homesites and had access to an additional 16,702 homesites through either option contracts with third parties or agreements with unconsolidated entities in which we have investments. At February 29, 2012, 2% of the homesites we owned were subject to home purchase contracts. At February 29, 2012 and February 28, 2011, our backlog of sales contracts was 2,711 homes ($711.4 million) and 1,948 homes ($497.5 million), respectively. The increase in backlog was primarily attributable to an increase in new orders in the three months ended February 29, 2012, compared to the three months ended February 28, 2011.

Lennar Financial Services Segment

Our Lennar Financial Services reportable segment provides mortgage financing, title insurance and closing services for both buyers of our homes and others. Substantially all of the loans the Lennar Financial Services segment originates are sold within a short period in the secondary mortgage market on a servicing released, non-recourse basis. After the loans are sold, we retain potential liability for possible claims by purchasers that we breached certain limited industry-standard representations and warranties in the loan sale agreements. The following table sets forth selected financial and operation information related to our Lennar Financial Services segment:

	Three Months Ended
(Dollars in thousands)	February 29, 2012			February 28, 2011
Revenues	$	68,215			57,713
Costs and expenses		59,965			56,530
Operating earnings	$	8,250			1,183
Dollar value of mortgages originated	$	743,000			557,000
Number of mortgages originated		3,500			2,700
Mortgage capture rate of Lennar homebuyers		78	%		77	%
Number of title and closing service transactions		22,600			22,800
Number of title policies issued		27,300			32,600

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Rialto Investments Segment

Rialto’s objective is to generate superior, risk-adjusted returns by focusing on commercial and residential real estate opportunities arising from dislocations in the United States real estate markets and the eventual restructure and recapitalization of those markets. Rialto believes it will be able to deliver these returns through its abilities to source, underwrite, price, manage and ultimately monetize real estate assets, as well as providing similar services to others in markets across the country.

The following table presents the results of operations of our Rialto segment for the periods indicated:

	Three Months Ended
(In thousands)	February 29, 2012			February 28, 2011
Revenues	$	32,208			33,623
Costs and expenses		33,370			28,349
Rialto Investments equity in earnings from unconsolidated entities		18,458			4,525
Rialto Investments other income (expense), net		(12,240	)		13,203
Operating earnings (1)	$	5,056			23,002

(1) Operating earnings for the three months ended February 29, 2012 and February 28, 2011 includes net earnings (loss) attributable to noncontrolling interests of ($4.3) million and $12.0 million respectively.

Distressed Asset Portfolios

In February 2010, the Rialto segment acquired indirectly 40% managing member equity interests in two limited liability companies (“LLCs”), in partnership with the FDIC. The LLCs hold performing and non-performing loans formerly owned by 22 failed financial institutions and when the Rialto segment acquired its interests in the LLCs, the two portfolios consisted of approximately 5,500 distressed residential and commercial real estate loans. The FDIC retained 60% equity interests in the LLCs and provided $626.9 million of financing with 0% interest, which is non-recourse to us and the LLCs. As of February 29, 2012, and November 30, 2011, the notes payable balance was $470.0 million and $626.9 million, respectively; however, as of February 29, 2012 and November 30, 2011, $111.2 million and $219.4 million, respectively, of cash collections on loans in excess of expenses has been deposited in a defeasance account, established for the repayment of the notes payable, under the agreement with the FDIC. The funds in the defeasance account will be used to retire the notes payable upon their maturity. During the three months ended February 29, 2012, the LLCs retired $156.9 million principal amount of the notes payable under the agreement with the FDIC through the defeasance account.

The LLCs met the accounting definition of variable interest entities (“VIEs”) and since we were determined to be the primary beneficiary, we consolidated the LLCs. At February 29, 2012, these consolidated LLCs had total combined assets and liabilities of $1.3 billion and $0.5 billion, respectively. At November 30, 2011, these consolidated LLCs had total combined assets and liabilities of $1.4 billion and $0.7 billion, respectively.

In September 2010, the Rialto segment acquired approximately 400 distressed residential and commercial real estate loans and over 300 REO properties from three financial institutions. We paid $310 million for the distressed real estate and real estate related assets of which, $124 million was financed through a 5-year senior unsecured note provided by one of the selling institutions. During the three months ended February 29, 2012, we retired $13.0 million principal amount of the 5-year senior unsecured note, thus as of February 29, 2012, there was $111 million outstanding.

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Investments

An affiliate in the Rialto segment is a sub-advisor to the AB PPIP fund and receives management fees for sub-advisory services. We also made a commitment of $75 million to purchase an interest in the AB PPIP fund of which our remaining outstanding commitment as of February 29, 2012 was $7.5 million. As of February 29, 2012 and November 30, 2011, the carrying value of our investment in the AB PPIP fund was $75.5 million and $65.2 million, respectively.

In 2010, the Rialto segment completed the first closing of its Fund with initial equity commitments of approximately $300 million (including $75 million committed by us, of which our remaining outstanding commitment as of February 29, 2012 was $20.5 million). As of February 29, 2012, the equity commitments of the Fund were $700 million (including the $75 million committed by us). The Fund’s objective during its three-year investment period is to invest in distressed real estate assets and other related investments that fit within the Fund’s investment parameters. During the three months ended February 29, 2012, the Company contributed $7.3 million to the Fund. Total investor contributions to the Fund for the three months ended February 29, 2012 were $130.5 million and total investor contributions to the Fund since inception were $518.2 million. Since inception, the Fund has acquired distressed real estate asset portfolios and has invested in commercial mortgage backed securities (“CMBS”) at a discount to par value. As of February 29, 2012 and November 30, 2011, the carrying value of the Company’s investment in the Fund was $65.0 million and $50.1 million, respectively. For the three months ended February 29, 2012, the Company’s share of earnings from the Fund was $7.6 million.

In addition, in 2010, the Rialto segment also invested in approximately $43 million of non-investment grade CMBS for $19.4 million, representing a 55% discount to par value. As of February 29, 2012 and November 30, 2011, the carrying value of the investment securities was $14.3 million and $14.1 million, respectively.

Additionally, another subsidiary in the Rialto segment has approximately a 5% investment in a service and infrastructure provider to the residential home loan market (the “Servicer Provider”), which provides services to the consolidated LLCs, among others. As of February 29, 2012 and November 30, 2011, the carrying value of our investment in the Servicer Provider was $8.6 million and $8.8 million, respectively.

(2) Financial Condition and Capital Resources

At February 29, 2012, we had cash and cash equivalents related to our homebuilding, financial services and Rialto operations of $922.9 million, compared to $1,206.6 million at February 28, 2011.

We finance our land acquisition and development activities, construction activities, financial services activities, Rialto activities and general operating needs primarily with cash generated from our operations, debt issuances and equity offerings, as well as cash borrowed under our warehouse lines of credit.

Operating Cash Flow Activities

During the three months ended February 29, 2012 and February 28, 2011, cash provided by (used in) operating activities totaled ($132.4) million and $9.7 million, respectively. During the three months ended February 29, 2012, cash used in operating activities were impacted by a decrease in accounts payable and other liabilities and an increase in inventories due to strategic land purchases, partially offset by a decrease in receivables and a decrease in Lennar Financial Services loans held-for-sale.

During the three months ended February 28, 2011, cash provided by operating activities was positively impacted by our net earnings, a decrease in Financial Services loans held-for-sale and a decrease in receivables. This was partially offset by a decrease in accounts payable and other liabilities and an increase in inventories due to strategic land purchases.

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Investing Cash Flow Activities

During the three months ended February 29, 2012 and February 28, 2011, cash provided by (used in) investing activities totaled $156.7 million and ($2.1) million, respectively. During the three months ended February 29, 2012, we received $33.5 million of principal payments on Rialto Investments loans receivable and $37.9 million of proceeds from the sale of REO. In addition, cash increased due to a $108.2 million decrease in Rialto Investments defeasance cash and $9.9 million of distributions of capital from Lennar Homebuilding unconsolidated entities. This was partially offset by $26.8 million of cash contributions to Lennar Homebuilding unconsolidated entities primarily for working capital and debt reduction and $7.3 million of cash contributions to the Fund, a Rialto Investments unconsolidated entity.

During the three months ended February 28, 2011, we received $50.0 million of principal payments on Rialto Investments loans receivable, $7.6 million of distributions of capital from Lennar Homebuilding unconsolidated entities and $7.8 million of proceeds from the sale of REO. This was partially offset by $25.2 million of cash contributions to Lennar Homebuilding unconsolidated entities primarily for working capital, $10.6 million of cash contributions to the Fund, which is a Rialto Investments unconsolidated entity, and a $24.3 million increase in Rialto Investments defeasance cash.

We are always evaluating the possibility of acquiring homebuilders and other companies. However, at February 29, 2012, we had no agreements or understandings regarding any significant transactions.

Financing Cash Flow Activities

During the three months ended February 29, 2012, our cash used in financing activities of $265.0 million was primarily attributed to principal repayments on Rialto Investments notes payable, net repayments under our Lennar Financial Services’ 364-day warehouse repurchase facilities and principal payments on other borrowings, partially offset by the receipt of proceeds of the sale of an additional $50 million aggregate principal amount of our 3.25% convertible senior notes due 2021 that the initial purchasers acquired to cover over-allotments. During the three months ended February 28, 2011, our cash used in financing activities of $195.1 million was primarily attributed to principal payments on other borrowings and net repayments under our Lennar Financial Services’ warehouse repurchase facilities.

Debt to total capital ratios are financial measures commonly used in the homebuilding industry and are presented to assist in understanding the leverage of our Lennar Homebuilding operations. Management believes providing this measure of leverage of our Lennar Homebuilding operations enables management and readers of our financial statements to better understand our financial position and performance. Lennar Homebuilding debt to total capital and net Lennar Homebuilding debt to total capital are calculated as follows:

(Dollars in thousands)	February 29, 2012			November 30, 2011			February 28, 2011
Lennar Homebuilding debt	$	3,472,937			3,362,759			3,129,065
Stockholders’ equity		2,722,796			2,696,468			2,640,377
Total capital	$	6,195,733			6,059,227			5,769,442
Lennar Homebuilding debt to total capital		56.1	%		55.5	%		54.2	%
Lennar Homebuilding debt	$	3,472,937			3,362,759			3,129,065
Less: Lennar Homebuilding cash and cash equivalents		792,165			1,024,212			1,014,000
Net Lennar Homebuilding debt	$	2,680,772			2,338,547			2,115,065
Net Lennar Homebuilding debt to total capital (1)		49.6	%		46.4	%		44.5	%

(1) Net Lennar Homebuilding debt to total capital consists of net Lennar Homebuilding debt (Lennar Homebuilding debt less Lennar Homebuilding cash and cash equivalents) divided by total capital (net Lennar Homebuilding debt plus stockholders’ equity).

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At February 29, 2012, Lennar Homebuilding debt to total capital was higher compared to February 28, 2011, due to the increase in Lennar Homebuilding debt as a result of an increase in senior notes, partially offset by an increase in stockholder’s equity primarily related to our net earnings.

Our Lennar Homebuilding average debt outstanding was $3.4 billion for the three months ended February 29, 2012, compared to $3.1 billion for the three months ended February 28, 2011. The average rate for interest incurred was 5.5% for the three months ended February 29, 2012, compared to 5.7% for the three months ended February 28, 2011. Interest incurred related to homebuilding debt for the three months ended February 29, 2012 was $53.3 million, compared to $49.9 million in the same period last year. The majority of our short-term financing needs, including financings for land acquisition and development activities and general operating needs, are met with cash generated from operations and proceeds from debt issuances.

At February 29, 2012, we had a $150 million Letter of Credit and Reimbursement Agreement with certain financial institutions, which may be increased to $200 million, but for which there are currently no commitments for the additional $50 million. In addition, at February 29, 2012, we had a $50 million Letter of Credit and Reimbursement Agreement with certain financial institutions that had a $50 million accordion feature for which there are currently no commitments, and a $200 million Letter of Credit Facility with a financial institution. We believe we were in compliance with our debt covenants at February 29, 2012.

Our performance letters of credit outstanding were $70.6 million and $68.0 million, respectively, at February 29, 2012 and November 30, 2011. Our financial letters of credit outstanding were $197.7 million and $199.3 million, respectively, at February 29, 2012 and November 30, 2011. Performance letters of credit are generally posted with regulatory bodies to guarantee our performance of certain development and construction activities, and financial letters of credit are generally posted in lieu of cash deposits on option contracts, for insurance risks, credit enhancements and as other collateral.

At February 29, 2012, our Lennar Financial Services segment had a 364-day warehouse repurchase facility with a maximum aggregate commitment of $100 million and an additional uncommitted amount of $50 million that matures in February 2013, and another 364-day warehouse repurchase facility with a maximum aggregate commitment of $175 million that matures in July 2012. The maximum aggregate commitment and uncommitted amount under these facilities totaled $275 million and $50 million, respectively, as of February 29, 2012.

Our Lennar Financial Services segment uses these facilities to finance its lending activities until the mortgage loans are sold to investors and expects the facilities to be renewed or replaced with other facilities when they mature. Borrowings under the facilities were $259.4 million and $410.1 million, respectively, at February 29, 2012 and November 30, 2011, and were collateralized by mortgage loans and receivables on loans sold to investors but not yet paid for with outstanding principal balances of $271.8 million and $431.6 million, respectively, at February 29, 2012 and November 30, 2011.

Since our Lennar Financial Services segment’s borrowings under the warehouse repurchase facilities are generally repaid with the proceeds from the sale of mortgage loans and receivables on loans that secure those borrowings, the facilities are not likely to be a call on our current cash or future cash resources. If the facilities are not renewed, the borrowings under the lines of credit will be paid off by selling mortgage loans held-for-sale and by collecting on receivables on loans sold to investors but not yet paid. Without the facilities, our Lennar Financial Services segment would have to use cash from operations and other funding sources to finance its lending activities.

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Changes in Capital Structure

We have a stock repurchase program which permits the purchase of up to 20 million shares of our outstanding common stock. During the three months ended February 29, 2012 and February 28, 2011, there were no repurchases of common stock under the stock repurchase program. As of February 29, 2012, 6.2 million shares of common stock can be repurchased in the future under the program.

During the three months ended February 29, 2012, treasury stock decreased by 0.3 million Class A common shares due to activity related to our equity compensation plan.

On February 10, 2012, we paid cash dividends of $0.04 per share for both our Class A and Class B common stock to holders of record at the close of business on January 27, 2012, as declared by our Board of Directors on January 12, 2012.

Based on our current financial condition and credit relationships, we believe that our operations and borrowing resources will provide for our current and long-term capital requirements at our anticipated levels of activity.

Off-Balance Sheet Arrangements

Lennar Homebuilding: Investments in Unconsolidated Entities

At February 29, 2012, we had equity investments in 36 unconsolidated entities (of which 8 had recourse debt, 8 non-recourse debt and 20 had no debt), compared to 35 unconsolidated entities at November 30, 2011. Historically, we invested in unconsolidated entities that acquired and developed land (1) for our homebuilding operations or for sale to third parties or (2) for the construction of homes for sale to third-party homebuyers. Through these entities, we primarily sought to reduce and share our risk by limiting the amount of our capital invested in land, while obtaining access to potential future homesites and allowing us to participate in strategic ventures. The use of these entities also, in some instances, enabled us to acquire land to which we could not otherwise obtain access, or could not obtain access on as favorable terms, without the participation of a strategic partner. Participants in these joint ventures have been land owners/developers, other homebuilders and financial or strategic partners. Joint ventures with land owners/developers have given us access to homesites owned or controlled by our partners. Joint ventures with other homebuilders have provided us with the ability to bid jointly with our partners for large land parcels. Joint ventures with financial partners have allowed us to combine our homebuilding expertise with access to our partners’ capital. Joint ventures with strategic partners have allowed us to combine our homebuilding expertise with the specific expertise (e.g. commercial or infill experience) of our partner. Each joint venture is governed by an executive committee consisting of members from the partners.

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Summarized condensed financial information on a combined 100% basis related to Lennar Homebuilding’s unconsolidated entities that are accounted for by the equity method was as follows:

Statements of Operations and Selected Information

	Three Months Ended
(Dollars in thousands)	February 29, 2012			February 28, 2011
Revenues	$	82,644			67,063
Costs and expenses		83,422			88,580
Other income		—			123,007
Net earnings (loss) of unconsolidated entities	$	(778	)		101,490
Our share of net earnings	$	607			23,000
Lennar Homebuilding equity in earnings from unconsolidated entities	$	1,083			8,661
Our cumulative share of net earnings - deferred at February 29, 2012 and February 28, 2011, respectively	$	4,321			8,419
Our investments in unconsolidated entities	$	563,364			642,874
Equity of the unconsolidated entities	$	2,089,703			2,259,782
Our investment % in the unconsolidated entities		27	%		28	%

(1) For the three months ended February 28, 2011, our share of net earnings recognized includes a $15.4 million gain related to our share of a $123.0 million gain on debt extinguishment at a Lennar Homebuilding unconsolidated entity, partially offset by $4.5 million of valuation adjustments related to assets of Lennar Homebuilding’s unconsolidated entities.

Balance Sheets

(In thousands)	February 29, 2012		November 30, 2011
Assets:
Cash and cash equivalents	$	85,510		90,584
Inventories		2,952,727		2,895,241
Other assets		212,756		277,152
	$	3,250,993		3,262,977
Liabilities and equity:
Account payable and other liabilities	$	265,535		246,384
Debt		895,755		960,627
Equity		2,089,703		2,055,966
	$	3,250,993		3,262,977

As of February 29, 2012, our recorded investments in Lennar Homebuilding unconsolidated entities were $563.4 million while the underlying equity in Lennar Homebuilding unconsolidated entities partners’ net assets was $657.5 million, primarily as a result of us buying at a discount the partners’ equity in a Lennar Homebuilding unconsolidated entity. At November 30, 2011, our recorded investments in Lennar Homebuilding unconsolidated entities were $545.8 million while the underlying equity in Lennar Homebuilding unconsolidated entities partners’ net assets was $628.1 million, primarily as a result of us buying at a discount the partners’ equity in a Lennar Homebuilding unconsolidated entity.

In fiscal 2007, we sold a portfolio of land to a strategic land investment venture with Morgan Stanley Real Estate Fund II, L.P., an affiliate of Morgan Stanley & Co., Inc., in which we have approximately a 20% ownership interest and 50% voting rights. Due to our continuing involvement, the transaction did not qualify as a sale by us under GAAP; thus, the inventory has remained on our condensed consolidated balance sheets in consolidated inventory not owned. As of February 29, 2012 and November 30, 2011, the portfolio of land (including land development costs) of $369.7 million and $372.0 million, respectively, is also reflected as inventory in the summarized condensed financial information related to Lennar Homebuilding’s unconsolidated entities in which we have investments.

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Debt to total capital of the Lennar Homebuilding unconsolidated entities in which we have investments was calculated as follows:

(Dollars in thousands)	February 29, 2012			November 30, 2011
Debt	$	895,755			960,627
Equity		2,089,703			2,055,966
Total capital	$	2,985,458			3,016,593
Debt to total capital of our unconsolidated entities		30.0	%		31.8	%

Our investments in Lennar Homebuilding unconsolidated entities by type of venture were as follows:

(In thousands)	February 29, 2012		November 30, 2011
Land development	$	471,947		461,077
Homebuilding		91,417		84,683
Total investments	$	563,364		545,760

The summary of our net recourse exposure related to the Lennar Homebuilding unconsolidated entities in which we have investments was as follows:

(In thousands)	February 29, 2012			November 30, 2011
Several recourse debt - repayment	$	51,518			62,408
Joint and several recourse debt - repayment		28,699			46,292
Lennar’s maximum recourse exposure		80,217			108,700
Less: joint and several reimbursement agreements with our partners		(24,627	)		(33,795	)
Lennar’s net recourse exposure	$	55,590			74,905

During the three months ended February 29, 2012, our maximum recourse exposure related to indebtedness of Lennar Homebuilding unconsolidated entities decreased by $28.5 million, as a result of $2.9 million paid by us primarily through capital contributions to unconsolidated entities and $25.6 million primarily related to the joint ventures selling assets and other transactions.

As of February 29, 2012 and November 30, 2011, we had no obligation guarantees accrued. The obligation guarantees, if any, are estimated based on current facts and circumstances and any unexpected changes may lead us to incur obligation guarantees in the future.

Indebtedness of an unconsolidated entity is secured by its own assets. Some unconsolidated entities own multiple properties and other assets. There is no cross collateralization of debt to different unconsolidated entities. We also do not use our investment in one unconsolidated entity as collateral for the debt in another unconsolidated entity or commingle funds among Lennar Homebuilding unconsolidated entities.

In connection with a loan to a Lennar Homebuilding unconsolidated entity, we and our partners often guarantee to a lender either jointly and severally or on a several basis, any or all of the following: (i) the completion of the development, in whole or in part, (ii) indemnification of the lender from environmental issues, (iii) indemnification of the lender from “bad boy acts” of the unconsolidated entity (or full recourse liability in the event of unauthorized transfer or bankruptcy) and (iv) that the loan to value and/or loan to cost will not exceed a certain percentage (maintenance or remargining guarantee) or that a percentage of the outstanding loan will be repaid (repayment guarantee).

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In connection with loans to an unconsolidated entity where there is a joint and several guarantee, we generally have a reimbursement agreement with our partner. The reimbursement agreement provides that neither party is responsible for more than its proportionate share of the guarantee. However, if our joint venture partner does not have adequate financial resources to meet its obligations under the reimbursement agreement, we may be liable for more than our proportionate share, up to our maximum exposure, which is the full amount covered by the joint and several guarantee.

The recourse debt exposure in the previous table represents our maximum exposure to loss from guarantees and does not take into account the underlying value of the collateral or the other assets of the borrowers that are available to repay debt or to reimburse us for any payments on our guarantees. The Lennar Homebuilding unconsolidated entities that have recourse debt have a significant amount of assets and equity. The summarized balance sheets of the Lennar Homebuilding unconsolidated entities with recourse debt were as follows.

(In thousands)	February 29, 2012		November 30, 2011
Assets	$	1,806,848		1,865,144
Liabilities	$	782,415		815,815
Equity	$	1,024,433		1,049,329

In addition, in most instances in which we have guaranteed debt of a Lennar Homebuilding unconsolidated entity, our partners have also guaranteed that debt and are required to contribute their share of the guarantee payment. Some of our guarantees are repayment guarantees and some are maintenance guarantees. In a repayment guarantee, we and our venture partners guarantee repayment of a portion or all of the debt in the event of a default before the lender would have to exercise its rights against the collateral. In the event of default, if our venture partner does not have adequate financial resources to meet its obligation under our reimbursement agreement, we may be liable for more than our proportionate share, up to our maximum recourse exposure, which is the full amount covered by the joint and several guarantee. The maintenance guarantees only apply if the value of the collateral (generally land and improvements) is less than a specified percentage of the loan balance. If we are required to make a payment under a maintenance guarantee to bring the value of the collateral above the specified percentage of the loan balance, the payment would generally constitute a capital contribution or loan to the Lennar Homebuilding unconsolidated entity and increase our share of any funds the unconsolidated entity distributes. As of February 29, 2012, we do not have maintenance guarantees related to our Lennar Homebuilding unconsolidated entities.

In connection with many of the loans to Lennar Homebuilding unconsolidated entities, we and our joint venture partners (or entities related to them) have been required to give guarantees of completion to the lenders. Those completion guarantees may require that the guarantors complete the construction of the improvements for which the financing was obtained. If the construction is to be done in phases, the guarantee generally is limited to completing only the phases as to which construction has already commenced and for which loan proceeds were used.

During the three months ended February 29, 2012, there were other loan paydowns of $3.4 million. During the three months ended February 28, 2011, there were: (1) payments of $1.7 million under our maintenance guarantees and (2) other loan paydowns of $0.6 million, a portion of which related to amounts paid under our repayment guarantees. During the three months ended February 29, 2012 and February 28, 2011, there were no payments under completion guarantees.

As of February 29, 2012, the fair values of the repayment guarantees and completion guarantees were not material. We believe that as of February 29, 2012, in the event we become legally obligated to perform under a guarantee of the obligation of a Lennar Homebuilding unconsolidated entity due to a triggering event under a guarantee, most of the time the collateral should be sufficient to repay at least a significant portion of the obligation or we and our partners would contribute additional capital into the venture.

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The total debt of Lennar Homebuilding unconsolidated entities in which we have investments was as follows:

(In thousands)	February 29, 2012			November 30, 2011
Lennar’s net recourse exposure	$	55,590			74,905
Reimbursement agreements from partners		24,627			33,795
Lennar’s maximum recourse exposure	$	80,217			108,700
Non-recourse bank debt and other debt (partner’s share of several recourse)	$	122,806			149,937
Non-recourse land seller debt or other debt		26,376			26,391
Non-recourse debt with completion guarantees		471,053			441,770
Non-recourse debt without completion guarantees		195,303			233,829
Non-recourse debt to Lennar		815,538			851,927
Total debt	$	895,755			960,627
Lennar’s maximum recourse exposure as a % of total JV debt		9	%		11	%

In view of current credit market conditions, it is not uncommon for lenders to real estate developers, including joint ventures in which we have interests, to assert non-monetary defaults (such as failure to meet construction completion deadlines or declines in the market value of collateral below required amounts) or technical monetary defaults against the real estate developers. In most instances, those asserted defaults are resolved by modifications of the loan terms, additional equity investments or other concessions by the borrowers. In addition, in some instances, real estate developers, including joint ventures in which we have interests, are forced to request temporary waivers of covenants in loan documents or modifications of loan terms, which are often, but not always obtained. However, in some instances developers, including joint ventures in which we have interests, are not able to meet their monetary obligations to lenders, and are thus declared in default. Because we sometimes guarantee all or portions of the obligations to lenders of joint ventures in which we have interests, when these joint ventures default on their obligations, lenders may or may not have claims against us. Normally, we do not make payments with regard to guarantees of joint venture obligations while the joint ventures are contesting assertions regarding sums due to their lenders. When it is determined that a joint venture is obligated to make a payment that we have guaranteed and the joint venture will not be able to make that payment, we accrue the amounts probable to be paid by us as a liability. Although we generally fulfill our guarantee obligations within a reasonable time after we determine that we are obligated with regard to them, at any point in time it is likely that we will have some balance of unpaid guarantee liability. At both February 29, 2012 and November 30, 2011, we had no liabilities accrued for unpaid guarantees of joint venture indebtedness on our condensed consolidated balance sheets.

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The following table summarizes the principal maturities of our Lennar Homebuilding unconsolidated entities (“JVs”) debt as per current debt arrangements as of February 29, 2012 and does not represent estimates of future cash payments that will be made to reduce debt balances. Many JV loans have extension options in the loan agreements that would allow the loans to be extended into future years.

			Principal Maturities of Unconsolidated JVs by Period
(In thousands)	Total JV Assets (1)		Total JV Debt		2012		2013		2014		Thereafter		Other Debt (2)
Net recourse debt to Lennar	$			55,590		1,336		16,965		4,674		32,615		—
Reimbursement agreements				24,627		—		—		—		24,627		—
Maximum recourse debt exposure to Lennar		1,806,848		80,217		1,336		16,965		4,674		57,242		—
Debt without recourse to Lennar		1,065,115		815,538		143,611		55,492		30,207		558,335		27,893
Total	$	2,871,963		895,755		144,947		72,457		34,881		615,577		27,893

(1) Excludes unconsolidated joint venture assets where the joint venture has no debt.

(2) Represents land seller debt and other debt.

The following table is a breakdown of the assets, debt and equity of the Lennar Homebuilding unconsolidated joint ventures by partner type as of February 29, 2012:

(Dollars in thousands)	Total JV Assets		Maximum Recourse Debt Exposure to Lennar		Reimbursement Agreements		Net Recourse Debt to Lennar		Total Debt Without Recourse to Lennar		Total JV Debt		Total JV Equity		JV Debt to Total Capital Ratio			Remaining Homes/ Homesites in JV
Partner Type:
Financial	$	2,455,896		55,614		24,627		30,987		628,994		684,608		1,498,773		31	%		40,644
Land
Owners/Developers		404,642		19,929		—		19,929		98,806		118,735		273,817		30	%		14,504
Strategic		108,598		2,174		—		2,174		21,700		23,874		83,444		22	%		3,344
Other Builders		281,857		2,500		—		2,500		38,145		40,645		233,669		15	%		4,997
Total	$	3,250,993		80,217		24,627		55,590		787,645		867,862		2,089,703		29	%		63,489
Land seller debt and other debt	$			—		—		—		27,893		27,893
Total JV debt	$			80,217		24,627		55,590		815,538		895,755

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The table below indicates the assets, debt and equity of our 10 largest Lennar Homebuilding unconsolidated joint venture investments as of February 29, 2012:

(Dollars in thousands)	Lennar’s Investment		Total JV Assets		Maximum Recourse Debt Exposure to Lennar		Reimbursement Agreements		Net Recourse Debt to Lennar		Total Debt Without Recourse to Lennar		Total JV Debt		Total JV Equity		JV Debt to Total Capital Ratio
Top Ten JVs (1):
Heritage Fields El Toro	$	128,515		1,411,610		28,250		—		28,250		473,712		501,962		837,453		37	%
Central Park West Holdings		67,851		164,625		27,364		24,627		2,737		82,091		109,455		53,676		67	%
Newhall Land Development		45,246		447,457		—		—		—		—		—		260,964		—
Ballpark Village		38,750		130,400		—		—		—		52,910		52,910		77,050		41	%
Runkle Canyon		38,301		77,727		—		—		—		—		—		76,602		—
MS Rialto Residential Holdings		35,157		376,611		—		—		—		73,192		73,192		295,224		20	%
LS College Park		30,759		63,429		—		—		—		—		—		60,217		—
Treasure Island Community Development		27,104		54,691		—		—		—		—		—		54,240		—
Rocking Horse Partners		20,762		49,578		—		—		—		7,038		7,038		41,512		14	%
Krome Grove Land Trust		18,647		87,634		12,350		—		12,350		24,700		37,050		47,356		44	%
10 largest JV investments		451,092		2,863,762		67,964		24,627		43,337		713,643		781,607		1,804,294		30	%
Other JVs		112,272		387,231		12,253		—		12,253		74,002		86,255		285,409		23	%
Total	$	563,364		3,250,993		80,217		24,627		55,590		787,645		867,862		2,089,703		29	%
Land seller debt and other debt	$					—		—		—		27,893		27,893
Total JV debt	$					80,217		24,627		55,590		815,538		895,755

(1) All of the joint ventures presented in the table above operate in our Homebuilding West segment except for Rocking Horse Partners, which operates in our Homebuilding Central segment, Krome Groves Land Trust, which operates in our Homebuilding Southeast Florida segment and MS Rialto Residential Holdings, which operates in all of our homebuilding segments and Homebuilding Other.

The table below indicates the percentage of assets, debt and equity of our 10 largest Lennar Homebuilding unconsolidated joint venture investments, as of February 29, 2012:

	% of Total JV Assets			% of Maximum Recourse Debt Exposure to Lennar			% of Net Recourse Debt to Lennar			% of Total Debt Without Recourse to Lennar			% of Total JV Equity
10 largest JVs		88	%		85	%		78	%		91	%		86	%
Other JVs		12	%		15	%		22	%		9	%		14	%
Total		100	%		100	%		100	%		100	%		100	%

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Rialto Investments: Investments in Unconsolidated Entities

An affiliate of our Rialto segment is a sub-advisor to the AB PPIP fund and receives management fees for sub-advisory services. As of February 29, 2012, 90% of committed capital has been called of which we have contributed $67.5 million of the $75 million we committed to invest. As of February 29, 2012, the AB PPIP fund has invested approximately $4.5 billion to purchase $7.0 billion in face amount of non-agency residential mortgage-backed securities and commercial mortgage-backed securities and this investment is included in the investment securities reflected in the summarized condensed balance sheets of Rialto’s unconsolidated entities. The gross yield of the fund since its inception has totaled approximately 37%. As of February 29, 2012 and November 30, 2011, the carrying value of our investment in the AB PPIP fund was $75.5 million and $65.2 million, respectively.

During 2010, we committed to invest $75 million in the Rialto segment’s Fund, of which our remaining outstanding commitment as of February 29, 2012 was $20.5 million. As of February 29, 2012, the equity commitments of the Fund were $700 million (including the $75 million committed by us). During the three months ended February 29, 2012, we contributed $7.3 million to the Fund. Total investor contributions to the Fund for the three months ended February 29, 2012 were $130.5 million and total investor contributions to the Fund since inception were $518.2 million. As of February 29, 2012 and November 30, 2011, the carrying value of our investment in the Fund was $65.0 million and $50.1 million, respectively. During the three months ended February 29, 2012, our share of earnings from the Fund was $7.6 million.

Additionally, another subsidiary in our Rialto segment also has approximately a 5% investment in the Servicer Provider, which provides services to the consolidated LLCs, among others. As of February 29, 2012 and November 30, 2011, the carrying value of our investment in the Servicer Provider was $8.6 million and $8.8 million, respectively.

Summarized condensed financial information on a combined 100% basis related to Rialto’s investment in unconsolidated entities that are accounted for by the equity method was as follows:

Balance Sheets

(In thousands)	February 29, 2012		November 30, 2011
Assets:
Cash and cash equivalents	$	50,769		60,936
Loans receivable		341,470		274,213
Real estate owned		88,982		47,204
Investment securities		4,517,824		4,336,418
Other assets		81,109		171,196
	$	5,080,154		4,889,967
Liabilities and equity:
Accounts payable and other liabilities	$	124,044		320,353
Notes payable		54,655		40,877
Partner loans		163,320		137,820
Debt due to the U.S. Treasury		2,044,950		2,044,950
Equity		2,693,185		2,345,967
	$	5,080,154		4,889,967

Statements of Operations

	Three Months Ended
(In thousands)	February 29, 2012		February 28, 2011
Revenues	$	122,405		116,888
Costs and expenses		51,185		51,471
Other income, net (1)		266,440		86,788
Net earnings of unconsolidated entities	$	337,660		152,205
Rialto Investments equity in earnings from unconsolidated entities	$	18,458		4,525

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(1) Other income, net for the three months ended February 29, 2012 and February 28, 2011 includes the AB PPIP Fund’s mark-to-market unrealized gains, of which our portion is a small percentage.

Option Contracts

We have access to land through option contracts, which generally enables us to control portions of properties owned by third parties (including land funds) and unconsolidated entities until we have determined whether to exercise the options.

The table below indicates the number of homesites owned and homesites to which we had access through option contracts with third parties (“optioned”) or unconsolidated joint ventures (“JVs”) (i.e., controlled homesites) at February 29, 2012 and February 28, 2011:

	Controlled Homesites
February 29, 2012	Optioned		JVs		Total		Owned Homesites		Total Homesites
East		4,389		379		4,768		33,066		37,834
Central		996		1,199		2,195		16,137		18,332
West		996		6,045		7,041		27,860		34,901
Southeast Florida		961		333		1,294		8,402		9,696
Houston		903		295		1,198		9,800		10,998
Other		107		18		125		5,200		5,325
Total homesites		8,352		8,269		16,621		100,465		117,086

	Controlled Homesites
February 28, 2011	Optioned		JVs		Total		Owned Homesites		Total Homesites
East		3,670		1,255		4,925		26,274		31,199
Central		1,072		1,589		2,661		16,179		18,840
West		258		6,454		6,712		28,521		35,233
Southeast Florida		898		323		1,221		4,658		5,879
Houston		1,117		298		1,415		10,409		11,824
Other		424		74		498		4,966		5,464
Total homesites		7,439		9,993		17,432		91,007		108,439

We evaluate all option contracts for land to determine whether they are VIEs and, if so, whether we are the primary beneficiary of certain of these option contracts. Although we do not have legal title to the optioned land, if we are deemed to be the primary beneficiary, we are required to consolidate the land under option at the purchase price of the optioned land. During the three months ended February 29, 2012, the effect of consolidation of these option contracts was a net increase of $2.1 million to consolidated inventory not owned with a corresponding increase to liabilities related to consolidated inventory not owned in our condensed consolidated balance sheet as of February 29, 2012. To reflect the purchase price of the inventory consolidated, we reclassified the related option deposits from land under development to consolidated inventory not owned in the accompanying condensed consolidated balance sheet as of February 29, 2012. The liabilities related to consolidated inventory not owned primarily represent the difference between the option exercise prices for the optioned land and our cash deposits. The increase to consolidated inventory not owned was offset by our exercise of options to acquire land under certain contracts previously consolidated, resulting in a net decrease in consolidated inventory not owned of $9.7 million for the three months ended February 29, 2012.

Our exposure to loss related to our option contracts with third parties and unconsolidated entities consisted of our non-refundable option deposits and pre-acquisitions costs totaling $159.8 million and $156.8 million, respectively, at February 29, 2012 and November 30, 2011. Additionally, we had posted $44.4 million and $44.1 million, respectively, of letters of credit in lieu of cash deposits under certain option contracts as of February 29, 2012 and November 30, 2011.

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Contractual Obligations and Commercial Commitments

Our contractual obligations and commercial commitments have not changed materially from those reported in Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the fiscal year ended November 30, 2011.

We are subject to the usual obligations associated with entering into contracts (including option contracts) for the purchase, development and sale of real estate in the routine conduct of our business. Option contracts for the purchase of land generally enable us to defer acquiring portions of properties owned by third parties and unconsolidated entities until we have determined whether to exercise our options. This reduces our financial risk associated with land holdings. At February 29, 2012, we had access to 16,621 homesites through option contracts with third parties and unconsolidated entities in which we have investments. At February 29, 2012, we had $159.8 million of non-refundable option deposits and pre-acquisition costs related to certain of these homesites and $44.4 million of letters of credit posted in lieu of cash deposits under certain option contracts.

At February 29, 2012, we had letters of credit outstanding in the amount of $268.3 million (which included the $44.4 million of letters of credit discussed above). These letters of credit are generally posted either with regulatory bodies to guarantee our performance of certain development and construction activities, or in lieu of cash deposits on option contracts, for insurance risks, credit enhancements and as other collateral. Additionally, at February 29, 2012, we had outstanding performance and surety bonds related to site improvements at various projects (including certain projects in our joint ventures) of $607.3 million. Although significant development and construction activities have been completed related to these site improvements, these bonds are generally not released until all of the development and construction activities are completed. As of February 29, 2012, there were approximately $334.3 million, or 55%, of anticipated future costs to complete related to these site improvements. We do not presently anticipate any draws upon these bonds, but if any such draws occur, we do not believe they would have a material effect on our financial position, results of operations or cash flows.

Our Lennar Financial Services segment had a pipeline of loan applications in process of $608.1 million at February 29, 2012. Loans in process for which interest rates were committed to the borrowers and builder commitments for loan programs totaled approximately $272.5 million as of February 29, 2012. Substantially all of these commitments were for periods of 60 days or less. Since a portion of these commitments is expected to expire without being exercised by the borrowers or because borrowers may not meet certain criteria at the time of closing, the total commitments do not necessarily represent future cash requirements.

Our Lennar Financial Services segment uses mandatory mortgage-backed securities (“MBS”) forward commitments, option contracts and investor commitments to hedge our mortgage-related interest rate exposure. These instruments involve, to varying degrees, elements of credit and interest rate risk. Credit risk associated with MBS forward commitments, option contracts and loan sales transactions is managed by limiting our counterparties to investment banks, federally regulated bank affiliates and other investors meeting our credit standards. Our risk, in the event of default by the purchaser, is the difference between the contract price and fair value of the MBS forward commitments and option contracts. At February 29, 2012, we had open commitments amounting to $481.3 million to sell MBS with varying settlement dates through May 2012.

(3) New Accounting Pronouncements

See Note 16 of our condensed consolidated financial statements included under Item 1 of this Report for a discussion of new accounting pronouncements applicable to our Company.

(4) Critical Accounting Policies

We believe that there have been no significant changes to our critical accounting policies during the three months ended February 29, 2012, as compared to those we disclosed in Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended November 30, 2011.

69

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are exposed to market risks related to fluctuations in interest rates on our investments, debt obligations, loans held-for-sale and loans held-for-investment. We utilize forward commitments and option contracts to mitigate the risks associated with our mortgage loan portfolio.

Our Annual Report on Form 10-K for the year ended November 30, 2011 contains information about market risk under “Item 7A. Quantitative and Qualitative Disclosures About Market Risk.” There have been no material changes in our exposure to market risks during the three months ended February 29, 2012.

Item 4. Controls and Procedures

Our Chief Executive Officer and Chief Financial Officer participated in an evaluation by our management of the effectiveness of our disclosure controls and procedures as of the end of our fiscal quarter that ended on February 29, 2012. Based on their participation in that evaluation, our CEO and CFO concluded that our disclosure controls and procedures were effective as of February 29, 2012 to ensure that information required to be disclosed in our reports filed or submitted under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and to ensure that information required to be disclosed in our reports filed or furnished under the Securities Exchange Act of 1934, as amended, is accumulated and communicated to our management, including our CEO and CFO, as appropriate, to allow timely decisions regarding required disclosures.

Our CEO and CFO also participated in an evaluation by our management of any changes in our internal control over financial reporting that occurred during the quarter ended February 29, 2012. That evaluation did not identify any changes that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Part II. Other Information

Item 1 - 5. Not applicable.

Item 6. Exhibits.

31.1.	Rule 13a-14(a) certification by Stuart A. Miller, Chief Executive Officer.
31.2.	Rule 13a-14(a) certification by Bruce E. Gross, Vice President and Chief Financial Officer.
32.	Section 1350 certifications by Stuart A. Miller, Chief Executive Officer, and Bruce E. Gross, Vice President and Chief Financial Officer.
101	The following financial statements from Lennar Corporation Quarterly Report on Form 10-Q for the quarter ended February 29, 2012, filed on April 9, 2012, were formatted in XBRL (Extensible Business Reporting Language); (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Operations, (iii) Condensed Consolidated Statements of Cash Flows and (iv) the Notes to Consolidated Financial Statements.*

* In accordance with Rule 406T of Regulation S-T, the XBRL related to information in Exhibit 101 to this Quarterly Report on Form 10-Q shall not be deemed to be “filed” for purposes of Section 18 of Exchange Act, or otherwise subject to the liability of that section, and shall not be part of any registration or other document filed under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

70

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	Lennar Corporation
	(Registrant)
Date: April 9, 2012	/s/    Bruce E. Gross
	Bruce E. Gross
	Vice President and Chief Financial Officer
Date: April 9, 2012	/s/    David M. Collins
	David M. Collins
	Controller

71

EX-31.1

Exhibit 31.1

Chief Executive Officer’s Certification

I, Stuart A. Miller, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Lennar Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: April 9, 2012	/s/ Stuart A. Miller
	Name:	Stuart A. Miller
	Title:	Chief Executive Officer

EX-31.2

Exhibit 31.2

Chief Financial Officer’s Certification

I, Bruce E. Gross, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Lennar Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: April 9, 2012	/s/ Bruce E. Gross
	Name:	Bruce E. Gross
	Title:	Vice President and Chief Financial Officer

EX-32

Exhibit 32

Officers’ Section 1350 Certifications

Each of the undersigned officers of Lennar Corporation, a Delaware corporation (the “Company”), hereby certifies that (i) the Company’s Quarterly Report on Form 10-Q for the three months ended February 29, 2012 fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934 and (ii) the information contained in the Company’s Quarterly Report on Form 10-Q for the three months ended February 29, 2012 fairly presents, in all material respects, the financial condition and results of operations of the Company, at and for the periods indicated.

Date: April 9, 2012	/s/ Stuart A. Miller
	Name:	Stuart A. Miller
	Title:	Chief Executive Officer
Date: April 9, 2012	/s/ Bruce E. Gross
	Name:	Bruce E. Gross
	Title:	Vice President and Chief Financial Officer

XML

Lennar Homebuilding Investments In Unconsolidated Entities (Narrative) (Details) (USD $)	3 Months Ended
	Feb. 29, 2012	Feb. 28, 2011	Nov. 30, 2011
Schedule of Equity Method Investments [Line Items]
Percent of combination	100.00%
Deferred management fees		$ 10,000,000
Maximum recourse exposure related to indebtedness of unconsolidated entities	28,500,000
Capital contributions to unconsolidated entities	2,900,000
Amount related to joint venture and restructuring of guarantee	25,600,000
Obligation guarantees accrued as liability	0		0
Maintenance guarantees	0	1,700,000
Other loan paydowns	3,400,000	600,000
Payments under completion guarantees	0	0
Morgan Stanley & Co., Inc. [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest	20.00%
Voting rights percentage	50.00%
Inventories	369,700,000		372,000,000
Lennar Homebuilding Investments [Member]
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	563,400,000		545,800,000
Underlying equity in unconsolidated partners' net assets	657,500,000		628,100,000
Inventories	$ 2,952,727,000		$ 2,895,241,000

XML

Rialto Investments Segment (Operating Earnings Related To Rialto Segment) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Feb. 29, 2012		Feb. 28, 2011
Segment Reporting Information [Line Items]
Operating earnings	$ 33,295		$ 59,673
Noncontrolling interest income (loss)	6,991	[1]	(11,320)	[1]
Rialto Investments [Member]
Segment Reporting Information [Line Items]
Rialto Investments, Revenues	32,208		33,623
Rialto Investments, Cost and expenses	33,370		28,349
Rialto Investments equity in earnings from unconsolidated entities	18,458		4,525
Rialto Investments other income (expense), net	(12,240)		13,203
Operating earnings	5,056	[2]	23,002	[2]
Noncontrolling interest income (loss)	$ (4,300)		$ 12,000

[1] Net earnings (loss) attributable to noncontrolling interests for the three months ended February 29, 2012 and February 28, 2011 includes ($4.3) million and $12.0 million, respectively, related to the FDIC's interest in the portfolio of real estate loans that the Company acquired in partnership with the FDIC.

[2] Operating earnings for the three months ended February 29, 2012 and February 28, 2011 includes net earnings (loss) attributable to noncontrolling interests of ($4.3) million and $12.0 million respectively.

XML

Earnings Per Share (Details) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended
	Feb. 29, 2012	Feb. 28, 2011
Earnings Per Share [Line Items]
Net earnings attributable to Lennar	$ 14,968	$ 27,406
Less: distributed earnings allocated to nonvested shares	115	101
Less: undistributed earnings allocated to nonvested shares	113	269
Numerator for basic earnings per share	14,740	27,036
Plus: interest on 2.00% convertible senior notes due 2020 and 3.25% convertible senior notes due 2021	2,911	871
Plus: undistributed earnings allocated to convertible shares	113	269
Less: undistributed earnings reallocated to convertible shares	137	265
Numerator for diluted earnings per share	$ 17,627	$ 27,911
Denominator for basic earnings per share-weighted average common shares outstanding	185,997,000	184,155,000
Shared based payments	883,000	699,000
2.00% convertible senior notes due 2020 and 3.25% convertible senior notes due 2021	26,933,000	10,005,000
Denominator for diluted earnings per share-weighted average common shares outstanding	213,813,000	194,859,000
Basic earnings per share	$ 0.08	$ 0.15
Diluted earnings per share	$ 0.08	$ 0.14
Options to purchase outstanding and anti-dilutive shares	300,000	1,200,000
2.00% Convertible Senior Notes Due 2020 [Member]
Earnings Per Share [Line Items]
Interest rate	2.00%
Senior notes maturity year	2020
3.25% Convertible Senior Notes Due 2021 [Member]
Earnings Per Share [Line Items]
Interest rate	3.25%
Senior notes maturity year	2021

XML

Financial Instruments (Schedule Of Gains And Losses Of Financial Instruments) (Details) (Lennar Financial Services [Member], USD $) In Thousands, unless otherwise specified	3 Months Ended
	Feb. 29, 2012	Feb. 28, 2011
Loans Held-For-Sale [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Gains and losses of financial instruments	$ (1,307)	$ (147)
Mortgage Loan Commitments [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Gains and losses of financial instruments	1,442	2,517
Forward Contracts [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Gains and losses of financial instruments	$ 735	$ (4,666)

XML

Rialto Investments Segment (Loans Receivable By Aggregate Collateral Type) (Details) (USD $) In Thousands, unless otherwise specified	Feb. 29, 2012	Nov. 30, 2011
Rialto Investments [Member]
Segment Reporting Information [Line Items]
Loans receivable, net	$ 649,791	$ 713,354
Land [Member]
Segment Reporting Information [Line Items]
Loans receivable, net	332,706	348,234
Single Family Homes [Member]
Segment Reporting Information [Line Items]
Loans receivable, net	139,152	152,265
Commercial Properties [Member]
Segment Reporting Information [Line Items]
Loans receivable, net	145,375	172,799
Multi-Family Homes [Member]
Segment Reporting Information [Line Items]
Loans receivable, net	24,217	28,108
Other [Member]
Segment Reporting Information [Line Items]
Loans receivable, net	$ 8,341	$ 11,948

XML

Supplemental Financial Information (Condensed Consolidating Statement Of Cash Flows) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Feb. 29, 2012		Feb. 28, 2011
Condensed Financial Statements, Captions [Line Items]
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	$ 7,977		$ 38,726
Adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities	(140,421)		(29,051)
Net cash provided by (used in) operating activities	(132,444)		9,675
Proceeds from sales of Rialto Investments real estate owned	37,868
Other	1,252		282
Net cash provided by (used in) investing activities	156,706		(2,136)
Proceeds from 3.25% convertible senior notes due 2021	50,000
Net proceeds from convertible senior notes	48,965
Principal repayments on Rialto Investments notes payable	(170,026)
Net repayments on other borrowing	7,823		(27,763)
Exercise of land option contracts from an unconsolidated land investment venture	(4,628)		(10,855)
Net payments related to noncontrolling interests	391		(4,674)
Excess tax benefits from share-based awards			258
Issuances	10,761		4,754
Dividends	(7,562)		(7,469)
Intercompany
Net cash used in financing activities	(264,960)		(195,088)
Net decrease in cash and cash equivalents	(240,698)		(187,549)
Cash and cash equivalents at beginning of period	1,163,604		1,394,135
Cash and cash equivalents at end of period	922,906		1,206,586
Lennar Corporation [Member]
Condensed Financial Statements, Captions [Line Items]
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	14,968		27,406
Adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities	(46,874)		(15,550)
Net cash provided by (used in) operating activities	(31,906)		11,856
Net proceeds from convertible senior notes	48,965
Excess tax benefits from share-based awards			258
Issuances	10,761		4,754
Dividends	(7,562)		(7,469)
Intercompany	(212,652)		(182,844)
Net cash used in financing activities	(160,488)		(185,301)
Net decrease in cash and cash equivalents	(192,394)		(173,445)
Cash and cash equivalents at beginning of period	864,237		1,071,542
Cash and cash equivalents at end of period	671,843		898,097
Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	29,372		38,617
Adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities	(229,062)		(187,700)
Net cash provided by (used in) operating activities	(199,690)		(149,083)
Other	5,147		(4,560)
Net cash provided by (used in) investing activities	(11,318)		(21,312)
Net repayments on other borrowing	12,296		(12,510)
Exercise of land option contracts from an unconsolidated land investment venture	(4,628)		(10,855)
Intercompany	165,478		162,765
Net cash used in financing activities	173,091		139,395
Net decrease in cash and cash equivalents	(37,917)		(31,000)
Cash and cash equivalents at beginning of period	172,018		179,215
Cash and cash equivalents at end of period	134,101		148,215
Non-Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	5,041		20,222
Adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities	94,111		126,680
Net cash provided by (used in) operating activities	99,152		146,902
Proceeds from sales of Rialto Investments real estate owned	37,868
Other	(3,895)		4,842
Net cash provided by (used in) investing activities	168,024		19,176
Principal repayments on Rialto Investments notes payable	(170,026)
Net repayments on other borrowing	(4,473)		(15,253)
Net payments related to noncontrolling interests	391		(4,674)
Intercompany	47,174		20,079
Net cash used in financing activities	(277,563)		(149,182)
Net decrease in cash and cash equivalents	(10,387)		16,896
Cash and cash equivalents at beginning of period	127,349		143,378
Cash and cash equivalents at end of period	116,962		160,274
Eliminations [Member]
Condensed Financial Statements, Captions [Line Items]
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	(41,404)		(47,519)
Adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities	41,404		47,519
Lennar Homebuilding [Member]
Condensed Financial Statements, Captions [Line Items]
Investments in and contributions to unconsolidated entities, net	(16,913)		(17,547)
Cash and cash equivalents at beginning of period	1,024,212	[1]
Cash and cash equivalents at end of period	792,165	[1]	1,014,000
Lennar Homebuilding [Member] | Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Investments in and contributions to unconsolidated entities, net	(16,465)		(16,752)
Lennar Homebuilding [Member] | Non-Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Investments in and contributions to unconsolidated entities, net	(448)		(795)
Rialto Investments [Member]
Condensed Financial Statements, Captions [Line Items]
Investments in and contributions to unconsolidated entities, net	(7,213)		(10,575)
Decrease (increase) in Rialto Investments defeasance cash to retire notes payable	108,163		(24,250)
Receipts of principal payments on Rialto Investments loans receivable	33,549		49,954
Proceeds from sales of Rialto Investments real estate owned	37,868		7,792
Principal repayments on Rialto Investments notes payable	(170,026)
Cash and cash equivalents at beginning of period	83,938	[1]
Cash and cash equivalents at end of period	74,186	[1]	82,961
Rialto Investments [Member] | Non-Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Investments in and contributions to unconsolidated entities, net	(7,213)		(10,575)
Decrease (increase) in Rialto Investments defeasance cash to retire notes payable	108,163		(24,250)
Receipts of principal payments on Rialto Investments loans receivable	33,549		49,954
Lennar Financial Services [Member]
Condensed Financial Statements, Captions [Line Items]
Net repayments under Lennar Financial Services debt	(150,684)		(149,339)
Cash and cash equivalents at beginning of period	55,454
Cash and cash equivalents at end of period	56,555		109,625
Lennar Financial Services [Member] | Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Net repayments under Lennar Financial Services debt	(55)		(5)
Lennar Financial Services [Member] | Non-Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Net repayments under Lennar Financial Services debt	$ (150,629)		$ (149,334)

[1] Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations, ("ASC 810") the Company is required to separately disclose on its condensed consolidated balance sheets the assets of consolidated variable interest entities ("VIEs") that are owned by the consolidated VIEs and non-recourse liabilities of consolidated VIEs. As of February 29, 2012, total assets include $2,111.5 million related to consolidated VIEs of which $19.0 million is included in Lennar Homebuilding cash and cash equivalents, $5.3 million in Lennar Homebuilding receivables, net, $0.5 million in Lennar Homebuilding finished homes and construction in progress, $504.1 million in Lennar Homebuilding land and land under development, $67.5 million in Lennar Homebuilding consolidated inventory not owned, $43.8 million in Lennar Homebuilding investments in unconsolidated entities, $219.4 million in Lennar Homebuilding other assets, $69.4 million in Rialto Investments cash and cash equivalents, $111.2 million in Rialto Investments defeasance cash to retire notes payable, $523.3 million in Rialto Investments loans receivable, net, $87.8 million in Rialto Investments real estate owned held-for-sale, $450.3 million in Rialto Investments real estate owned held-and-used, net, $0.6 million in Rialto Investments in unconsolidated entities and $9.3 million in Rialto Investments other assets. As of November 30, 2011, total assets include $2,317.4 million related to consolidated VIEs of which $19.6 million is included in Lennar Homebuilding cash and cash equivalents, $5.3 million in Lennar Homebuilding receivables, net, $0.1 million in Lennar Homebuilding finished homes and construction in progress, $538.2 million in Lennar Homebuilding land and land under development, $71.6 million in Lennar Homebuilding consolidated inventory not owned, $43.4 million in Lennar Homebuilding investments in unconsolidated entities, $219.6 million in Lennar Homebuilding other assets, $80.0 million in Rialto Investments cash and cash equivalents, $219.4 million in Rialto Investments defeasance cash to retire notes payable, $565.6 million in Rialto Investments loans receivable, net, $115.4 million in Rialto Investments real estate owned held-for-sale, $428.0 million in Rialto Investments real estate owned held-and-used, net, $0.6 million in Rialto Investments in unconsolidated entities and $10.6 million in Rialto Investments other assets.

XML

Equity And Comprehensive Earnings (Loss) (Schedule Of Changes In Equity) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Feb. 29, 2012		Feb. 28, 2011
Balance, beginning	$ 3,303,525	[1]	$ 3,194,383
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	7,977		38,726
Employee stock and directors plans	11,646		6,123
Amortization of restricted stock	7,276		5,368
Cash dividends	(7,562)		(7,469)
Receipts related to noncontrolling interests	391		115
Payments related to noncontrolling interests			(4,789)
Lennar Homebuilding non-cash consolidations			529
Balance, ending	3,323,253	[1]	3,232,986
Additional Paid In Capital [Member]
Balance, beginning	2,341,079		2,310,339
Employee stock and directors plans	6,078		6,093
Amortization of restricted stock	7,276		5,368
Balance, ending	2,354,433		2,321,800
Treasury Stock [Member]
Balance, beginning	(621,220)		(615,496)
Employee stock and directors plans	5,522
Balance, ending	(615,698)		(615,496)
Retained Earnings [Member]
Balance, beginning	956,401		894,108
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	14,968		27,406
Cash dividends	(7,562)		(7,469)
Balance, ending	963,807		914,045
Noncontrolling Interests [Member]
Balance, beginning	607,057		585,434
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	(6,991)		11,320
Receipts related to noncontrolling interests	391		115
Payments related to noncontrolling interests			(4,789)
Lennar Homebuilding non-cash consolidations			529
Balance, ending	600,457		592,609
Class A Common Stock [Member]
Balance, beginning	16,910		16,701
Employee stock and directors plans	46		29
Balance, ending	16,956		16,730
Class B Common Stock [Member]
Balance, beginning	3,298		3,297
Employee stock and directors plans			1
Balance, ending	$ 3,298		$ 3,298

[1] As of February 29, 2012, total liabilities include $745.5 million related to consolidated VIEs as to which there was no recourse against the Company, of which $8.3 million is included in Lennar Homebuilding accounts payable, $39.1 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $170.1 million in Lennar Homebuilding senior notes and other debts payable, $34.9 million in Lennar Homebuilding other liabilities and $493.1 million in Rialto Investments notes payable and other liabilities. As of November 30, 2011, total liabilities include $902.3 million related to consolidated VIEs as to which there was no recourse against the Company, of which $12.7 million is included in Lennar Homebuilding accounts payable, $43.6 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $175.3 million in Lennar Homebuilding senior notes and other debts payable, $16.7 million in Lennar Homebuilding other liabilities and $654.0 million in Rialto Investments notes payable and other liabilities.

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Share-Based Payment (Tables)

3 Months Ended

Feb. 29, 2012

Share-Based Payment [Abstract]

Compensation Expense, Share-Based Payment Awards

	Three Months Ended
	February 29,		February 28,
(In thousands)	2012		2011
Stock options	$	885		1,362
Nonvested shares		7,276		5,368
Total compensation expense for share-based awards	$	8,161		6,730

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Consolidation Of Variable Interest Entities (Narrative) (Details) (USD $)	3 Months Ended
	Feb. 29, 2012		Nov. 30, 2011
Variable Interest Entity [Line Items]
Consolidated VIEs assets	$ 2,111,500,000		$ 2,317,400,000
Consolidated VIEs non-recourse liabilities	745,500,000		902,300,000
Remaining outstanding commitment	7,500,000
Lennar's maximum exposure to loss, recourse debt	27,400,000
Increase in consolidated inventory and related liabilities	2,100,000
Decrease in consolidated inventory and related liabilities	9,700,000
Non-refundable option deposits and pre-acquisition costs	159,800,000		156,800,000
Letters of credit	44,400,000		44,100,000
Lennar Homebuilding [Member]
Variable Interest Entity [Line Items]
Investments in unconsolidated entities	563,364,000	[1]	545,760,000	[1]
Rialto Investments [Member]
Variable Interest Entity [Line Items]
Investments in unconsolidated entities	149,735,000	[1]	124,712,000	[1]
Consolidated VIEs assets	1,300,000,000		1,400,000,000
Consolidated VIEs non-recourse liabilities	$ 500,000,000		$ 700,000,000

[1] Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations, ("ASC 810") the Company is required to separately disclose on its condensed consolidated balance sheets the assets of consolidated variable interest entities ("VIEs") that are owned by the consolidated VIEs and non-recourse liabilities of consolidated VIEs. As of February 29, 2012, total assets include $2,111.5 million related to consolidated VIEs of which $19.0 million is included in Lennar Homebuilding cash and cash equivalents, $5.3 million in Lennar Homebuilding receivables, net, $0.5 million in Lennar Homebuilding finished homes and construction in progress, $504.1 million in Lennar Homebuilding land and land under development, $67.5 million in Lennar Homebuilding consolidated inventory not owned, $43.8 million in Lennar Homebuilding investments in unconsolidated entities, $219.4 million in Lennar Homebuilding other assets, $69.4 million in Rialto Investments cash and cash equivalents, $111.2 million in Rialto Investments defeasance cash to retire notes payable, $523.3 million in Rialto Investments loans receivable, net, $87.8 million in Rialto Investments real estate owned held-for-sale, $450.3 million in Rialto Investments real estate owned held-and-used, net, $0.6 million in Rialto Investments in unconsolidated entities and $9.3 million in Rialto Investments other assets. As of November 30, 2011, total assets include $2,317.4 million related to consolidated VIEs of which $19.6 million is included in Lennar Homebuilding cash and cash equivalents, $5.3 million in Lennar Homebuilding receivables, net, $0.1 million in Lennar Homebuilding finished homes and construction in progress, $538.2 million in Lennar Homebuilding land and land under development, $71.6 million in Lennar Homebuilding consolidated inventory not owned, $43.4 million in Lennar Homebuilding investments in unconsolidated entities, $219.6 million in Lennar Homebuilding other assets, $80.0 million in Rialto Investments cash and cash equivalents, $219.4 million in Rialto Investments defeasance cash to retire notes payable, $565.6 million in Rialto Investments loans receivable, net, $115.4 million in Rialto Investments real estate owned held-for-sale, $428.0 million in Rialto Investments real estate owned held-and-used, net, $0.6 million in Rialto Investments in unconsolidated entities and $10.6 million in Rialto Investments other assets.

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Rialto Investments Segment (Accretable Yield For The FDIC Portfolios And Bank Portfolios) (Details) (Rialto Investments [Member], FDIC Portfolios And Bank Portfolios [Member], USD $) In Thousands, unless otherwise specified	3 Months Ended
	Feb. 29, 2012	Feb. 28, 2011
Rialto Investments [Member] | FDIC Portfolios And Bank Portfolios [Member]
Segment Reporting Information [Line Items]
Accretable yield, beginning of period	$ 209,480	$ 396,311
Additions	1,838	11,443
Deletions	(10,635)	(35,065)
Accretions	(21,403)	(32,343)
Accretable yield, end of period	$ 179,280	$ 340,346

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Supplemental Financial Information (Condensed Consolidating Balance Sheet) (Details) (USD $) In Thousands, unless otherwise specified	Feb. 29, 2012		Nov. 30, 2011		Feb. 28, 2011	Nov. 30, 2010
Condensed Financial Statements, Captions [Line Items]
Total assets	$ 8,867,494	[1]	$ 9,154,671	[1]
Senior notes and other debts payable	3,472,937		3,362,759
Total liabilities	5,544,241	[2]	5,851,146	[2]
Stockholders' equity	2,722,796	[2]	2,696,468	[2]
Noncontrolling interests	600,457	[2]	607,057	[2]
Total equity	3,323,253	[2]	3,303,525	[2]	3,232,986	3,194,383
Total liabilities and equity	8,867,494	[2]	9,154,671	[2]
Lennar Corporation [Member]
Condensed Financial Statements, Captions [Line Items]
Total assets	4,073,509		4,275,434
Total liabilities	1,350,713		1,578,966
Stockholders' equity	2,722,796		2,696,468
Total equity	2,722,796		2,696,468
Total liabilities and equity	4,073,509		4,275,434
Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Total assets	5,760,900		5,545,400
Total liabilities	2,404,712		2,177,064
Stockholders' equity	3,356,188		3,368,336
Total equity	3,356,188		3,368,336
Total liabilities and equity	5,760,900		5,545,400
Non-Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Total assets	2,988,966		3,313,484
Total liabilities	1,788,816		2,095,116
Stockholders' equity	599,693		611,311
Noncontrolling interests	600,457		607,057
Total equity	1,200,150		1,218,368
Total liabilities and equity	2,988,966		3,313,484
Eliminations [Member]
Condensed Financial Statements, Captions [Line Items]
Total assets	(3,955,881)		(3,979,647)
Stockholders' equity	(3,955,881)		(3,979,647)
Total equity	(3,955,881)		(3,979,647)
Total liabilities and equity	(3,955,881)		(3,979,647)
Lennar Homebuilding [Member]
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents, restricted cash and receivables, net	847,911		1,086,779
Inventories	4,667,542	[1]	4,360,535	[1]
Investments in unconsolidated entities	563,364	[1]	545,760	[1]
Other assets	440,146	[1]	524,694	[1]
Total assets	6,518,963	[1]	6,517,768	[1]
Accounts payable and other liabilities	732,618		803,332
Liabilities related to consolidated inventory not owned	317,136	[2]	326,200	[2]
Senior notes and other debts payable	3,472,937	[2]	3,362,759	[2]
Total liabilities	4,522,691		4,492,291
Lennar Homebuilding [Member] | Lennar Corporation [Member]
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents, restricted cash and receivables, net	676,284		871,376
Other assets	41,037		35,722
Investments in subsidiaries	3,356,188		3,368,336
Total assets	4,073,509		4,275,434
Accounts payable and other liabilities	234,448		290,337
Senior notes and other debts payable	2,976,583		2,922,855
Intercompany	(1,860,318)		(1,634,226)
Total liabilities	1,350,713		1,578,966
Lennar Homebuilding [Member] | Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents, restricted cash and receivables, net	147,285		190,483
Inventories	4,163,879		3,822,009
Investments in unconsolidated entities	519,592		502,363
Other assets	179,697		269,392
Investments in subsidiaries	599,693		611,311
Total assets	5,610,146		5,395,558
Accounts payable and other liabilities	476,587		483,590
Liabilities related to consolidated inventory not owned	317,136		326,200
Senior notes and other debts payable	277,466		215,840
Intercompany	1,288,416		1,105,872
Total liabilities	2,359,605		2,131,502
Lennar Homebuilding [Member] | Non-Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents, restricted cash and receivables, net	24,342		24,920
Inventories	503,663		538,526
Investments in unconsolidated entities	43,772		43,397
Other assets	219,412		219,580
Total assets	791,189		826,423
Accounts payable and other liabilities	21,583		29,405
Senior notes and other debts payable	218,888		224,064
Intercompany	571,902		528,354
Total liabilities	812,373		781,823
Lennar Homebuilding [Member] | Eliminations [Member]
Condensed Financial Statements, Captions [Line Items]
Investments in subsidiaries	(3,955,881)		(3,979,647)
Total assets	(3,955,881)		(3,979,647)
Rialto Investments [Member]
Condensed Financial Statements, Captions [Line Items]
Investments in unconsolidated entities	149,735	[1]	124,712	[1]
Other assets	34,637	[1]	29,970	[1]
Total assets	1,751,721	[1],[3]	1,897,148	[1],[3]
Senior notes and other debts payable	595,515		765,541
Total liabilities	612,144	[2]	796,120	[2]
Rialto Investments [Member] | Non-Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Total assets	1,751,721		1,897,148
Total liabilities	612,144		796,120
Lennar Financial Services [Member]
Condensed Financial Statements, Captions [Line Items]
Other assets	38,100	[4]	36,488	[4]
Total assets	596,810	[1]	739,755	[1]
Total liabilities	409,406	[2]	562,735	[2]
Lennar Financial Services [Member] | Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Total assets	150,754		149,842
Total liabilities	45,107		45,562
Lennar Financial Services [Member] | Non-Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Total assets	446,056		589,913
Total liabilities	$ 364,299		$ 517,173

[1] Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations, ("ASC 810") the Company is required to separately disclose on its condensed consolidated balance sheets the assets of consolidated variable interest entities ("VIEs") that are owned by the consolidated VIEs and non-recourse liabilities of consolidated VIEs. As of February 29, 2012, total assets include $2,111.5 million related to consolidated VIEs of which $19.0 million is included in Lennar Homebuilding cash and cash equivalents, $5.3 million in Lennar Homebuilding receivables, net, $0.5 million in Lennar Homebuilding finished homes and construction in progress, $504.1 million in Lennar Homebuilding land and land under development, $67.5 million in Lennar Homebuilding consolidated inventory not owned, $43.8 million in Lennar Homebuilding investments in unconsolidated entities, $219.4 million in Lennar Homebuilding other assets, $69.4 million in Rialto Investments cash and cash equivalents, $111.2 million in Rialto Investments defeasance cash to retire notes payable, $523.3 million in Rialto Investments loans receivable, net, $87.8 million in Rialto Investments real estate owned held-for-sale, $450.3 million in Rialto Investments real estate owned held-and-used, net, $0.6 million in Rialto Investments in unconsolidated entities and $9.3 million in Rialto Investments other assets. As of November 30, 2011, total assets include $2,317.4 million related to consolidated VIEs of which $19.6 million is included in Lennar Homebuilding cash and cash equivalents, $5.3 million in Lennar Homebuilding receivables, net, $0.1 million in Lennar Homebuilding finished homes and construction in progress, $538.2 million in Lennar Homebuilding land and land under development, $71.6 million in Lennar Homebuilding consolidated inventory not owned, $43.4 million in Lennar Homebuilding investments in unconsolidated entities, $219.6 million in Lennar Homebuilding other assets, $80.0 million in Rialto Investments cash and cash equivalents, $219.4 million in Rialto Investments defeasance cash to retire notes payable, $565.6 million in Rialto Investments loans receivable, net, $115.4 million in Rialto Investments real estate owned held-for-sale, $428.0 million in Rialto Investments real estate owned held-and-used, net, $0.6 million in Rialto Investments in unconsolidated entities and $10.6 million in Rialto Investments other assets.

[2] As of February 29, 2012, total liabilities include $745.5 million related to consolidated VIEs as to which there was no recourse against the Company, of which $8.3 million is included in Lennar Homebuilding accounts payable, $39.1 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $170.1 million in Lennar Homebuilding senior notes and other debts payable, $34.9 million in Lennar Homebuilding other liabilities and $493.1 million in Rialto Investments notes payable and other liabilities. As of November 30, 2011, total liabilities include $902.3 million related to consolidated VIEs as to which there was no recourse against the Company, of which $12.7 million is included in Lennar Homebuilding accounts payable, $43.6 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $175.3 million in Lennar Homebuilding senior notes and other debts payable, $16.7 million in Lennar Homebuilding other liabilities and $654.0 million in Rialto Investments notes payable and other liabilities.

[3] Consists primarily of assets of consolidated VIEs (see Note 8).

[4] Other assets include mortgage loan commitments carried at fair value of $5.6 million and $4.2 million, respectively, as of February 29, 2012 and November 30, 2011.

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Supplemental Financial Information (Condensed Consolidating Statement Of Operations) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Feb. 29, 2012		Feb. 28, 2011
Condensed Financial Statements, Captions [Line Items]
Total revenues	$ 724,856	[1]	$ 558,045	[1]
Corporate general and administrative	26,842		23,352
Total costs and expenses	704,922		555,994
Earnings (loss) before income taxes	6,453		36,321
Benefit for income taxes	1,524		2,405
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	7,977		38,726
Less: Net earnings (loss) attributable to noncontrolling interests	(6,991)	[2]	11,320	[2]
Net earnings attributable to Lennar	14,968		27,406
Lennar Corporation [Member]
Condensed Financial Statements, Captions [Line Items]
Corporate general and administrative	25,499		22,231
Total costs and expenses	25,499		22,231
Earnings (loss) before income taxes	(27,013)		(24,320)
Benefit for income taxes	12,609		13,109
Equity in earnings from subsidiaries	29,372		38,617
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	14,968		27,406
Net earnings attributable to Lennar	14,968		27,406
Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Total revenues	658,578		492,951
Total costs and expenses	615,554		469,990
Earnings (loss) before income taxes	23,374		39,516
Benefit for income taxes	(6,034)		(9,801)
Equity in earnings from subsidiaries	12,032		8,902
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	29,372		38,617
Net earnings attributable to Lennar	29,372		38,617
Non-Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Total revenues	70,595		79,740
Total costs and expenses	66,663		76,321
Earnings (loss) before income taxes	10,092		21,125
Benefit for income taxes	(5,051)		(903)
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	5,041		20,222
Less: Net earnings (loss) attributable to noncontrolling interests	(6,991)		11,320
Net earnings attributable to Lennar	12,032		8,902
Eliminations [Member]
Condensed Financial Statements, Captions [Line Items]
Total revenues	(4,317)		(14,646)
Corporate general and administrative	1,343		1,121
Total costs and expenses	(2,794)		(12,548)
Equity in earnings from subsidiaries	(41,404)		(47,519)
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	(41,404)		(47,519)
Net earnings attributable to Lennar	(41,404)		(47,519)
Lennar Homebuilding [Member]
Condensed Financial Statements, Captions [Line Items]
Real estate revenue	624,433		466,709
Lennar Homebuilding, Cost and expenses	584,745		447,763
Equity in earnings (loss) from unconsolidated entities	1,083		8,661
Rialto Investments other income (expense), net	4,067	[3]	29,960	[3]
Other interest expense	(24,849)		(22,079)
Lennar Homebuilding [Member] | Lennar Corporation [Member]
Condensed Financial Statements, Captions [Line Items]
Rialto Investments other income (expense), net	(77)		9,676
Other interest expense	(1,437)		(11,765)
Lennar Homebuilding [Member] | Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Real estate revenue	624,028		458,957
Lennar Homebuilding, Cost and expenses	580,510		434,220
Equity in earnings (loss) from unconsolidated entities	1,141		8,683
Rialto Investments other income (expense), net	4,058		29,951
Other interest expense	(24,849)		(22,079)
Lennar Homebuilding [Member] | Non-Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Real estate revenue	405		7,752
Lennar Homebuilding, Cost and expenses	4,375		15,635
Equity in earnings (loss) from unconsolidated entities	(58)		(22)
Lennar Homebuilding [Member] | Eliminations [Member]
Condensed Financial Statements, Captions [Line Items]
Lennar Homebuilding, Cost and expenses	(140)		(2,092)
Rialto Investments other income (expense), net	86		(9,667)
Other interest expense	1,437		11,765
Lennar Financial Services [Member]
Condensed Financial Statements, Captions [Line Items]
Financial Services Revenue	68,215		57,713
Lennar Financial Services, Cost and expenses	59,965		56,530
Lennar Financial Services [Member] | Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Financial Services Revenue	34,550		33,994
Lennar Financial Services, Cost and expenses	34,966		35,770
Lennar Financial Services [Member] | Non-Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Financial Services Revenue	37,982		38,365
Lennar Financial Services, Cost and expenses	28,918		32,337
Lennar Financial Services [Member] | Eliminations [Member]
Condensed Financial Statements, Captions [Line Items]
Financial Services Revenue	(4,317)		(14,646)
Lennar Financial Services, Cost and expenses	(3,919)		(11,577)
Rialto Investments [Member]
Condensed Financial Statements, Captions [Line Items]
Rialto Investments, Revenues	32,208		33,623
Rialto Investments, Cost and expenses	33,370		28,349
Equity in earnings (loss) from unconsolidated entities	18,458		4,525
Rialto Investments other income (expense), net	(12,240)		13,203
Less: Net earnings (loss) attributable to noncontrolling interests	4,300		(12,000)
Rialto Investments [Member] | Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Rialto Investments, Cost and expenses	78
Rialto Investments [Member] | Non-Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Rialto Investments, Revenues	32,208		33,623
Rialto Investments, Cost and expenses	33,370		28,349
Equity in earnings (loss) from unconsolidated entities	18,458		4,525
Rialto Investments other income (expense), net	(12,240)		13,203
Rialto Investments [Member] | Eliminations [Member]
Condensed Financial Statements, Captions [Line Items]
Rialto Investments, Cost and expenses	$ (78)

[1] Total revenues are net of sales incentives of $84.5 million ($34,200 per home delivered) for the three months ended February 29, 2012, compared to $62.9 million ($33,100 per home delivered) for the three months ended February 28, 2011.

[2] Net earnings (loss) attributable to noncontrolling interests for the three months ended February 29, 2012 and February 28, 2011 includes ($4.3) million and $12.0 million, respectively, related to the FDIC's interest in the portfolio of real estate loans that the Company acquired in partnership with the FDIC.

[3] Lennar Homebuilding other income, net for the three months ended February 28, 2011 includes $8.3 million of valuation adjustments to the Company's investments in Lennar Homebuilding's unconsolidated entities.

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Financial Instruments (Reconciliation Of Beginning And Ending Balance For The Company's Level 3 Recurring Fair Value Measurements) (Details) (Investments Available For Sale [Member], Lennar Homebuilding [Member], USD $) In Thousands, unless otherwise specified	3 Months Ended
	Feb. 29, 2012
Investments Available For Sale [Member] | Lennar Homebuilding [Member]
Investments available-for-sale, beginning of period	$ 42,892
Purchases	14,928	[1]
Sales	(6,436)
Settlements	(33,148)	[2]
Investments available-for-sale, end of period	$ 18,236

[1] Represents investments in community development district bonds that mature at various dates between 2022 and 2042.

[2] The investments available-for-sale that were settled during the three months ended February 29, 2012 related to investments in community development district bonds, which were in default by the borrower and which the Company foreclosed on the underlying real estate collateral. Therefore, these investments were reclassified from other assets to land and land under development.

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Operating And Reporting Segments (Tables)

3 Months Ended

Feb. 29, 2012

Operating And Reporting Segments [Abstract]

Disclosure Of Financial Information Relating To Company's Operations

(In thousands)	February 29, 2012		November 30, 2011
Assets:
Homebuilding East	$	1,407,776		1,312,750
Homebuilding Central		682,335		681,859
Homebuilding West		2,187,425		2,169,503
Homebuilding Southeast Florida		638,211		604,415
Homebuilding Houston		242,899		230,076
Homebuilding Other		626,435		595,615
Rialto Investments (1)		1,751,721		1,897,148
Lennar Financial Services		596,810		739,755
Corporate and unallocated		733,882		923,550
Total assets	$	8,867,494		9,154,671

(1) Consists primarily of assets of consolidated VIEs (see Note 8).

	Three Months Ended
(In thousands)	February 29, 2012			February 28, 2011
Revenues:
Homebuilding East	$	244,833			182,371
Homebuilding Central		85,713			67,006
Homebuilding West		123,085			96,382
Homebuilding Southeast Florida		49,789			35,091
Homebuilding Houston		84,834			52,953
Homebuilding Other		36,179			32,906
Lennar Financial Services		68,215			57,713
Rialto Investments		32,208			33,623
Total revenues (1)	$	724,856			558,045
Operating earnings (loss):
Homebuilding East	$	13,947			5,661
Homebuilding Central		1,064			(15,124	)
Homebuilding West (2)		(7,573	)		49,345
Homebuilding Southeast Florida		6,634			4,174
Homebuilding Houston		4,516			(41	)
Homebuilding Other		1,401			(8,527	)
Lennar Financial Services		8,250			1,183
Rialto Investments		5,056			23,002
Total operating earnings		33,295			59,673
Corporate general and administrative expenses		26,842			23,352
Earnings before income taxes	$	6,453			36,321

(1) Total revenues are net of sales incentives of $84.5 million ($34,200 per home delivered) for the three months ended February 29, 2012, compared to $62.9 million ($33,100 per home delivered) for the three months ended February 28, 2011.

(2) For the three months ended February 28, 2011, operating earnings include $37.5 million related to the receipt of a litigation settlement, as well as $15.4 million related to the Company's share of a gain on debt extinguishment and the recognition of $10.0 million of deferred management fees related to management services previously performed by the Company for one of its Lennar Homebuilding unconsolidated entities.

Disclosure Of Valuation Adjustments And Write-Offs Relating To Company's Homebuilding Operations

	Three Months Ended
(In thousands)	February 29, 2012		February 28, 2011
Valuation adjustments to finished homes, CIP and land on which the Company intends to build homes:
East	$	217		852
Central		153		3,876
West		530		14
Southeast Florida		328		—
Houston		61		49
Other		736		21
Total		2,025		4,812
Valuation adjustments to land the Company intends to sell or has sold to third parties:
East		—		20
Central		—		23
Houston		—		10
Total		—		53
Write-offs of option deposits and pre-acquisition costs:
East		7		—
Central		49		—
West		232		—
Houston		—		81
Other		2		—
Total		290		81
Company's share of valuation adjustments related to assets of unconsolidated entities:
Central		—		371
West		—		1,660
Other		—		2,495
Total		—		4,526
Valuation adjustments to investments of unconsolidated entities:
East		11		8,262
Total		11		8,262
Write-offs of other receivables and other assets:
Other		—		4,806
Total		—		4,806
Total valuation adjustments and write-offs of option deposits and pre-acquisition costs, other receivables and other assets	$	2,326		22,540

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Lennar Financial Services Segment (Schedule Of Assets And Liabilities) (Details) (USD $)	Feb. 29, 2012		Nov. 30, 2011		Feb. 28, 2011	Nov. 30, 2010
Segment Reporting Information [Line Items]
Cash and cash equivalents	$ 922,906,000		$ 1,163,604,000		$ 1,206,586,000	$ 1,394,135,000
Total assets	8,867,494,000	[1]	9,154,671,000	[1]
Total liabilities	5,544,241,000	[2]	5,851,146,000	[2]
Self-insurance reserves	76,800,000		75,400,000
Lennar Financial Services [Member]
Segment Reporting Information [Line Items]
Cash and cash equivalents	56,555,000		55,454,000		109,625,000
Restricted cash	16,135,000		16,319,000
Receivables, net	106,880,000	[3]	220,546,000	[3]
Loans held-for-sale	272,760,000	[4]	303,780,000	[4]
Loans held-for-investment, net	23,563,000		24,262,000
Investments held-to-maturity	48,771,000		48,860,000
Goodwill	34,046,000		34,046,000
Other	38,100,000	[5]	36,488,000	[5]
Total assets	596,810,000	[1]	739,755,000	[1]
Notes and other debts payable	259,449,000		410,134,000
Other	149,957,000	[6]	152,601,000	[6]
Total liabilities	409,406,000	[2]	562,735,000	[2]
Mortgage Loan Commitments [Member] | Lennar Financial Services [Member]
Segment Reporting Information [Line Items]
Other	5,600,000		4,200,000
Forward Contracts [Member]
Segment Reporting Information [Line Items]
Other liabilities	$ 700,000		$ 1,400,000

[1] Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations, ("ASC 810") the Company is required to separately disclose on its condensed consolidated balance sheets the assets of consolidated variable interest entities ("VIEs") that are owned by the consolidated VIEs and non-recourse liabilities of consolidated VIEs. As of February 29, 2012, total assets include $2,111.5 million related to consolidated VIEs of which $19.0 million is included in Lennar Homebuilding cash and cash equivalents, $5.3 million in Lennar Homebuilding receivables, net, $0.5 million in Lennar Homebuilding finished homes and construction in progress, $504.1 million in Lennar Homebuilding land and land under development, $67.5 million in Lennar Homebuilding consolidated inventory not owned, $43.8 million in Lennar Homebuilding investments in unconsolidated entities, $219.4 million in Lennar Homebuilding other assets, $69.4 million in Rialto Investments cash and cash equivalents, $111.2 million in Rialto Investments defeasance cash to retire notes payable, $523.3 million in Rialto Investments loans receivable, net, $87.8 million in Rialto Investments real estate owned held-for-sale, $450.3 million in Rialto Investments real estate owned held-and-used, net, $0.6 million in Rialto Investments in unconsolidated entities and $9.3 million in Rialto Investments other assets. As of November 30, 2011, total assets include $2,317.4 million related to consolidated VIEs of which $19.6 million is included in Lennar Homebuilding cash and cash equivalents, $5.3 million in Lennar Homebuilding receivables, net, $0.1 million in Lennar Homebuilding finished homes and construction in progress, $538.2 million in Lennar Homebuilding land and land under development, $71.6 million in Lennar Homebuilding consolidated inventory not owned, $43.4 million in Lennar Homebuilding investments in unconsolidated entities, $219.6 million in Lennar Homebuilding other assets, $80.0 million in Rialto Investments cash and cash equivalents, $219.4 million in Rialto Investments defeasance cash to retire notes payable, $565.6 million in Rialto Investments loans receivable, net, $115.4 million in Rialto Investments real estate owned held-for-sale, $428.0 million in Rialto Investments real estate owned held-and-used, net, $0.6 million in Rialto Investments in unconsolidated entities and $10.6 million in Rialto Investments other assets.

[2] As of February 29, 2012, total liabilities include $745.5 million related to consolidated VIEs as to which there was no recourse against the Company, of which $8.3 million is included in Lennar Homebuilding accounts payable, $39.1 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $170.1 million in Lennar Homebuilding senior notes and other debts payable, $34.9 million in Lennar Homebuilding other liabilities and $493.1 million in Rialto Investments notes payable and other liabilities. As of November 30, 2011, total liabilities include $902.3 million related to consolidated VIEs as to which there was no recourse against the Company, of which $12.7 million is included in Lennar Homebuilding accounts payable, $43.6 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $175.3 million in Lennar Homebuilding senior notes and other debts payable, $16.7 million in Lennar Homebuilding other liabilities and $654.0 million in Rialto Investments notes payable and other liabilities.

[3] Receivables, net primarily relate to loans sold to investors for which the Company had not yet been paid as of February 29, 2012 and November 30, 2011, respectively.

[4] Loans held-for-sale relate to unsold loans carried at fair value.

[5] Other assets include mortgage loan commitments carried at fair value of $5.6 million and $4.2 million, respectively, as of February 29, 2012 and November 30, 2011.

[6] Other liabilities include $76.8 million and $75.4 million, respectively, of certain of the Company's self-insurance reserves related to general liability and workers' compensation. Other liabilities also include forward contracts carried at fair value of $0.7 million and $1.4 million as of February 29, 2012 and November 30, 2011, respectively.

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Lennar Homebuilding Investments In Unconsolidated Entities (Summary Of Net Recourse Exposure To Unconsolidated Entities) (Details) (USD $) In Thousands, unless otherwise specified	Feb. 29, 2012	Nov. 30, 2011
Lennar Homebuilding Investments In Unconsolidated Entities [Abstract]
Several recourse debt - repayment	$ 51,518	$ 62,408
Joint and several recourse debt - repayment	28,699	46,292
The Company's maximum recourse exposure	80,217	108,700
Less: joint and several reimbursement agreements with the Company's partners	(24,627)	(33,795)
The Company's net recourse exposure	$ 55,590	$ 74,905

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Supplemental Financial Information (Narrative) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Feb. 29, 2012
Condensed Financial Statements, Captions [Line Items]
Guarantee by subsidiaries	$ 75
5.95% Senior Notes Due 2013 [Member]
Condensed Financial Statements, Captions [Line Items]
Interest rate	5.95%
Debt instrument maturity year	2013
5.50% Senior Notes Due 2014 [Member]
Condensed Financial Statements, Captions [Line Items]
Interest rate	5.50%
Debt instrument maturity year	2014
5.60% Senior Notes Due 2015 [Member]
Condensed Financial Statements, Captions [Line Items]
Interest rate	5.60%
Debt instrument maturity year	2015
6.50% Senior Notes Due 2016 [Member]
Condensed Financial Statements, Captions [Line Items]
Interest rate	6.50%
Debt instrument maturity year	2016
12.25% Senior Notes Due 2017 [Member]
Condensed Financial Statements, Captions [Line Items]
Interest rate	12.25%
Debt instrument maturity year	2017
6.95% Senior Notes Due 2018 [Member]
Condensed Financial Statements, Captions [Line Items]
Interest rate	6.95%
Debt instrument maturity year	2018
2.00% Convertible Senior Notes Due 2020 [Member]
Condensed Financial Statements, Captions [Line Items]
Interest rate	2.00%
Convertible debt instrument maturity year	2020
2.75% Convertible Senior Notes Due 2020 [Member]
Condensed Financial Statements, Captions [Line Items]
Interest rate	2.75%
Convertible debt instrument maturity year	2020
3.25% Convertible Senior Notes Due 2021 [Member]
Condensed Financial Statements, Captions [Line Items]
Interest rate	3.25%
Convertible debt instrument maturity year	2021
Letter Of Credit Agreement 3 [Member]
Condensed Financial Statements, Captions [Line Items]
Line of credit facility current borrowing capacity	200
Line of credit facility maximum borrowing capacity	200
Letter of Credit Agreement 1 [Member]
Condensed Financial Statements, Captions [Line Items]
Line of credit facility current borrowing capacity	150
Line of credit facility maximum borrowing capacity	$ 200

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Operating And Reporting Segments (Disclosure Of Financial Information Relating To Company's Operations) (Details) (USD $)	3 Months Ended
	Feb. 29, 2012		Feb. 28, 2011		Nov. 30, 2011
Segment Reporting Information [Line Items]
Total assets	$ 8,867,494,000	[1]			$ 9,154,671,000	[1]
Total revenues	724,856,000	[2]	558,045,000	[2]
Total operating earnings	33,295,000		59,673,000
Corporate general and administrative expenses	26,842,000		23,352,000
Earnings before income taxes	6,453,000		36,321,000
Sales incentives	84,500,000		62,900,000
Sales incentives per home delivered	34,200		33,100
Receipt of a litigation settlement			37,500,000
Deferred management fees			10,000,000
Homebuilding East [Member]
Segment Reporting Information [Line Items]
Total assets	1,407,776,000				1,312,750,000
Real estate revenues	244,833,000		182,371,000
Total operating earnings	13,947,000		5,661,000
Homebuilding Central [Member]
Segment Reporting Information [Line Items]
Total assets	682,335,000				681,859,000
Real estate revenues	85,713,000		67,006,000
Total operating earnings	1,064,000		(15,124,000)
Homebuilding West [Member]
Segment Reporting Information [Line Items]
Total assets	2,187,425,000				2,169,503,000
Real estate revenues	123,085,000		96,382,000
Total operating earnings	(7,573,000)	[3]	49,345,000	[3]
Homebuilding Southeast Florida [Member]
Segment Reporting Information [Line Items]
Total assets	638,211,000				604,415,000
Real estate revenues	49,789,000		35,091,000
Total operating earnings	6,634,000		4,174,000
Homebuilding Houston [Member]
Segment Reporting Information [Line Items]
Total assets	242,899,000				230,076,000
Real estate revenues	84,834,000		52,953,000
Total operating earnings	4,516,000		(41,000)
Homebuilding Other [Member]
Segment Reporting Information [Line Items]
Total assets	626,435,000				595,615,000
Real estate revenues	36,179,000		32,906,000
Total operating earnings	1,401,000		(8,527,000)
Lennar Homebuilding [Member]
Segment Reporting Information [Line Items]
Total assets	6,518,963,000	[1]			6,517,768,000	[1]
Real estate revenues	624,433,000		466,709,000
Gain on extinguishment of debt	988,000
Rialto Investments [Member]
Segment Reporting Information [Line Items]
Total assets	1,751,721,000	[1],[4]			1,897,148,000	[1],[4]
Rialto Investments, Revenues	32,208,000		33,623,000
Total operating earnings	5,056,000	[5]	23,002,000	[5]
Lennar Financial Services [Member]
Segment Reporting Information [Line Items]
Total assets	596,810,000	[1]			739,755,000	[1]
Financial Services, Revenues	68,215,000		57,713,000
Total operating earnings	8,250,000		1,183,000
Corporate And Unallocated [Member]
Segment Reporting Information [Line Items]
Total assets	733,882,000				923,550,000
Lennar Homebuilding Investments [Member]
Segment Reporting Information [Line Items]
Gain on extinguishment of debt			$ 15,400,000

[1] Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations, ("ASC 810") the Company is required to separately disclose on its condensed consolidated balance sheets the assets of consolidated variable interest entities ("VIEs") that are owned by the consolidated VIEs and non-recourse liabilities of consolidated VIEs. As of February 29, 2012, total assets include $2,111.5 million related to consolidated VIEs of which $19.0 million is included in Lennar Homebuilding cash and cash equivalents, $5.3 million in Lennar Homebuilding receivables, net, $0.5 million in Lennar Homebuilding finished homes and construction in progress, $504.1 million in Lennar Homebuilding land and land under development, $67.5 million in Lennar Homebuilding consolidated inventory not owned, $43.8 million in Lennar Homebuilding investments in unconsolidated entities, $219.4 million in Lennar Homebuilding other assets, $69.4 million in Rialto Investments cash and cash equivalents, $111.2 million in Rialto Investments defeasance cash to retire notes payable, $523.3 million in Rialto Investments loans receivable, net, $87.8 million in Rialto Investments real estate owned held-for-sale, $450.3 million in Rialto Investments real estate owned held-and-used, net, $0.6 million in Rialto Investments in unconsolidated entities and $9.3 million in Rialto Investments other assets. As of November 30, 2011, total assets include $2,317.4 million related to consolidated VIEs of which $19.6 million is included in Lennar Homebuilding cash and cash equivalents, $5.3 million in Lennar Homebuilding receivables, net, $0.1 million in Lennar Homebuilding finished homes and construction in progress, $538.2 million in Lennar Homebuilding land and land under development, $71.6 million in Lennar Homebuilding consolidated inventory not owned, $43.4 million in Lennar Homebuilding investments in unconsolidated entities, $219.6 million in Lennar Homebuilding other assets, $80.0 million in Rialto Investments cash and cash equivalents, $219.4 million in Rialto Investments defeasance cash to retire notes payable, $565.6 million in Rialto Investments loans receivable, net, $115.4 million in Rialto Investments real estate owned held-for-sale, $428.0 million in Rialto Investments real estate owned held-and-used, net, $0.6 million in Rialto Investments in unconsolidated entities and $10.6 million in Rialto Investments other assets.

[2] Total revenues are net of sales incentives of $84.5 million ($34,200 per home delivered) for the three months ended February 29, 2012, compared to $62.9 million ($33,100 per home delivered) for the three months ended February 28, 2011.

[3] For the three months ended February 28, 2011, operating earnings include $37.5 million related to the receipt of a litigation settlement, as well as $15.4 million related to the Company's share of a gain on debt extinguishment and the recognition of $10.0 million of deferred management fees related to management services previously performed by the Company for one of its Lennar Homebuilding unconsolidated entities.

[4] Consists primarily of assets of consolidated VIEs (see Note 8).

[5] Operating earnings for the three months ended February 29, 2012 and February 28, 2011 includes net earnings (loss) attributable to noncontrolling interests of ($4.3) million and $12.0 million respectively.

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Rialto Investments Segment (Narrative) (Details) (USD $)	3 Months Ended			12 Months Ended				3 Months Ended					3 Months Ended		3 Months Ended	12 Months Ended		1 Months Ended	3 Months Ended	12 Months Ended			3 Months Ended
	Feb. 29, 2012	Nov. 30, 2011	Feb. 29, 2012 AllianceBernstein L.P. Public-Private Investment Program [Member]	Nov. 30, 2010 Commercial Mortgage-Backed Securities [Member]	Feb. 29, 2012 FDIC [Member]	Nov. 30, 2011 FDIC [Member]	Feb. 28, 2010 FDIC [Member]	Feb. 29, 2012 Rialto Investments [Member]		Feb. 28, 2011 Rialto Investments [Member]	Nov. 30, 2011 Rialto Investments [Member]		Feb. 29, 2012 Rialto Investments [Member] AllianceBernstein L.P. Public-Private Investment Program [Member]	Nov. 30, 2011 Rialto Investments [Member] AllianceBernstein L.P. Public-Private Investment Program [Member]	Feb. 29, 2012 Rialto Investments [Member] Real Estate Investment Fund [Member]	Nov. 30, 2010 Rialto Investments [Member] Real Estate Investment Fund [Member]	Nov. 30, 2011 Rialto Investments [Member] Real Estate Investment Fund [Member]	Sep. 30, 2010 Rialto Investments [Member] Bank Portfolios [Member] Y	Feb. 29, 2012 Rialto Investments [Member] Bank Portfolios [Member] Y	Nov. 30, 2010 Rialto Investments [Member] Commercial Mortgage-Backed Securities [Member]	Feb. 29, 2012 Rialto Investments [Member] Servicer Provider [Member]	Nov. 30, 2011 Rialto Investments [Member] Servicer Provider [Member]	Feb. 29, 2012 Rialto Investments [Member] FDIC [Member]	Feb. 28, 2010 Rialto Investments [Member] FDIC [Member]
Segment Reporting Information [Line Items]
Managing member equity interests in two limited liability companies																								40.00%
Number of failed financial institutions																								22
Number of distressed residential and commercial real estate loans																		400						5,500
Managing member equity interests percentage							60.00%
Notes payable	$ 3,472,937,000	$ 3,362,759,000			$ 470,000,000	$ 626,900,000	$ 626,900,000	$ 595,515,000			$ 765,541,000							$ 124,000,000
Financing interest rate							0.00%
Defeasance cash to retire notes payable								111,223,000	[1]		219,386,000	[1]
Principal amount of notes payable retired	(170,026,000)							(170,026,000)											13,000,000				156,900,000
Total consolidated VIEs assets	2,111,500,000	2,317,400,000						1,300,000,000			1,400,000,000
Total consolidated VIEs liabilities	745,500,000	902,300,000						500,000,000			700,000,000
Number of real estate owned properties																		300
Payments for distressed real estate and real estate related assets																		310,000,000
Senior unsecured note, maturity period, number of years																		5	5
Impaired financing receivable, related allowance								100,000			800,000
Average recorded investment in loans								69,000,000		224,000,000
Provision for loan losses								900,000
Charge-offs upon foreclosure of loans	1,600,000
REO impairments								3,800,000
Gains on Rialto Investments real estate owned								5,831,000		17,375,000
Value of investment prior to discount																				43,000,000
Actual investment made																				19,400,000
Discount on investment percentage																				55.00%
Final distribution date				November 2020
Stated maturity date				October 2057
Investments held-to-maturity								14,313,000			14,096,000
Investment commitment			75,000,000												75,000,000	75,000,000
Remaining outstanding commitment	7,500,000												7,500,000		20,500,000
Equity commitments													1,200,000,000		700,000,000	300,000,000
Debt financing, extended limit													2,300,000,000
Investments in unconsolidated entities								149,735,000	[1]		124,712,000	[1]	75,500,000	65,200,000	65,000,000		50,100,000				8,600,000	8,800,000
Total contributions and investments to unconsolidated entities by company								7,294,000		10,575,000					7,300,000
Rialto Investments equity in earnings from unconsolidated entities								$ 18,458,000		$ 4,525,000					$ 7,600,000
Retained equity interests																					5.00%

[1] Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations, ("ASC 810") the Company is required to separately disclose on its condensed consolidated balance sheets the assets of consolidated variable interest entities ("VIEs") that are owned by the consolidated VIEs and non-recourse liabilities of consolidated VIEs. As of February 29, 2012, total assets include $2,111.5 million related to consolidated VIEs of which $19.0 million is included in Lennar Homebuilding cash and cash equivalents, $5.3 million in Lennar Homebuilding receivables, net, $0.5 million in Lennar Homebuilding finished homes and construction in progress, $504.1 million in Lennar Homebuilding land and land under development, $67.5 million in Lennar Homebuilding consolidated inventory not owned, $43.8 million in Lennar Homebuilding investments in unconsolidated entities, $219.4 million in Lennar Homebuilding other assets, $69.4 million in Rialto Investments cash and cash equivalents, $111.2 million in Rialto Investments defeasance cash to retire notes payable, $523.3 million in Rialto Investments loans receivable, net, $87.8 million in Rialto Investments real estate owned held-for-sale, $450.3 million in Rialto Investments real estate owned held-and-used, net, $0.6 million in Rialto Investments in unconsolidated entities and $9.3 million in Rialto Investments other assets. As of November 30, 2011, total assets include $2,317.4 million related to consolidated VIEs of which $19.6 million is included in Lennar Homebuilding cash and cash equivalents, $5.3 million in Lennar Homebuilding receivables, net, $0.1 million in Lennar Homebuilding finished homes and construction in progress, $538.2 million in Lennar Homebuilding land and land under development, $71.6 million in Lennar Homebuilding consolidated inventory not owned, $43.4 million in Lennar Homebuilding investments in unconsolidated entities, $219.6 million in Lennar Homebuilding other assets, $80.0 million in Rialto Investments cash and cash equivalents, $219.4 million in Rialto Investments defeasance cash to retire notes payable, $565.6 million in Rialto Investments loans receivable, net, $115.4 million in Rialto Investments real estate owned held-for-sale, $428.0 million in Rialto Investments real estate owned held-and-used, net, $0.6 million in Rialto Investments in unconsolidated entities and $10.6 million in Rialto Investments other assets.

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Share-Based Payment (Compensation Expense, Share-Based Payment Awards) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Feb. 29, 2012	Feb. 28, 2011
Share-Based Payment [Abstract]
Stock options	$ 885	$ 1,362
Nonvested shares	7,276	5,368
Total compensation expense for share-based awards	$ 8,161	$ 6,730

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Rialto Investments Segment (Condensed Financial Information By Equity Method Investment) (Details) (Rialto Investments [Member], USD $) In Thousands, unless otherwise specified	3 Months Ended
	Feb. 29, 2012	Feb. 28, 2011	Nov. 30, 2011
Rialto Investments [Member]
Segment Reporting Information [Line Items]
Cash and cash equivalents	$ 50,769		$ 60,936
Loans receivable	341,470		274,213
Real estate owned	88,982		47,204
Investment securities	4,517,824		4,336,418
Other assets	81,109		171,196
Total Assets	5,080,154		4,889,967
Accounts payable and other liabilities	124,044		320,353
Notes payable	54,655		40,877
Partner loans	163,320		137,820
Debt due to the U.S. Treasury	2,044,950		2,044,950
Equity	2,693,185		2,345,967
Total Liabilities and equity	5,080,154		4,889,967
Revenues	122,405	116,888
Costs and expenses	51,185	51,471
Other income, net	266,440	86,788
Net earnings (loss) of unconsolidated entities	337,660	152,205
Rialto Investments' share of net earnings (loss) recognized	$ 18,458	$ 4,525

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Income Taxes (Details) (USD $)	3 Months Ended
	Feb. 29, 2012	Feb. 28, 2011	Nov. 30, 2011
Tax Credit Carryforward [Line Items]
Deferred tax assets, valuation allowance	$ 561,300,000		$ 576,900,000
Reversal of deferred tax asset, valuation allowance	15,600,000
Income tax benefit	(1,524,000)	(2,405,000)
Unrecognized tax benefits	18,000,000		36,700,000
Unrecognized tax benefits that would impact effective tax rate if recognized	9,100,000
Unrecognized tax benefits reductions from various taxing authorities	7,100,000
Income tax penalties and interest accrued	20,100,000		20,000,000
Income tax penalties and interest accrued recorded during the period	300,000
Decrease in accrued interest and penalties	200,000
Decreases due to settlements with taxing authorities	18,700,000
Lennar Corporation [Member]
Tax Credit Carryforward [Line Items]
Income tax benefit	$ (12,609,000)	$ (13,109,000)

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Lennar Homebuilding Investments In Unconsolidated Entities

3 Months Ended

Feb. 29, 2012

Lennar Homebuilding Investments In Unconsolidated Entities [Abstract]

Lennar Homebuilding Investments In Unconsolidated Entities

(3) Lennar Homebuilding Investments in Unconsolidated Entities

Summarized condensed financial information on a combined 100% basis related to Lennar Homebuilding's unconsolidated entities that are accounted for by the equity method was as follows:

Statements of Operations

	Three Months Ended
(In thousands)	February 29, 2012			February 28, 2011
Revenues	$	82,644			67,063
Costs and expenses		83,422			88,580
Other income		—			123,007
Net earnings (loss) of unconsolidated entities	$	(778	)		101,490
Lennar Homebuilding equity in earnings from unconsolidated entities (1)	$	1,083			8,661

(1) For the three months ended February 28, 2011, Lennar Homebuilding equity in earnings includes a $15.4 million gain related to the Company's share of a $123.0 million gain on debt extinguishment at a Lennar Homebuilding unconsolidated entity, partially offset by $4.5 million of valuation adjustments related to assets of Lennar Homebuilding's unconsolidated entities.

Balance Sheets

(In thousands)	February 29, 2012		November 30, 2011
Assets:
Cash and cash equivalents	$	85,510		90,584
Inventories		2,952,727		2,895,241
Other assets		212,756		277,152
	$	3,250,993		3,262,977
Liabilities and equity:
Account payable and other liabilities	$	265,535		246,384
Debt		895,755		960,627
Equity		2,089,703		2,055,966
	$	3,250,993		3,262,977

As of February 29, 2012, the Company's recorded investments in Lennar Homebuilding unconsolidated entities were $563.4 million while the underlying equity in Lennar Homebuilding unconsolidated entities partners' net assets was $657.5 million, primarily as a result of the Company buying at a discount the partners' equity in a Lennar Homebuilding unconsolidated entity. At November 30, 2011, the Company's recorded investments in Lennar Homebuilding unconsolidated entities were $545.8 million while the underlying equity in Lennar Homebuilding unconsolidated entities partners' net assets was $628.1 million, primarily as a result of the Company buying at a discount the partners' equity in a Lennar Homebuilding unconsolidated entity.

During the three months ended February 28, 2011, a Lennar Homebuilding unconsolidated entity was restructured. As part of the restructuring, the development management agreement (the "Agreement") between the Company and the unconsolidated entity was terminated and a general release agreement was executed whereby the Company was released from any and all obligations, except any future potential third-party claims, associated with the Agreement. As a result of the restructuring, the termination of the Agreement and the execution of the general release agreement, the Company recognized $10 million of deferred management fees related to management services previously performed by the Company prior to November 30, 2010. The Company did not provide any other services to the unconsolidated entity associated with the deferred management fees recognized.

In 2007, the Company sold a portfolio of land to a strategic land investment venture with Morgan Stanley Real Estate Fund II, L.P., an affiliate of Morgan Stanley & Co., Inc., in which the Company has approximately a 20% ownership interest and 50% voting rights. Due to the Company's continuing involvement, the transaction did not qualify as a sale by the Company under GAAP; thus, the inventory has remained on the Company's condensed consolidated balance sheet in consolidated inventory not owned. As of February 29, 2012 and November 30, 2011, the portfolio of land (including land development costs) of $369.7 million and $372.0 million, respectively, is also reflected as inventory in the summarized condensed financial information related to Lennar Homebuilding's unconsolidated entities.

The Lennar Homebuilding unconsolidated entities in which the Company has investments usually finance their activities with a combination of partner equity and debt financing. In some instances, the Company and its partners have guaranteed debt of certain unconsolidated entities.

The summary of the Company's net recourse exposure related to Lennar Homebuilding unconsolidated entities in which the Company has investments was as follows:

(In thousands)	February 29, 2012			November 30, 2011
Several recourse debt - repayment	$	51,518			62,408
Joint and several recourse debt - repayment		28,699			46,292
The Company's maximum recourse exposure		80,217			108,700
Less: joint and several reimbursement agreements with the Company's partners		(24,627	)		(33,795	)
The Company's net recourse exposure	$	55,590			74,905

During the three months ended February 29, 2012, the Company's maximum recourse exposure related to indebtedness of Lennar Homebuilding unconsolidated entities decreased by $28.5 million, as a result of $2.9 million paid by the Company primarily through capital contributions to unconsolidated entities and $25.6 million primarily related to the joint ventures selling assets and other transactions.

As of February 29, 2012 and November 30, 2011, the Company had no obligation guarantees accrued. The obligation guarantees, if any, are estimated based on current facts and circumstances and any unexpected changes may lead the Company to incur obligation guarantees in the future.

The recourse debt exposure in the previous table represents the Company's maximum recourse exposure to loss from guarantees and does not take into account the underlying value of the collateral or the other assets of the borrowers that are available to repay the debt or to reimburse the Company for any payments on its guarantees. The Lennar Homebuilding unconsolidated entities that have recourse debt have a significant amount of assets and equity. The summarized balance sheets of Lennar Homebuilding's unconsolidated entities with recourse debt were as follows:

(In thousands)	February 29, 2012		November 30, 2011
Assets	$	1,806,848		1,865,144
Liabilities	$	782,415		815,815
Equity	$	1,024,433		1,049,329

In addition, in most instances in which the Company has guaranteed debt of a Lennar Homebuilding unconsolidated entity, the Company's partners have also guaranteed that debt and are required to contribute their share of the guarantee payments. Some of the Company's guarantees are repayment guarantees and some are maintenance guarantees. In a repayment guarantee, the Company and its venture partners guarantee repayment of a portion or all of the debt in the event of default before the lender would have to exercise its rights against the collateral. In the event of default, if the Company's venture partner does not have adequate financial resources to meet its obligations under the reimbursement agreement, the Company may be liable for more than its proportionate share, up to its maximum recourse exposure, which is the full amount covered by the joint and several guarantee. The maintenance guarantees only apply if the value of the collateral (generally land and improvements) is less than a specified percentage of the loan balance. If the Company is required to make a payment under a maintenance guarantee to bring the value of the collateral above the specified percentage of the loan balance, the payment would constitute a capital contribution or loan to the Lennar Homebuilding unconsolidated entity and increase the Company's investment in the unconsolidated entity and its share of any funds the unconsolidated entity distributes. As of February 29, 2012, the Company does not have maintenance guarantees related to its Lennar Homebuilding unconsolidated entities.

In connection with many of the loans to Lennar Homebuilding unconsolidated entities, the Company and its joint venture partners (or entities related to them) have been required to give guarantees of completion to the lenders. Those completion guarantees may require that the guarantors complete the construction of the improvements for which the financing was obtained. If the construction is to be done in phases, the guarantee generally is limited to completing only the phases as to which construction has already commenced and for which loan proceeds were used.

During the three months ended February 29, 2012, there were other loan paydowns of $3.4 million. During the three months ended February 28, 2011, there were: (1) payments of $1.7 million under the Company's maintenance guarantees and (2) other loan paydowns of $0.6 million, a portion of which related to amounts paid under the Company's repayment guarantees. During the three months ended February 29, 2012 and February 28, 2011, there were no payments under completion guarantees.

As of February 29, 2012, the fair values of the repayment guarantees and completion guarantees were not material. The Company believes that as of February 29, 2012, in the event it becomes legally obligated to perform under a guarantee of the obligation of a Lennar Homebuilding unconsolidated entity due to a triggering event under a guarantee, most of the time the collateral should be sufficient to repay at least a significant portion of the obligation or the Company and its partners would contribute additional capital into the venture. In certain instances, the Company has placed performance letters of credit and surety bonds with municipalities for its joint ventures (see Note 11).

The total debt of the Lennar Homebuilding unconsolidated entities in which the Company has investments was as follows:

(In thousands)	February 29, 2012			November 30, 2011
The Company's net recourse exposure	$	55,590			74,905
Reimbursement agreements from partners		24,627			33,795
The Company's maximum recourse exposure	$	80,217			108,700
Non-recourse bank debt and other debt (partner's share of several recourse)	$	122,806			149,937
Non-recourse land seller debt or other debt		26,376			26,391
Non-recourse debt with completion guarantees		471,053			441,770
Non-recourse debt without completion guarantees		195,303			233,829
Non-recourse debt to the Company		815,538			851,927
Total debt	$	895,755			960,627
The Company's maximum recourse exposure as a % of total JV debt		9	%		11	%

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Lennar Homebuilding Cash And Cash Equivalents (Details) (USD $) In Millions, unless otherwise specified	Feb. 29, 2012	Nov. 30, 2011
Lennar Homebuilding Cash And Cash Equivalents [Abstract]
Cash held in escrow	$ 12.4	$ 26.1

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Lennar Homebuilding Investments In Unconsolidated Entities (Summarized Balance Sheets Of Unconsolidated Entities With Recourse Debt) (Details) (USD $) In Thousands, unless otherwise specified	Feb. 29, 2012	Nov. 30, 2011
Lennar Homebuilding Investments In Unconsolidated Entities [Abstract]
Assets	$ 1,806,848	$ 1,865,144
Liabilities	782,415	815,815
Equity	$ 1,024,433	$ 1,049,329

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Lennar Financial Services Segment (Tables)

3 Months Ended

Feb. 29, 2012

Lennar Financial Services Segment [Abstract]

Schedule Of Assets And Liabilities

	February 29,		November 30,
(In thousands)	2012		2011
Assets:
Cash and cash equivalents	$	56,555		55,454
Restricted cash		16,135		16,319
Receivables, net (1)		106,880		220,546
Loans held-for-sale (2)		272,760		303,780
Loans held-for-investment, net		23,563		24,262
Investments held-to-maturity		48,771		48,860
Goodwill		34,046		34,046
Other (3)		38,100		36,488
	$	596,810		739,755
Liabilities:
Notes and other debts payable	$	259,449		410,134
Other (4)		149,957		152,601
	$	409,406		562,735

(1) Receivables, net primarily relate to loans sold to investors for which the Company had not yet been paid as of February 29, 2012 and November 30, 2011, respectively.

(2) Loans held-for-sale relate to unsold loans carried at fair value.

(3) Other assets include mortgage loan commitments carried at fair value of $5.6 million and $4.2 million, respectively, as of February 29, 2012 and November 30, 2011.

(4) Other liabilities include $76.8 million and $75.4 million, respectively, of certain of the Company's self-insurance reserves related to general liability and workers' compensation. Other liabilities also include forward contracts carried at fair value of $0.7 million and $1.4 million as of February 29, 2012 and November 30, 2011, respectively.

Schedule Of Loan Origination Liabilities

	Three Months Ended
	February 29,			February 28,
(In thousands)	2012			2011
Loan origination liabilities, beginning of period	$	6,050			9,872
Provision for losses during the period		93			70
Adjustments to pre-existing provisions for losses from changes in estimates		8			(70	)
Payments/settlements		(190	)		—
Loan origination liabilities, end of period	$	5,961			9,872

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Earnings Per Share (Tables)

3 Months Ended

Feb. 29, 2012

Earnings Per Share [Abstract]

Schedule Of Calculation Of Numerator And Denominator In Earnings Per Share

	Three Months Ended
	February 29,		February 28,
(In thousands, except per share amounts)	2012		2011
Numerator:
Net earnings attributable to Lennar	$	14,968		27,406
Less: distributed earnings allocated to nonvested shares		115		101
Less: undistributed earnings allocated to nonvested shares		113		269
Numerator for basic earnings per share		14,740		27,036
Plus: interest on 2.00% convertible senior notes due 2020 and 3.25% convertible senior notes due 2021		2,911		871
Plus: undistributed earnings allocated to convertible shares		113		269
Less: undistributed earnings reallocated to convertible shares		137		265
Numerator for diluted earnings per share	$	17,627		27,911
Denominator:
Denominator for basic earnings per share - weighted average common shares outstanding		185,997		184,155
Effect of dilutive securities:
Shared based payments		883		699
2.00% convertible senior notes due 2020 and 3.25% convertible senior notes due 2021		26,933		10,005
Denominator for diluted earnings per share - weighted average common shares outstanding		213,813		194,859
Basic earnings per share	$	0.08		0.15
Diluted earnings per share	$	0.08		0.14

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Rialto Investments Segment (Outstanding Balance And Carrying Value Of Loans) (Details) (Rialto Investments [Member], USD $) In Thousands, unless otherwise specified	Feb. 29, 2012	Nov. 30, 2011
Rialto Investments [Member]
Segment Reporting Information [Line Items]
Outstanding principal balance	$ 1,211,492	$ 1,331,094
Carrying value	$ 586,264	$ 639,642

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Lennar Homebuilding Investments In Unconsolidated Entities (Total Debt Of Unconsolidated Entities) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended	12 Months Ended
	Feb. 29, 2012	Nov. 30, 2011
Schedule of Equity Method Investments [Line Items]
The Company's net recourse exposure	$ 55,590	$ 74,905
Reimbursement agreements from partners	24,627	33,795
The Company's maximum recourse exposure	80,217	108,700
Lennar Homebuilding Investments [Member]
Schedule of Equity Method Investments [Line Items]
The Company's net recourse exposure	55,590	74,905
Reimbursement agreements from partners	24,627	33,795
The Company's maximum recourse exposure	80,217	108,700
Non-recourse bank debt and other debt (partner's share of several recourse)	122,806	149,937
Non-recourse land seller debt or other debt	26,376	26,391
Non-recourse debt with completion guarantees	471,053	441,770
Non-recourse debt without completion guarantees	195,303	233,829
Non-recourse debt to the Company	815,538	851,927
Total debt	$ 895,755	$ 960,627
The Company's maximum recourse exposure as a % of total JV debt	9.00%	11.00%

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Rialto Investments Segment (Tables)

3 Months Ended

Feb. 29, 2012

Segment Reporting Information [Line Items]

Operating Earnings Related To Rialto Segment

	Three Months Ended
(In thousands)	February 29, 2012			February 28, 2011
Revenues	$	32,208			33,623
Costs and expenses		33,370			28,349
Rialto Investments equity in earnings from unconsolidated entities		18,458			4,525
Rialto Investments other income (expense), net		(12,240	)		13,203
Operating earnings (1)	$	5,056			23,002

(1) Operating earnings for the three months ended February 29, 2012 and February 28, 2011 includes net earnings (loss) attributable to noncontrolling interests of ($4.3) million and $12.0 million respectively.

Accretable Yield For The FDIC Portfolios And Bank Portfolios

(In thousands)	February 29, 2012			February 28, 2011
Accretable yield, beginning of period	$	209,480			396,311
Additions		1,838			11,443
Deletions		(10,635	)		(35,065	)
Accretions		(21,403	)		(32,343	)
Accretable yield, end of period	$	179,280			340,346

Nonaccrual Loans

February 29, 2012

			Recorded Investment
(In thousands)	Unpaid Principal Balance		With Allowance		Without Allowance		Total  Recorded Investment
Land	$	66,002		—		22,910		22,910
Single family homes		28,700		1,054		10,736		11,790
Commercial properties		40,126		—		23,681		23,681
Multi-family homes		10,928		—		5,146		5,146
Loans receivable	$	145,756		1,054		62,473		63,527

November 30, 2011

			Recorded Investment
(In thousands)	Unpaid Principal  Balance		With Allowance		Without Allowance		Total  Recorded Investment
Land	$	75,557		—		24,692		24,692
Single family homes		55,377		1,956		13,235		15,191
Commercial properties		48,293		2,660		24,434		27,094
Multi-family homes		16,750		—		6,735		6,735
Other		405		—		—		—
Loans receivable	$	196,382		4,616		69,096		73,712

Risk Indicators

February 29, 2012

(In thousands)	Accrual		Nonaccrual		Total
Land	$	309,796		22,910		332,706
Single family homes		127,362		11,790		139,152
Commercial properties		121,694		23,681		145,375
Multi-family homes		19,071		5,146		24,217
Other		8,341		—		8,341
Loans receivable	$	586,264		63,527		649,791

November 30, 2011

(In thousands)	Accrual		Nonaccrual		Total
Land	$	323,542		24,692		348,234
Single family homes		137,074		15,191		152,265
Commercial properties		145,705		27,094		172,799
Multi-family homes		21,373		6,735		28,108
Other		11,948		—		11,948
Loans receivable	$	639,642		73,712		713,354

Rialto Investments [Member]

Segment Reporting Information [Line Items]

Assets And Liabilities Related To Rialto Segment

(In thousands)	February 29, 2012		November 30, 2011
Assets:
Cash and cash equivalents	$	74,186		83,938
Defeasance cash to retire notes payable		111,223		219,386
Loans receivable, net		649,791		713,354
Real estate owned - held-for-sale		101,579		143,677
Real estate owned - held-and-used, net		630,570		582,111
Investments in unconsolidated entities		149,735		124,712
Investments held-to-maturity		14,313		14,096
Other		20,324		15,874
	$	1,751,721		1,897,148
Liabilities:
Notes payable	$	595,515		765,541
Other		16,629		30,579
	$	612,144		796,120

Loans Receivable By Aggregate Collateral Type

(In thousands)	February 29, 2012		November 30, 2011
Land	$	332,706		348,234
Single family homes		139,152		152,265
Commercial properties		145,375		172,799
Multi-family homes		24,217		28,108
Other		8,341		11,948
Loans receivable	$	649,791		713,354

Outstanding Balance And Carrying Value Of Loans

(In thousands)	February 29, 2012		November 30, 2011
Outstanding principal balance	$	1,211,492		1,331,094
Carrying value	$	586,264		639,642

Changes In Real Estate Owned

	Three Months Ended
	February 29,			February 28,
(In thousands)	2012			2011
REO - held-for-sale, beginning of period	$	143,677			250,286
Additions		1,134			185,641
Improvements		3,963			2,718
Sales		(36,844	)		(7,526	)
Impairments		(1,240	)		—
Transfers to held-and-used, net (1)		(9,111	)		—
REO - held-for-sale, end of period	$	101,579			431,119

	Three Months Ended
	February 29,			February 28,
(In thousands)	2012			2011
REO - held-and-used, net, beginning of period	$	582,111			7,818
Additions		46,241			7,343
Sales		(981	)		—
Impairments		(2,597	)		—
Depreciation		(3,315	)		(35	)
Transfers from held-for-sale (1)		9,111			—
REO - held-and-used, net, end of period	$	630,570			15,126

(1) During the three months ended February 29, 2012, the Rialto segment transferred certain properties to REO held-and-used, net from REO held-for-sale as a result of changes in the disposition strategy of the real estate assets. The Rialto segment plans to hold these properties longer term and dispose of them when market conditions improve.

Condensed Financial Information By Equity Method Investment

	February 29,		November 30,
(In thousands)	2012		2011
Assets:
Cash and cash equivalents	$	50,769		60,936
Loans receivable		341,470		274,213
Real estate owned		88,982		47,204
Investment securities		4,517,824		4,336,418
Other assets		81,109		171,196
	$	5,080,154		4,889,967
Liabilities and equity:
Accounts payable and other liabilities	$	124,044		320,353
Notes payable		54,655		40,877
Partner loans		163,320		137,820
Debt due to the U.S. Treasury		2,044,950		2,044,950
Equity		2,693,185		2,345,967
	$	5,080,154		4,889,967

Condensed Financial Information By Equity Method Investment, Statements Of Operations

	Three Months Ended
	February 29,		February 28,
(In thousands)	2012		2011
Revenues	$	122,405		116,888
Costs and expenses		51,185		51,471
Other income, net (1)		266,440		86,788
Net earnings of unconsolidated entities	$	337,660		152,205
Rialto Investments equity in earnings from unconsolidated entities	$	18,458		4,525

(1) Other income, net for the three months ended February 29, 2012 and February 28, 2011 includes the AB PPIP Fund's mark-to-market unrealized gains, of which the Company's portion is a small percentage.

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Lennar Homebuilding Senior Notes And Other Debts Payable (Tables)

3 Months Ended

Feb. 29, 2012

Lennar Homebuilding Senior Notes And Other Debts Payable [Abstract]

Schedule Of Senior Notes And Other Debts Payable

	February 29,		November 30,
(Dollars in thousands)	2012		2011
5.95% senior notes due 2013	$	266,855		266,855
5.50% senior notes due 2014		248,967		248,967
5.60% senior notes due 2015		500,885		500,999
6.50% senior notes due 2016		249,835		249,819
12.25% senior notes due 2017		394,067		393,700
6.95% senior notes due 2018		247,733		247,598
2.00% convertible senior notes due 2020		276,500		276,500
2.75% convertible senior notes due 2020		391,741		388,417
3.25% convertible senior notes due 2021		400,000		350,000
Mortgages notes on land and other debt		496,354		439,904
	$	3,472,937		3,362,759

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Operating And Reporting Segments

3 Months Ended

Feb. 29, 2012

Operating And Reporting Segments [Abstract]

Operating And Reporting Segments

(2) Operating and Reporting Segments

The Company's operating segments are aggregated into reportable segments, based primarily upon similar economic characteristics, geography and product type. The Company's reportable segments consist of:

(1) Homebuilding East

(2) Homebuilding Central

(3) Homebuilding West

(4) Homebuilding Southeast Florida

(5) Homebuilding Houston

(6) Lennar Financial Services

(7) Rialto Investments

Information about homebuilding activities in states which are not economically similar to other states in the same geographic area is grouped under "Homebuilding Other," which is not considered a reportable segment.

Evaluation of segment performance is based primarily on operating earnings (loss) before income taxes. Operations of the Company's homebuilding segments primarily include the construction and sale of single-family attached and detached homes, as well as the purchase, development and sale of residential land directly and through the Company's unconsolidated entities. Operating earnings (loss) for the homebuilding segments consist of revenues generated from the sales of homes and land, equity in earnings (loss) from unconsolidated entities and other income (expense), net, less the cost of homes sold and land sold, selling, general and administrative expenses and other interest expense of the segment. The Company's reportable homebuilding segments and all other homebuilding operations not required to be reported separately have operations located in:

East: Florida⁽¹⁾, Georgia, Maryland, New Jersey, North Carolina, South Carolina and Virginia

Central: Arizona, Colorado and Texas⁽²⁾

West: California and Nevada

Southeast Florida: Southeast Florida

Houston: Houston, Texas

Other: Illinois and Minnesota

(1) Florida in the East reportable segment excludes Southeast Florida, which is its own reportable segment.

(2) Texas in the Central reportable segment excludes Houston, Texas, which is its own reportable segment.

Operations of the Lennar Financial Services segment include mortgage financing, title insurance and closing services for both buyers of the Company's homes and others. Substantially all of the loans the Lennar Financial Services segment originates are sold within a short period in the secondary mortgage market on a servicing released, non-recourse basis. After the loans are sold, the Company retains potential liability for possible claims by purchasers that it breached certain limited industry-standard representations and warranties in the loan sale agreements. Lennar Financial Services' operating earnings consist of revenues generated primarily from mortgage financing, title insurance and closing services, less the cost of such services and certain selling, general and administrative expenses incurred by the segment. The Lennar Financial Services segment operates generally in the same states as the Company's homebuilding operations, as well as in other states.

Operations of the Rialto Investments ("Rialto") segment include sourcing, underwriting, pricing, managing and ultimately monetizing real estate and real estate related assets, as well as providing similar services to others in markets across the country. Rialto's operating earnings (loss) consists of revenues generated primarily from accretable interest income associated with portfolios of real estate loans acquired in partnership with the FDIC and other portfolios of real estate loans and assets acquired, fees for sub-advisory services, other income, net, consisting primarily of gains upon foreclosure of real estate owned ("REO") and gains on sale of REO, and equity in earnings (loss) from unconsolidated entities, less the costs incurred by the segment for managing portfolios, REO expenses, due diligence expenses related to both completed and abandoned transactions, and other general administrative expenses.

Each reportable segment follows the same accounting policies described in Note 1 – "Summary of Significant Accounting Policies" to the consolidated financial statements in the Company's 2011 Annual Report on Form 10-K. Operational results of each segment are not necessarily indicative of the results that would have occurred had the segment been an independent, stand-alone entity during the periods presented.

Financial information relating to the Company's operations was as follows:

(In thousands)	February 29, 2012		November 30, 2011
Assets:
Homebuilding East	$	1,407,776		1,312,750
Homebuilding Central		682,335		681,859
Homebuilding West		2,187,425		2,169,503
Homebuilding Southeast Florida		638,211		604,415
Homebuilding Houston		242,899		230,076
Homebuilding Other		626,435		595,615
Rialto Investments (1)		1,751,721		1,897,148
Lennar Financial Services		596,810		739,755
Corporate and unallocated		733,882		923,550
Total assets	$	8,867,494		9,154,671

(1) Consists primarily of assets of consolidated VIEs (see Note 8).

	Three Months Ended
(In thousands)	February 29, 2012			February 28, 2011
Revenues:
Homebuilding East	$	244,833			182,371
Homebuilding Central		85,713			67,006
Homebuilding West		123,085			96,382
Homebuilding Southeast Florida		49,789			35,091
Homebuilding Houston		84,834			52,953
Homebuilding Other		36,179			32,906
Lennar Financial Services		68,215			57,713
Rialto Investments		32,208			33,623
Total revenues (1)	$	724,856			558,045
Operating earnings (loss):
Homebuilding East	$	13,947			5,661
Homebuilding Central		1,064			(15,124	)
Homebuilding West (2)		(7,573	)		49,345
Homebuilding Southeast Florida		6,634			4,174
Homebuilding Houston		4,516			(41	)
Homebuilding Other		1,401			(8,527	)
Lennar Financial Services		8,250			1,183
Rialto Investments		5,056			23,002
Total operating earnings		33,295			59,673
Corporate general and administrative expenses		26,842			23,352
Earnings before income taxes	$	6,453			36,321

(1) Total revenues are net of sales incentives of $84.5 million ($34,200 per home delivered) for the three months ended February 29, 2012, compared to $62.9 million ($33,100 per home delivered) for the three months ended February 28, 2011.

(2) For the three months ended February 28, 2011, operating earnings include $37.5 million related to the receipt of a litigation settlement, as well as $15.4 million related to the Company's share of a gain on debt extinguishment and the recognition of $10.0 million of deferred management fees related to management services previously performed by the Company for one of its Lennar Homebuilding unconsolidated entities.

Valuation adjustments and write-offs relating to the Company's homebuilding operations were as follow:

	Three Months Ended
(In thousands)	February 29, 2012		February 28, 2011
Valuation adjustments to finished homes, CIP and land on which the Company intends to build homes:
East	$	217		852
Central		153		3,876
West		530		14
Southeast Florida		328		—
Houston		61		49
Other		736		21
Total		2,025		4,812
Valuation adjustments to land the Company intends to sell or has sold to third parties:
East		—		20
Central		—		23
Houston		—		10
Total		—		53
Write-offs of option deposits and pre-acquisition costs:
East		7		—
Central		49		—
West		232		—
Houston		—		81
Other		2		—
Total		290		81
Company's share of valuation adjustments related to assets of unconsolidated entities:
Central		—		371
West		—		1,660
Other		—		2,495
Total		—		4,526
Valuation adjustments to investments of unconsolidated entities:
East		11		8,262
Total		11		8,262
Write-offs of other receivables and other assets:
Other		—		4,806
Total		—		4,806
Total valuation adjustments and write-offs of option deposits and pre-acquisition costs, other receivables and other assets	$	2,326		22,540

During the first quarter of 2012, the Company recorded lower valuation adjustments than the first quarter of 2011. Changes in market conditions and other specific developments may cause the Company to re-evaluate its strategy regarding certain assets that could result in further valuation adjustments and/or additional write-offs of option deposits and pre-acquisition costs due to abandonment of those options contracts.

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Product Warranty (Tables)

3 Months Ended

Feb. 29, 2012

Product Warranty [Abstract]

Schedule Of Product Warranty Reserve

	Three Months Ended
(In thousands)	February 29, 2012			February 28, 2011
Warranty reserve, beginning of period	$	88,120			109,179
Warranties issued during the period		6,855			4,739
Adjustments to pre-existing warranties from changes in estimates		1,367			(2,727	)
Payments		(10,625	)		(7,215	)
Warranty reserve, end of period	$	85,717			103,976

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Lennar Homebuilding Investments In Unconsolidated Entities (Statements Of Operations) (Details) (Lennar Homebuilding Investments [Member], USD $)	3 Months Ended
	Feb. 29, 2012		Feb. 28, 2011
Schedule of Equity Method Investments [Line Items]
Revenues	$ 82,644,000		$ 67,063,000
Costs and expenses	83,422,000		88,580,000
Other income			123,007,000
Net earnings (loss) of unconsolidated entities	(778,000)		101,490,000
Equity in earnings (loss) from unconsolidated entities	1,083,000	[1]	8,661,000	[1]
Gain on extinguishment of debt			15,400,000
Gain on extinguishment of debt of unconsolidated entities			123,000,000
Lennar Homebuilding Unconsolidated Entity [Member]
Schedule of Equity Method Investments [Line Items]
Company's share of valuation adjustments related to assets of unconsolidated entities			$ 4,500,000

[1] For the three months ended February 28, 2011, Lennar Homebuilding equity in earnings includes a $15.4 million gain related to the Company's share of a $123.0 million gain on debt extinguishment at a Lennar Homebuilding unconsolidated entity, partially offset by $4.5 million of valuation adjustments related to assets of Lennar Homebuilding's unconsolidated entities.

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Rialto Investments Segment (Assets And Liabilities Related To Rialto Segment) (Details) (USD $) In Thousands, unless otherwise specified	Feb. 29, 2012		Nov. 30, 2011		Feb. 28, 2011	Nov. 30, 2010
Segment Reporting Information [Line Items]
Cash and cash equivalents	$ 922,906		$ 1,163,604		$ 1,206,586	$ 1,394,135
Total assets	8,867,494	[1]	9,154,671	[1]
Notes payable	3,472,937		3,362,759
Total liabilities	5,544,241	[2]	5,851,146	[2]
Rialto Investments [Member]
Segment Reporting Information [Line Items]
Cash and cash equivalents	74,186	[1]	83,938	[1]	82,961
Defeasance cash to retire notes payable	111,223	[1]	219,386	[1]
Loans receivable, net	649,791		713,354
Real estate owned - held-for-sale	101,579	[1]	143,677	[1]
Real estate owned - held-and-used, net	630,570	[1]	582,111	[1]
Investments in unconsolidated entities	149,735	[1]	124,712	[1]
Investments held-to-maturity	14,313		14,096
Other	20,324		15,874
Total assets	1,751,721	[1],[3]	1,897,148	[1],[3]
Notes payable	595,515		765,541
Other	16,629		30,579
Total liabilities	$ 612,144	[2]	$ 796,120	[2]

[1] Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations, ("ASC 810") the Company is required to separately disclose on its condensed consolidated balance sheets the assets of consolidated variable interest entities ("VIEs") that are owned by the consolidated VIEs and non-recourse liabilities of consolidated VIEs. As of February 29, 2012, total assets include $2,111.5 million related to consolidated VIEs of which $19.0 million is included in Lennar Homebuilding cash and cash equivalents, $5.3 million in Lennar Homebuilding receivables, net, $0.5 million in Lennar Homebuilding finished homes and construction in progress, $504.1 million in Lennar Homebuilding land and land under development, $67.5 million in Lennar Homebuilding consolidated inventory not owned, $43.8 million in Lennar Homebuilding investments in unconsolidated entities, $219.4 million in Lennar Homebuilding other assets, $69.4 million in Rialto Investments cash and cash equivalents, $111.2 million in Rialto Investments defeasance cash to retire notes payable, $523.3 million in Rialto Investments loans receivable, net, $87.8 million in Rialto Investments real estate owned held-for-sale, $450.3 million in Rialto Investments real estate owned held-and-used, net, $0.6 million in Rialto Investments in unconsolidated entities and $9.3 million in Rialto Investments other assets. As of November 30, 2011, total assets include $2,317.4 million related to consolidated VIEs of which $19.6 million is included in Lennar Homebuilding cash and cash equivalents, $5.3 million in Lennar Homebuilding receivables, net, $0.1 million in Lennar Homebuilding finished homes and construction in progress, $538.2 million in Lennar Homebuilding land and land under development, $71.6 million in Lennar Homebuilding consolidated inventory not owned, $43.4 million in Lennar Homebuilding investments in unconsolidated entities, $219.6 million in Lennar Homebuilding other assets, $80.0 million in Rialto Investments cash and cash equivalents, $219.4 million in Rialto Investments defeasance cash to retire notes payable, $565.6 million in Rialto Investments loans receivable, net, $115.4 million in Rialto Investments real estate owned held-for-sale, $428.0 million in Rialto Investments real estate owned held-and-used, net, $0.6 million in Rialto Investments in unconsolidated entities and $10.6 million in Rialto Investments other assets.

[2] As of February 29, 2012, total liabilities include $745.5 million related to consolidated VIEs as to which there was no recourse against the Company, of which $8.3 million is included in Lennar Homebuilding accounts payable, $39.1 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $170.1 million in Lennar Homebuilding senior notes and other debts payable, $34.9 million in Lennar Homebuilding other liabilities and $493.1 million in Rialto Investments notes payable and other liabilities. As of November 30, 2011, total liabilities include $902.3 million related to consolidated VIEs as to which there was no recourse against the Company, of which $12.7 million is included in Lennar Homebuilding accounts payable, $43.6 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $175.3 million in Lennar Homebuilding senior notes and other debts payable, $16.7 million in Lennar Homebuilding other liabilities and $654.0 million in Rialto Investments notes payable and other liabilities.

[3] Consists primarily of assets of consolidated VIEs (see Note 8).

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Financial Instruments (Fair Value Assets Measured On Nonrecurring Basis) (Details) (USD $)	3 Months Ended
	Feb. 29, 2012		Feb. 28, 2011
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
REO - held-and-used, net, Fair Value	$ 54,289,000	[1]
Total Gains (Losses) on REO held-and-used	2,414,000	[1],[2]
Discount rate for impairment	20.00%
Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
REO - held-and-used, net, Fair Value			7,343,000	[3]
Total Gains (Losses) on REO held-and-used			169,000	[3],[4]
Rialto Investments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
REO held-and-used fair value after gains			7,300,000
REO held-and-used, impairments	2,600,000
Rialto Investments [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
REO - held-for-sale, Fair Value	11,423,000	[5]	185,641,000	[6]
Total Gains (Losses) on REO held-for-sale	(462,000)	[2],[5]	16,940,000	[4],[6]
Lennar Homebuilding [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Finished homes and construction in progress carrying value before impairments	3,500,000		9,100,000
Equity method investments carrying value before impairment			8,800,000
Lennar Homebuilding [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Finished homes and construction in progress, Fair Value	1,548,000	[7]	4,332,000	[8]
Investments in unconsolidated entities, Fair Value			529,000	[9]
Total Gains (Losses) on Finished homes and construction in process	(2,025,000)	[2],[7]	(4,812,000)	[4],[8]
Total Gains (Losses) on Investments in unconsolidated entities			(8,262,000)	[4],[9]
Lennar Homebuilding [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Gains (Losses) on Investments in unconsolidated entities			8,300,000
Active communities	426		447
Rialto Investments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
REO held-for-sale carrying value before gains	300,000		168,700,000
REO held-for-sale fair value after gains	1,100,000		185,600,000
Gain on REO held-for-sale	800,000		16,900,000
REO held-for-sale carrying value before impairments	11,500,000
REO held-for-sale fair value after impairments	10,300,000
REO held-for-sale, impairments	1,200,000
REO held-and-used carrying value before gains	41,200,000		7,100,000
REO held-and-used fair value after gains	46,200,000
Gains on REO held-and-used	5,000,000		200,000
REO held-and-used carrying value before impairments	10,600,000
REO held-and-used fair value after impairments	$ 8,000,000

[1] REO, held-and-used, net, assets are initially recorded at fair value at the time of acquisition through, or in lieu of, loan foreclosure. Upon acquisition, the REO, held-and-used, net, had a carrying value of $7.1 million and a fair value of $7.3 million. The fair value of REO, held-and-used, net, is based upon the appraised value at the time of foreclosure or management's best estimate. The gains upon acquisition of REO, held-and-used, net, were $0.2 million and are included within Rialto Investments other income (expense), net in the Company's statement of operations for the three months ended February 28, 2011.

[2] Represents total losses due to valuation adjustments and impairments, and total gains from acquisitions of real estate through foreclosure recorded during the three months ended February 29, 2012.

[3] REO, held-and-used, net, assets are initially recorded at fair value at the time of acquisition through, or in lieu of, loan foreclosure. Upon acquisition, the REO, held-and-used, net, had a carrying value of $41.2 million and a fair value of $46.2 million. The fair value of REO, held-and-used, net, is based upon the appraised value at the time of foreclosure or management's best estimate. The gains upon acquisition of REO, held-and-used, net, were $5.0 million. As part of management's periodic valuations of its REO, held-and-used, net, during the three months ended February 29, 2012, REO, held-and-used, net, with an aggregate value of $10.6 million were written down to their fair value of $8.0 million, resulting in impairments of $2.6 million. These gains and impairments are included within Rialto Investments other income (expense), net in the Company's statement of operations for the three months ended February 29, 2012.

[4] Represents total losses due to valuation adjustments and total gains from acquisitions of real estate through foreclosure recorded during the three months ended February 28, 2011.

[5] REO, held-for-sale, assets are initially recorded at fair value less estimated costs to sell at the time of acquisition through, or in lieu of, loan foreclosure. Upon acquisition, the REO, held-for-sale, had a carrying value of $0.3 million and a fair value of $1.1 million. The fair value of REO, held-for-sale, is based upon the appraised value at the time of foreclosure or management's best estimate. The gains upon acquisition of REO, held-for-sale, were $0.8 million. As part of management's periodic valuations of its REO, held-for-sale, during the three months ended February 29, 2012, REO, held-for-sale, with an aggregate value of $11.5 million were written down to their fair value of $10.3 million, resulting in impairments of $1.2 million. These gains and impairments are included within Rialto Investments other income (expense), net in the Company's statement of operations for the three months ended February 29, 2012.

[6] REO, held-for-sale, assets are initially recorded at fair value less estimated costs to sell at the time of acquisition through, or in lieu of, loan foreclosure. Upon acquisition, the REO, held-for-sale, had a carrying value of $168.7 million and a fair value of $185.6 million. The fair value of REO, held-for-sale, is based upon the appraised value at the time of foreclosure or management's best estimate. The gains upon acquisition of REO, held-for-sale, were $16.9 million and are included within Rialto Investments other income (expense), net in the Company's statement of operations for the three months ended February 28, 2011.

[7] Finished homes and construction in progress with an aggregate carrying value of $3.5 million were written down to their fair value of $1.5 million, resulting in valuation adjustments of $2.0 million, which were included in Lennar Homebuilding costs and expenses in the Company's statement of operations for the three months ended February 29, 2012.

[8] Finished homes and construction in progress with an aggregate carrying value of $9.1 million were written down to their fair value of $4.3 million, resulting in valuation adjustments of $4.8 million, which were included in Lennar Homebuilding costs and expenses in the Company's statement of operations for the three months ended February 28, 2011.

[9] Lennar Homebuilding investments in unconsolidated entities with an aggregate carrying value of $8.8 million were written down to their fair value of $0.5 million, resulting in valuation adjustments of $8.3 million, which were included in Lennar Homebuilding other income, net in the Company's statement of operations for the three months ended February 28, 2011.

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Condensed Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Feb. 29, 2012		Nov. 30, 2011
ASSETS
Cash and cash equivalents	$ 922,906		$ 1,163,604
Inventories:
Total assets	8,867,494	[1]	9,154,671	[1]
LIABILITIES AND EQUITY
Senior notes and other debts payable	3,472,937		3,362,759
Total liabilities	5,544,241	[2]	5,851,146	[2]
Stockholders' equity:
Preferred stock		[2]		[2]
Additional paid-in capital	2,354,433	[2]	2,341,079	[2]
Retained earnings	963,807	[2]	956,401	[2]
Treasury stock, at cost; February 29, 2012 - 11,702,017 Class A common shares and 1,679,620 Class B common shares; November 30, 2011 - 12,000,017 Class A common shares and 1,679,620 Class B common shares	(615,698)	[2]	(621,220)	[2]
Total stockholders' equity	2,722,796	[2]	2,696,468	[2]
Noncontrolling interests	600,457	[2]	607,057	[2]
Total equity	3,323,253	[2]	3,303,525	[2]
Total liabilities and equity	8,867,494	[2]	9,154,671	[2]
Lennar Homebuilding [Member]
ASSETS
Cash and cash equivalents	792,165	[1]	1,024,212	[1]
Restricted cash	8,001	[1]	8,590	[1]
Receivables, net	47,745	[1]	53,977	[1]
Inventories:
Finished homes and construction in progress	1,429,882	[1]	1,334,703	[1]
Land and land under development	2,858,079	[1]	2,636,510	[1]
Consolidated inventory not owned	379,581	[1]	389,322	[1]
Total inventories	4,667,542	[1]	4,360,535	[1]
Investments in unconsolidated entities	563,364	[1]	545,760	[1]
Other assets	440,146	[1]	524,694	[1]
Total assets	6,518,963	[1]	6,517,768	[1]
LIABILITIES AND EQUITY
Accounts payable	170,216	[2]	201,101	[2]
Liabilities related to consolidated inventory not owned	317,136	[2]	326,200	[2]
Senior notes and other debts payable	3,472,937	[2]	3,362,759	[2]
Other liabilities	562,402	[2]	602,231	[2]
Total liabilities	4,522,691		4,492,291
Rialto Investments [Member]
ASSETS
Cash and cash equivalents	74,186	[1]	83,938	[1]
Defeasance cash to retire notes payable	111,223	[1]	219,386	[1]
Inventories:
Loans receivable, net	649,791	[1]	713,354	[1]
Real estate owned, held-for-sale	101,579	[1]	143,677	[1]
Real estate owned, held-and-used, net	630,570	[1]	582,111	[1]
Investments in unconsolidated entities	149,735	[1]	124,712	[1]
Other assets	34,637	[1]	29,970	[1]
Total assets	1,751,721	[1],[3]	1,897,148	[1],[3]
LIABILITIES AND EQUITY
Senior notes and other debts payable	595,515		765,541
Other liabilities	16,629		30,579
Total liabilities	612,144	[2]	796,120	[2]
Lennar Financial Services [Member]
ASSETS
Cash and cash equivalents	56,555		55,454
Restricted cash	16,135		16,319
Receivables, net	106,880	[4]	220,546	[4]
Inventories:
Other assets	38,100	[5]	36,488	[5]
Total assets	596,810	[1]	739,755	[1]
LIABILITIES AND EQUITY
Other liabilities	149,957	[6]	152,601	[6]
Total liabilities	409,406	[2]	562,735	[2]
Class A Common Stock [Member]
Stockholders' equity:
Common stock	16,956	[2]	16,910	[2]
Total equity	16,956		16,910
Class B Common Stock [Member]
Stockholders' equity:
Common stock	3,298	[2]	3,298	[2]
Total equity	$ 3,298		$ 3,298

[1] Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations, ("ASC 810") the Company is required to separately disclose on its condensed consolidated balance sheets the assets of consolidated variable interest entities ("VIEs") that are owned by the consolidated VIEs and non-recourse liabilities of consolidated VIEs. As of February 29, 2012, total assets include $2,111.5 million related to consolidated VIEs of which $19.0 million is included in Lennar Homebuilding cash and cash equivalents, $5.3 million in Lennar Homebuilding receivables, net, $0.5 million in Lennar Homebuilding finished homes and construction in progress, $504.1 million in Lennar Homebuilding land and land under development, $67.5 million in Lennar Homebuilding consolidated inventory not owned, $43.8 million in Lennar Homebuilding investments in unconsolidated entities, $219.4 million in Lennar Homebuilding other assets, $69.4 million in Rialto Investments cash and cash equivalents, $111.2 million in Rialto Investments defeasance cash to retire notes payable, $523.3 million in Rialto Investments loans receivable, net, $87.8 million in Rialto Investments real estate owned held-for-sale, $450.3 million in Rialto Investments real estate owned held-and-used, net, $0.6 million in Rialto Investments in unconsolidated entities and $9.3 million in Rialto Investments other assets. As of November 30, 2011, total assets include $2,317.4 million related to consolidated VIEs of which $19.6 million is included in Lennar Homebuilding cash and cash equivalents, $5.3 million in Lennar Homebuilding receivables, net, $0.1 million in Lennar Homebuilding finished homes and construction in progress, $538.2 million in Lennar Homebuilding land and land under development, $71.6 million in Lennar Homebuilding consolidated inventory not owned, $43.4 million in Lennar Homebuilding investments in unconsolidated entities, $219.6 million in Lennar Homebuilding other assets, $80.0 million in Rialto Investments cash and cash equivalents, $219.4 million in Rialto Investments defeasance cash to retire notes payable, $565.6 million in Rialto Investments loans receivable, net, $115.4 million in Rialto Investments real estate owned held-for-sale, $428.0 million in Rialto Investments real estate owned held-and-used, net, $0.6 million in Rialto Investments in unconsolidated entities and $10.6 million in Rialto Investments other assets.

[2] As of February 29, 2012, total liabilities include $745.5 million related to consolidated VIEs as to which there was no recourse against the Company, of which $8.3 million is included in Lennar Homebuilding accounts payable, $39.1 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $170.1 million in Lennar Homebuilding senior notes and other debts payable, $34.9 million in Lennar Homebuilding other liabilities and $493.1 million in Rialto Investments notes payable and other liabilities. As of November 30, 2011, total liabilities include $902.3 million related to consolidated VIEs as to which there was no recourse against the Company, of which $12.7 million is included in Lennar Homebuilding accounts payable, $43.6 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $175.3 million in Lennar Homebuilding senior notes and other debts payable, $16.7 million in Lennar Homebuilding other liabilities and $654.0 million in Rialto Investments notes payable and other liabilities.

[3] Consists primarily of assets of consolidated VIEs (see Note 8).

[4] Receivables, net primarily relate to loans sold to investors for which the Company had not yet been paid as of February 29, 2012 and November 30, 2011, respectively.

[5] Other assets include mortgage loan commitments carried at fair value of $5.6 million and $4.2 million, respectively, as of February 29, 2012 and November 30, 2011.

[6] Other liabilities include $76.8 million and $75.4 million, respectively, of certain of the Company's self-insurance reserves related to general liability and workers' compensation. Other liabilities also include forward contracts carried at fair value of $0.7 million and $1.4 million as of February 29, 2012 and November 30, 2011, respectively.

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Equity And Comprehensive Earnings (Loss) (Narrative) (Details) In Millions, unless otherwise specified	3 Months Ended
	Feb. 29, 2012	Feb. 28, 2011
Equity And Comprehensive Earnings (Loss) [Abstract]
Maximum noncontrolling interest percentage in subsidiaries	100.00%	100.00%
Maximum number of shares to repurchase	20
Repurchases of common stock	0	0
Common stock that can be repurchased in the future	6.2
Treasury stock reissued under equity compensation plan as Class A common shares	0.3

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Condensed Consolidated Statements Of Cash Flows (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Feb. 29, 2012		Feb. 28, 2011
Cash flows from operating activities:
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	$ 7,977		$ 38,726
Adjustments to reconcile net earnings (including net earnings (loss) attributable to noncontrolling interests) to net cash provided by (used in) operating activities:
Depreciation and amortization	7,630		3,767
Amortization of discount/premium on debt, net	5,371		4,061
Share based compensation expense	8,161		6,730
Excess tax benefits from share-based awards			(258)
Valuation adjustments and write-offs of option deposits and pre-acquisition costs, other receivables and other assets	2,326		18,014
Changes in assets and liabilities:
Decrease in restricted cash	773		3,214
Decrease in receivables	101,672		43,694
Increase in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs	(172,159)		(81,071)
Increase in other assets	(1,183)		(13,851)
Decrease in accounts payable and other liabilities	(103,149)		(95,751)
Net cash provided by (used in) operating activities	(132,444)		9,675
Cash flows from investing activities:
Net disposals of operating properties and equipment	1,140		8
Proceeds from sales of Rialto Investments real estate owned	37,868
Net cash provided by (used in) investing activities	156,706		(2,136)
Cash flows from financing activities:
Proceeds from 3.25% convertible senior notes due 2021	50,000
Debt issuance costs	(1,035)
Principal repayments on Rialto Investments notes payable	(170,026)
Proceeds from other borrowings	28,090		75
Principal payments on other borrowings	(20,267)		(27,838)
Exercise of land option contracts from an unconsolidated land investment venture	(4,628)		(10,855)
Receipts related to noncontrolling interests	391		115
Payments related to noncontrolling interests			(4,789)
Excess tax benefits from share-based awards			258
Common stock:
Issuances	10,761		4,754
Dividends	(7,562)		(7,469)
Net cash used in financing activities	(264,960)		(195,088)
Net decrease in cash and cash equivalents	(240,698)		(187,549)
Cash and cash equivalents at beginning of period	1,163,604		1,394,135
Cash and cash equivalents at end of period	922,906		1,206,586
Supplemental disclosures of non-cash investing and financing activities:
Inventory acquired in satisfaction of other assets including investments available-for-sale	90,385
Non-cash purchases of investments available-for-sale	12,520
Purchases of inventories financed by sellers	49,615		10,476
Consolidations of newly formed or previously unconsolidated entities, net
Inventories			18,621
Debts payable			(14,703)
Other liabilities			(2,864)
Noncontrolling interests			(529)
Lennar Homebuilding [Member]
Adjustments to reconcile net earnings (including net earnings (loss) attributable to noncontrolling interests) to net cash provided by (used in) operating activities:
Equity in earnings from unconsolidated entities	(1,083)		(8,661)
Distributions of earnings from unconsolidated entities	126		1,322
Gains on retirement of Lennar Homebuilding other debts payable	(988)
Cash flows from investing activities:
Investments in and contributions to unconsolidated entities	(26,810)		(25,177)
Distributions of capital from unconsolidated entities	9,897		7,630
Purchases of Lennar Homebuilding investments available-for-sale	2,408
Proceeds from sales of Lennar Homebuilding investments available-for-sale	6,436
Common stock:
Cash and cash equivalents at beginning of period	1,024,212	[1]
Cash and cash equivalents at end of period	792,165	[1]	1,014,000
Supplemental disclosures of non-cash investing and financing activities:
Non-cash contributions to unconsolidated entities	1,314		14,098
Non-cash distributions from unconsolidated entities			11,006
Consolidations of newly formed or previously unconsolidated entities, net
Investments in Lennar Homebuilding unconsolidated entities			(525)
Rialto Investments [Member]
Adjustments to reconcile net earnings (including net earnings (loss) attributable to noncontrolling interests) to net cash provided by (used in) operating activities:
Equity in earnings from unconsolidated entities	(18,458)		(4,525)
Distributions of earnings from unconsolidated entities	757		1,503
Unrealized and realized gains on Rialto Investments real estate owned	(5,831)		(17,375)
Gains on sale of Rialto Investments commercial mortgage-backed securities			(276)
Valuation adjustments and write-offs of option deposits and pre-acquisition costs, other receivables and other assets	4,748
Cash flows from investing activities:
Investments in and contributions to unconsolidated entities	(7,294)		(10,575)
Distributions of capital from unconsolidated entities	81
Decrease (increase) in Rialto Investments defeasance cash to retire notes payable	108,163		(24,250)
Receipts Of Principal Payments On Loans Receivable	33,549		49,954
Proceeds from sales of Rialto Investments real estate owned	37,868		7,792
Improvements in Rialto Investments real estate owned	(3,963)		(2,718)
Cash flows from financing activities:
Principal repayments on Rialto Investments notes payable	(170,026)
Common stock:
Cash and cash equivalents at beginning of period	83,938	[1]
Cash and cash equivalents at end of period	74,186	[1]	82,961
Supplemental disclosures of non-cash investing and financing activities:
Real estate owned acquired in satisfaction/partial satisfaction of loans receivable	41,588		175,875
Lennar Financial Services [Member]
Changes in assets and liabilities:
Decrease in Lennar Financial Services loans-held-for-sale	30,866		110,412
Cash flows from investing activities:
Decrease in Lennar Financial Services loans held-for-investment, net	447		197
Purchases of Lennar Financial Services investment securities	(1,150)		(5,126)
Proceeds from maturities of Lennar Financial Services investment securities	750		129
Cash flows from financing activities:
Net repayments under Lennar Financial Services debt	(150,684)		(149,339)
Common stock:
Cash and cash equivalents at beginning of period	55,454
Cash and cash equivalents at end of period	$ 56,555		$ 109,625

[1] Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations, ("ASC 810") the Company is required to separately disclose on its condensed consolidated balance sheets the assets of consolidated variable interest entities ("VIEs") that are owned by the consolidated VIEs and non-recourse liabilities of consolidated VIEs. As of February 29, 2012, total assets include $2,111.5 million related to consolidated VIEs of which $19.0 million is included in Lennar Homebuilding cash and cash equivalents, $5.3 million in Lennar Homebuilding receivables, net, $0.5 million in Lennar Homebuilding finished homes and construction in progress, $504.1 million in Lennar Homebuilding land and land under development, $67.5 million in Lennar Homebuilding consolidated inventory not owned, $43.8 million in Lennar Homebuilding investments in unconsolidated entities, $219.4 million in Lennar Homebuilding other assets, $69.4 million in Rialto Investments cash and cash equivalents, $111.2 million in Rialto Investments defeasance cash to retire notes payable, $523.3 million in Rialto Investments loans receivable, net, $87.8 million in Rialto Investments real estate owned held-for-sale, $450.3 million in Rialto Investments real estate owned held-and-used, net, $0.6 million in Rialto Investments in unconsolidated entities and $9.3 million in Rialto Investments other assets. As of November 30, 2011, total assets include $2,317.4 million related to consolidated VIEs of which $19.6 million is included in Lennar Homebuilding cash and cash equivalents, $5.3 million in Lennar Homebuilding receivables, net, $0.1 million in Lennar Homebuilding finished homes and construction in progress, $538.2 million in Lennar Homebuilding land and land under development, $71.6 million in Lennar Homebuilding consolidated inventory not owned, $43.4 million in Lennar Homebuilding investments in unconsolidated entities, $219.6 million in Lennar Homebuilding other assets, $80.0 million in Rialto Investments cash and cash equivalents, $219.4 million in Rialto Investments defeasance cash to retire notes payable, $565.6 million in Rialto Investments loans receivable, net, $115.4 million in Rialto Investments real estate owned held-for-sale, $428.0 million in Rialto Investments real estate owned held-and-used, net, $0.6 million in Rialto Investments in unconsolidated entities and $10.6 million in Rialto Investments other assets.

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Rialto Investments Segment (Risk Indicators) (Details) (USD $) In Thousands, unless otherwise specified	Feb. 29, 2012	Nov. 30, 2011
Rialto Investments [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrual	$ 586,264	$ 639,642
Total	649,791	713,354
Loans receivable, net	649,791	713,354
Land [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrual	309,796	323,542
Nonaccrual	22,910	24,692
Total	332,706	348,234
Loans receivable, net	332,706	348,234
Single Family Homes [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrual	127,362	137,074
Nonaccrual	11,790	15,191
Total	139,152	152,265
Loans receivable, net	139,152	152,265
Commercial Properties [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrual	121,694	145,705
Nonaccrual	23,681	27,094
Total	145,375	172,799
Loans receivable, net	145,375	172,799
Multi-Family Homes [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrual	19,071	21,373
Nonaccrual	5,146	6,735
Total	24,217	28,108
Loans receivable, net	24,217	28,108
Other [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrual	8,341	11,948
Total	8,341	11,948
Loans receivable, net	8,341	11,948
Loans Receivable [Member] | Rialto Investments [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrual	586,264	639,642
Nonaccrual	63,527	73,712
Total	649,791	713,354
Loans receivable, net	$ 649,791	$ 713,354

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Consolidation Of Variable Interest Entities (Tables)

3 Months Ended

Feb. 29, 2012

Consolidation Of Variable Interest Entities [Abstract]

Estimated Maximum Exposure To Loss

As of February 29, 2012

(In thousands)	Investments in Unconsolidated VIEs		Lennar's Maximum Exposure to Loss
Lennar Homebuilding (1)	$	98,616		126,077
Rialto Investments (2)		98,399		105,899
	$	197,015		231,976

As of November 30, 2011

(In thousands)	Investments in Unconsolidated VIEs		Lennar's Maximum Exposure to Loss
Lennar Homebuilding (1)	$	94,517		123,038
Rialto Investments (2)		88,076		95,576
	$	182,593		218,614

(1) At both February 29, 2012 and November 30, 2011, the maximum exposure to loss of Lennar Homebuilding's investments in unconsolidated VIEs is limited to its investment in the unconsolidated VIEs, except with regard to $27.4 million and $28.3 million, respectively, of recourse debt of one of the unconsolidated VIEs, which is included in the Company's maximum recourse related to Lennar Homebuilding unconsolidated entities.

(2) For Rialto's investment in unconsolidated VIEs, the Company made a $75 million commitment to fund capital in the AB PPIP fund. As of both February 29, 2012 and November 30, 2011, the Company had contributed $67.5 million of the $75 million commitment, and it cannot walk away from its remaining commitment to fund capital. Therefore, as of February 29, 2012 and November 30, 2011, the maximum exposure to loss for Rialto's unconsolidated VIEs was higher than the carrying amount of its investments. In addition, at February 29, 2012 and November 30, 2011, investments in unconsolidated VIEs and Lennar's maximum exposure to loss include $14.3 million and $14.1 million, respectively, related to Rialto's investments held-to-maturity.

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Product Warranty (Narrative) (Details) (USD $)	3 Months Ended
	Feb. 29, 2012	Feb. 28, 2011	Nov. 30, 2011	Nov. 30, 2010
Product Warranty [Line Items]
Chinese drywall number of homes	1,000
Chinese drywall percentage of homes	1.20%
Chinese drywall accrual	$ 82,200,000
Warranty reserve, net of payments	85,717,000	103,976,000	88,120,000	109,179,000
Payments received		1,300,000
Chinese Drywall [Member]
Product Warranty [Line Items]
Warranty reserve, net of payments	$ 7,100,000		$ 9,100,000

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New Accounting Pronouncements

3 Months Ended

Feb. 29, 2012

New Accounting Pronouncements [Abstract]

New Accounting Pronouncements

(16) New Accounting Pronouncements

In January 2010, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2010-06, Improving Disclosures about Fair Value Measurements, ("ASU 2010-06"), which requires additional disclosures about transfers between Levels 1 and 2 of the fair value hierarchy and disclosures about purchases, sales, issuances and settlements in the rollforward of activity in Level 3 fair value measurements. The Company adopted ASU 2010-06 for its second quarter ended May 31, 2010, except for the Level 3 activity disclosures which were effective for the Company's fiscal year beginning December 1, 2011. The adoption of this ASU did not have a material effect on the Company's condensed consolidated financial statements, but did require additional disclosures.

In May 2011, the FASB issued ASU 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs, ("ASU 2011-04"). ASU 2011-04 amends ASC 820, Fair Value Measurements, ("ASC 820"), providing a consistent definition and measurement of fair value, as well as similar disclosure requirements between U.S. GAAP and International Financial Reporting Standards. ASU 2011-04 changes certain fair value measurement principles, clarifies the application of existing fair value measurement and expands the ASC 820 disclosure requirements, particularly for Level 3 fair value measurements. ASU 2011-04 will be effective for the Company's quarter ending May 31, 2012. The adoption of ASU 2011-04 is not expected to have a material effect on the Company's condensed consolidated financial statements, but may require certain additional disclosures.

In June 2011, the FASB issued ASU 2011-05, Presentation of Comprehensive Income, ("ASU 2011-05"). ASU 2011-05 requires the presentation of comprehensive income in either (1) a continuous statement of comprehensive income or (2) two separate but consecutive statements. ASU 2011-05 will be effective for the Company's quarter ending May 31, 2012. The adoption of ASU 2011-05 is not expected to have a material effect on the Company's condensed consolidated financial statements, but will require a change in the presentation of the Company's comprehensive income from the notes of the consolidated financial statements, where it is currently disclosed, to the face of the condensed consolidated financial statements.

In September 2011, the FASB issued ASU 2011-08, Testing Goodwill for Impairment, ("ASU 2011-08"), which amends the guidance in ASC 350-20, Intangibles—Goodwill and Other—Goodwill. Under ASU 2011-08, entities have the option of performing a qualitative assessment before calculating the fair value of the reporting unit when testing goodwill for impairment. If the fair value of the reporting unit is determined, based on qualitative factors, to be more likely than not less than the carrying amount of the reporting unit, then entities are required to perform the two-step goodwill impairment test. ASU 2011-08 will be effective for the Company's fiscal year beginning December 1, 2012, with early adoption permitted. The adoption of ASU 2011-08 is not expected to have a material effect on the Company's condensed consolidated financial statements.

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Supplemental Financial Information (Tables)

3 Months Ended

Feb. 29, 2012

Supplemental Financial Information [Abstract]

Consolidating Balance Sheet

Condensed Consolidating Balance Sheet

February 29, 2012

(In thousands)	Lennar Corporation			Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Total
ASSETS
Lennar Homebuilding:
Cash and cash equivalents, restricted cash and receivables, net	$	676,284			147,285		24,342		—			847,911
Inventories		—			4,163,879		503,663		—			4,667,542
Investments in unconsolidated entities		—			519,592		43,772		—			563,364
Other assets		41,037			179,697		219,412		—			440,146
Investments in subsidiaries		3,356,188			599,693		—		(3,955,881	)		—
		4,073,509			5,610,146		791,189		(3,955,881	)		6,518,963
Rialto Investments		—			—		1,751,721		—			1,751,721
Lennar Financial Services		—			150,754		446,056		—			596,810
Total assets	$	4,073,509			5,760,900		2,988,966		(3,955,881	)		8,867,494
LIABILITIES AND EQUITY
Lennar Homebuilding:
Accounts payable and other liabilities	$	234,448			476,587		21,583		—			732,618
Liabilities related to consolidated inventory not owned		—			317,136		—		—			317,136
Senior notes and other debts payable		2,976,583			277,466		218,888		—			3,472,937
Intercompany		(1,860,318	)		1,288,416		571,902		—			—
		1,350,713			2,359,605		812,373		—			4,522,691
Rialto Investments		—			—		612,144		—			612,144
Lennar Financial Services		—			45,107		364,299		—			409,406
Total liabilities		1,350,713			2,404,712		1,788,816		—			5,544,241
Stockholders' equity		2,722,796			3,356,188		599,693		(3,955,881	)		2,722,796
Noncontrolling interests		—			—		600,457		—			600,457
Total equity		2,722,796			3,356,188		1,200,150		(3,955,881	)		3,323,253
Total liabilities and equity	$	4,073,509			5,760,900		2,988,966		(3,955,881	)		8,867,494

Condensed Consolidating Balance Sheet

November 30, 2011

(In thousands)	Lennar Corporation			Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Total
ASSETS
Lennar Homebuilding:
Cash and cash equivalents, restricted cash and receivables, net	$	871,376			190,483		24,920		—			1,086,779
Inventories		—			3,822,009		538,526		—			4,360,535
Investments in unconsolidated entities		—			502,363		43,397		—			545,760
Other assets		35,722			269,392		219,580		—			524,694
Investments in subsidiaries		3,368,336			611,311		—		(3,979,647	)		—
		4,275,434			5,395,558		826,423		(3,979,647	)		6,517,768
Rialto Investments		—			—		1,897,148		—			1,897,148
Lennar Financial Services		—			149,842		589,913		—			739,755
Total assets	$	4,275,434			5,545,400		3,313,484		(3,979,647	)		9,154,671
LIABILITIES AND EQUITY
Lennar Homebuilding:
Accounts payable and other liabilities	$	290,337			483,590		29,405		—			803,332
Liabilities related to consolidated inventory not owned		—			326,200		—		—			326,200
Senior notes and other debts payable		2,922,855			215,840		224,064		—			3,362,759
Intercompany		(1,634,226	)		1,105,872		528,354		—			—
		1,578,966			2,131,502		781,823		—			4,492,291
Rialto Investments		—			—		796,120		—			796,120
Lennar Financial Services		—			45,562		517,173		—			562,735
Total liabilities		1,578,966			2,177,064		2,095,116		—			5,851,146
Stockholders' equity		2,696,468			3,368,336		611,311		(3,979,647	)		2,696,468
Noncontrolling interests		—			—		607,057		—			607,057
Total equity		2,696,468			3,368,336		1,218,368		(3,979,647	)		3,303,525
Total liabilities and equity	$	4,275,434			5,545,400		3,313,484		(3,979,647	)		9,154,671

Consolidating Statement Of Operations

Condensed Consolidating Statement of Operations

Three Months Ended February 29, 2012

(In thousands)	Lennar Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Revenues:
Lennar Homebuilding	$	—			624,028			405			—			624,433
Lennar Financial Services		—			34,550			37,982			(4,317	)		68,215
Rialto Investments		—			—			32,208			—			32,208
Total revenues		—			658,578			70,595			(4,317	)		724,856
Cost and expenses:
Lennar Homebuilding		—			580,510			4,375			(140	)		584,745
Lennar Financial Services		—			34,966			28,918			(3,919	)		59,965
Rialto Investments		—			78			33,370			(78	)		33,370
Corporate general and administrative		25,499			—			—			1,343			26,842
Total costs and expenses		25,499			615,554			66,663			(2,794	)		704,922
Lennar Homebuilding equity in earnings (loss) from unconsolidated entities		—			1,141			(58	)		—			1,083
Lennar Homebuilding other income (expense), net		(77	)		4,058			—			86			4,067
Other interest expense		(1,437	)		(24,849	)		—			1,437			(24,849	)
Rialto Investments equity in earnings from unconsolidated entities		—			—			18,458			—			18,458
Rialto Investments other expense, net		—			—			(12,240	)		—			(12,240	)
Earnings (loss) before income taxes		(27,013	)		23,374			10,092			—			6,453
Benefit (provision) for income taxes		12,609			(6,034	)		(5,051	)		—			1,524
Equity in earnings from subsidiaries		29,372			12,032			—			(41,404	)		—
Net earnings (including net loss attributable to noncontrolling interests)		14,968			29,372			5,041			(41,404	)		7,977
Less: Net loss attributable to noncontrolling interests		—			—			(6,991	)		—			(6,991	)
Net earnings attributable to Lennar	$	14,968			29,372			12,032			(41,404	)		14,968

Condensed Consolidating Statement of Operations

Three Months Ended February 28, 2011

(In thousands)	Lennar Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Revenues:
Lennar Homebuilding	$	—			458,957			7,752			—			466,709
Lennar Financial Services		—			33,994			38,365			(14,646	)		57,713
Rialto Investments		—			—			33,623			—			33,623
Total revenues		—			492,951			79,740			(14,646	)		558,045
Cost and expenses:
Lennar Homebuilding		—			434,220			15,635			(2,092	)		447,763
Lennar Financial Services		—			35,770			32,337			(11,577	)		56,530
Rialto Investments		—			—			28,349			—			28,349
Corporate general and administrative		22,231			—			—			1,121			23,352
Total costs and expenses		22,231			469,990			76,321			(12,548	)		555,994
Lennar Homebuilding equity in earnings (loss) from unconsolidated entities		—			8,683			(22	)		—			8,661
Lennar Homebuilding other income, net		9,676			29,951			—			(9,667	)		29,960
Other interest expense		(11,765	)		(22,079	)		—			11,765			(22,079	)
Rialto Investments equity in earnings from unconsolidated entities		—			—			4,525			—			4,525
Rialto Investments other income, net		—			—			13,203			—			13,203
Earnings (loss) before income taxes		(24,320	)		39,516			21,125			—			36,321
Benefit (provision) for income taxes		13,109			(9,801	)		(903	)		—			2,405
Equity in earnings from subsidiaries		38,617			8,902			—			(47,519	)		—
Net earnings (including net earnings attributable to noncontrolling interests)		27,406			38,617			20,222			(47,519	)		38,726
Less: Net earnings attributable to noncontrolling interests		—			—			11,320			—			11,320
Net earnings attributable to Lennar	$	27,406			38,617			8,902			(47,519	)		27,406

Consolidating Statement Of Cash Flows

Condensed Consolidating Statement of Cash Flows

Three Months Ended February 29, 2012

(In thousands)	Lennar Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Cash flows from operating activities:
Net earnings (including net loss attributable to noncontrolling interests)	$	14,968			29,372			5,041			(41,404	)		7,977
Adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by (used in) operating activities		(46,874	)		(229,062	)		94,111			41,404			(140,421	)
Net cash provided by (used in) operating activities		(31,906	)		(199,690	)		99,152			—			(132,444	)
Cash flows from investing activities:
Investments in and contributions to Lennar Homebuilding unconsolidated entities, net		—			(16,465	)		(448	)		—			(16,913	)
Investments in and contributions to Rialto Investments consolidated and unconsolidated entities, net		—			—			(7,213	)		—			(7,213	)
Decrease in Rialto Investments defeasance cash to retire notes payable		—			—			108,163			—			108,163
Receipts of principal payments on Rialto Investments loans receivable		—			—			33,549			—			33,549
Proceeds from sales of Rialto Investments real estate owned		—			—			37,868			—			37,868
Other		—			5,147			(3,895	)		—			1,252
Net cash provided by (used in) investing activities		—			(11,318	)		168,024			—			156,706
Cash flows from financing activities:
Net repayments under Lennar Financial Services debt		—			(55	)		(150,629	)		—			(150,684	)
Net proceeds from convertible senior notes		48,965			—			—			—			48,965
Principal repayments on Rialto Investments notes payable		—			—			(170,026	)		—			(170,026	)
Net borrowings (repayments) on other borrowings		—			12,296			(4,473	)					7,823
Exercise of land option contracts from an unconsolidated land investment venture		—			(4,628	)		—			—			(4,628	)
Net receipts related to noncontrolling interests		—			—			391			—			391
Common stock:
Issuances		10,761			—			—			—			10,761
Dividends		(7,562	)		—			—			—			(7,562	)
Intercompany		(212,652	)		165,478			47,174			—			—
Net cash provided by (used in) financing activities		(160,488	)		173,091			(277,563	)		—			(264,960	)
Net decrease in cash and cash equivalents		(192,394	)		(37,917	)		(10,387	)		—			(240,698	)
Cash and cash equivalents at beginning of period		864,237			172,018			127,349			—			1,163,604
Cash and cash equivalents at end of period	$	671,843			134,101			116,962			—			922,906

Condensed Consolidating Statement of Cash Flows

Three Months Ended February 28, 2011

(In thousands)	Lennar Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Cash flows from operating activities:
Net earnings (including net earnings attributable to noncontrolling interests)	$	27,406			38,617			20,222			(47,519	)		38,726
Adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities		(15,550	)		(187,700	)		126,680			47,519			(29,051	)
Net cash provided by (used in) operating activities		11,856			(149,083	)		146,902			—			9,675
Cash flows from investing activities:
Investments in and contributions to Lennar Homebuilding unconsolidated entities, net		—			(16,752	)		(795	)		—			(17,547	)
Investments in and contributions to Rialto Investments consolidated and unconsolidated entities, net		—			—			(10,575	)		—			(10,575	)
Increase in Rialto Investments defeasance cash to retire notes payable		—			—			(24,250	)		—			(24,250	)
Receipts of principal payments on Rialto Investments loans receivable		—			—			49,954			—			49,954
Other		—			(4,560	)		4,842			—			282
Net cash provided (used in) by investing activities		—			(21,312	)		19,176			—			(2,136	)
Cash flows from financing activities:
Net repayments under Lennar Financial Services debt		—			(5	)		(149,334	)		—			(149,339	)
Net repayments on other borrowings		—			(12,510	)		(15,253	)		—			(27,763	)
Exercise of land option contracts from an unconsolidated land investment venture		—			(10,855	)		—			—			(10,855	)
Net payments related to noncontrolling interests		—			—			(4,674	)		—			(4,674	)
Excess tax benefits from share-based awards		258			—			—			—			258
Common stock:
Issuances		4,754			—			—			—			4,754
Dividends		(7,469	)		—			—			—			(7,469	)
Intercompany		(182,844	)		162,765			20,079			—			—
Net cash provided by (used in) financing activities		(185,301	)		139,395			(149,182	)		—			(195,088	)
Net (decrease) increase in cash and cash equivalents		(173,445	)		(31,000	)		16,896			—			(187,549	)
Cash and cash equivalents at beginning of period		1,071,542			179,215			143,378			—			1,394,135
Cash and cash equivalents at end of period	$	898,097			148,215			160,274			—			1,206,586

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Basis Of Presentation (Policy)

3 Months Ended

Feb. 29, 2012

Basis Of Presentation [Abstract]

Basis Of Consolidation

Basis of Consolidation

The accompanying condensed consolidated financial statements include the accounts of Lennar Corporation and all subsidiaries, partnerships and other entities in which Lennar Corporation has a controlling interest and VIEs (see Note 15) in which Lennar Corporation is deemed to be the primary beneficiary (the "Company"). The Company's investments in both unconsolidated entities in which a significant, but less than controlling, interest is held and in VIEs in which the Company is not deemed to be the primary beneficiary, are accounted for by the equity method. All intercompany transactions and balances have been eliminated in consolidation. The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended November 30, 2011. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for the fair presentation of the accompanying condensed consolidated financial statements have been made.

The Company has historically experienced, and expects to continue to experience, variability in quarterly results. The condensed consolidated statement of operations for the three months ended February 29, 2012 is not necessarily indicative of the results to be expected for the full year.

Reclassification

Reclassification

Certain prior year amounts in the condensed consolidated financial statements have been reclassified to conform with the 2012 presentation.

Use Of Estimates

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

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Financial Instruments (Carrying Amounts And Estimated Fair Value Of Financial Instruments) (Details) (USD $) In Thousands, unless otherwise specified	Feb. 29, 2012 Y	Nov. 30, 2011
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, Carrying Amount	$ 3,472,937	$ 3,362,759
Treasury yield calculated term (in years)	3
Lennar Homebuilding [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, Carrying Amount	3,472,937	3,362,759
Notes payable, Fair Value	3,923,617	3,491,212
Rialto Investments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, net	649,791	713,354
Total	649,791	713,354
Loans receivable, Fair Value	665,023	749,382
Investments held-to-maturity, Carrying Amount	14,313	14,096
Investments held-to-maturity, Fair Value	14,214	13,996
Notes payable, Carrying Amount	595,515	765,541
Notes payable, Fair Value	575,725	729,943
Interest rate	0.00%
Lennar Financial Services [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments held-to-maturity, Carrying Amount	48,771	48,860
Investments held-to-maturity, Fair Value	48,524	47,651
Loans held-for-investment, net, Carrying Amount	23,563	24,262
Loans held-for-investment, net, Fair Value	21,106	22,736
Notes and other debts payable, Carrying Amount	259,449	410,134
Notes and other debts payable, Fair Value	$ 259,449	$ 410,134

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Basis Of Presentation

3 Months Ended

Feb. 29, 2012

Basis Of Presentation [Abstract]

Basis Of Presentation

(1) Basis of Presentation

Basis of Consolidation

The accompanying condensed consolidated financial statements include the accounts of Lennar Corporation and all subsidiaries, partnerships and other entities in which Lennar Corporation has a controlling interest and VIEs (see Note 15) in which Lennar Corporation is deemed to be the primary beneficiary (the "Company"). The Company's investments in both unconsolidated entities in which a significant, but less than controlling, interest is held and in VIEs in which the Company is not deemed to be the primary beneficiary, are accounted for by the equity method. All intercompany transactions and balances have been eliminated in consolidation. The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended November 30, 2011. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for the fair presentation of the accompanying condensed consolidated financial statements have been made.

The Company has historically experienced, and expects to continue to experience, variability in quarterly results. The condensed consolidated statement of operations for the three months ended February 29, 2012 is not necessarily indicative of the results to be expected for the full year.

Reclassification

Certain prior year amounts in the condensed consolidated financial statements have been reclassified to conform with the 2012 presentation.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

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Condensed Consolidated Balance Sheets (Parenthetical) (USD $) In Millions, except Share data, unless otherwise specified	Feb. 29, 2012	Nov. 30, 2011
Total consolidated VIEs assets	$ 2,111.5	$ 2,317.4
Total consolidated VIEs liabilities	745.5	902.3
Class A Common Stock [Member]
Common stock, par value	$ 0.10	$ 0.10
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	169,563,027	169,099,760
Treasury stock, shares	11,702,017	12,000,017
Class B Common Stock [Member]
Common stock, par value	$ 0.10	$ 0.10
Common stock, shares authorized	90,000,000	90,000,000
Common stock, shares issued	32,982,815	32,982,815
Treasury stock, shares	1,679,620	1,679,620
Lennar Homebuilding Consolidated VIEs [Member]
Cash and cash equivalents	19.0	19.6
Receivables, net	5.3	5.3
Finished homes and construction in progress	0.5	0.1
Land and land under development	504.1	538.2
Consolidated inventory not owned	67.5	71.6
Investments in unconsolidated entities	43.8	43.4
Other assets	219.4	219.6
Accounts payable	8.3	12.7
Liabilities related to consolidated inventory not owned	39.1	43.6
Senior notes and other debts payable	170.1	175.3
Other liabilities	34.9	16.7
Rialto Investments Consolidated VIEs [Member]
Cash and cash equivalents	69.4	80.0
Defeasance cash to retire notes payable	111.2	219.4
Investments in unconsolidated entities	0.6	0.6
Other assets	9.3	10.6
Loans receivable	523.3	565.6
Real estate owned, held for sale	87.8	115.4
Real estate owned held-and-used, net	450.3	428.0
Notes payable and other liabilities	$ 493.1	$ 654.0

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Lennar Homebuilding Senior Notes And Other Debts Payable

3 Months Ended

Feb. 29, 2012

Lennar Homebuilding Senior Notes And Other Debts Payable [Abstract]

Lennar Homebuilding Senior Notes And Other Debts Payable

(11) Lennar Homebuilding Senior Notes and Other Debts Payable

	February 29,		November 30,
(Dollars in thousands)	2012		2011
5.95% senior notes due 2013	$	266,855		266,855
5.50% senior notes due 2014		248,967		248,967
5.60% senior notes due 2015		500,885		500,999
6.50% senior notes due 2016		249,835		249,819
12.25% senior notes due 2017		394,067		393,700
6.95% senior notes due 2018		247,733		247,598
2.00% convertible senior notes due 2020		276,500		276,500
2.75% convertible senior notes due 2020		391,741		388,417
3.25% convertible senior notes due 2021		400,000		350,000
Mortgages notes on land and other debt		496,354		439,904
	$	3,472,937		3,362,759

At February 29, 2012, the Company had a $150 million Letter of Credit and Reimbursement Agreement with certain financial institutions, which may be increased to $200 million, but for which there are currently no commitments for the additional $50 million. In addition, at February 29, 2012, the Company had a $50 million Letter of Credit and Reimbursement Agreement with certain financial institutions that had a $50 million accordion feature for which there are currently no commitments, and a $200 million Letter of Credit Facility with a financial institution. The Company believes it was in compliance with its debt covenants at February 29, 2012.

The Company's performance letters of credit outstanding were $70.6 million and $68.0 million, respectively, at February 29, 2012 and November 30, 2011. The Company's financial letters of credit outstanding were $197.7 million and $199.3 million, respectively, at February 29, 2012 and November 30, 2011. Performance letters of credit are generally posted with regulatory bodies to guarantee the Company's performance of certain development and construction activities, and financial letters of credit are generally posted in lieu of cash deposits on option contracts, for insurance risks, credit enhancements and as other collateral. Additionally, at February 29, 2012, the Company had outstanding performance and surety bonds related to site improvements at various projects (including certain projects in the Company's joint ventures) of $607.3 million. Although significant development and construction activities have been completed related to these site improvements, these bonds are generally not released until all development and construction activities are completed. As of February 29, 2012, there were approximately $334.3 million, or 55%, of anticipated future costs to complete related to these site improvements. The Company does not presently anticipate any draws upon these bonds, but if any such draws occur, the Company does not believe they would have a material effect on its financial position, results of operations or cash flows.

In November 2011, the Company issued $350.0 million aggregate principal amount of 3.25% convertible senior notes due 2021 (the "3.25% Convertible Senior Notes"). During the three months ended February 29, 2012, the initial purchasers of the 3.25% Convertible Senior Notes purchased an additional $50.0 million aggregate principal amount to cover over-allotments. At February 29, 2012 and November 30, 2011, the carrying and principal amount of the 3.25% Convertible Senior Notes was $400.0 million and $350.0 million, respectively. The 3.25% Convertible Senior Notes are convertible into shares of Class A common stock at any time prior to maturity or redemption at the initial conversion rate of 42.5555 shares of Class A common stock per $1,000 principal amount of the 3.25% Convertible Senior Notes or 17,022,200 Class A common shares if all the 3.25% Convertible Senior Notes are converted, which is equivalent to an initial conversion price of approximately $23.50 per share of Class A common stock, subject to anti-dilution adjustments. The shares are included in the calculation of diluted earnings per share. Holders of the 3.25% Convertible Senior Notes have the right to require the Company to repurchase them for cash equal to 100% of their principal amount, plus accrued but unpaid interest on November 15, 2016. The Company has the right to redeem the 3.25% Convertible Senior Notes at any time on or after November 20, 2016 for 100% of their principal amount, plus accrued but unpaid interest.

The 2.75% convertible senior notes due 2020 (the "2.75% Convertible Senior Notes") are convertible into cash, shares of Class A common stock or a combination of both, at the Company's election. However, it is the Company's intent to settle the face value of the 2.75% Convertible Senior Notes in cash. The shares are not included in the calculation of diluted earnings per share primarily because it is the Company's intent to settle the face value of the 2.75% Convertible Senior Notes in cash and the Company's volume weighted average stock price for the first quarter of 2012 did not exceed the conversion price. Holders may convert the 2.75% Convertible Senior Notes at the initial conversion rate of 45.1794 shares of Class A common stock per $1,000 principal amount or 20,150,012 Class A common shares if all the 2.75% Convertible Senior Notes are converted, which is equivalent to an initial conversion price of approximately $22.13 per share of Class A common stock. Holders of the 2.75% Convertible Senior Notes have the right to require the Company to repurchase them for cash equal to 100% of their principal amount, plus accrued but unpaid interest, on December 15, 2015. The Company has the right to redeem the 2.75% Convertible Senior Notes at any time on or after December 20, 2015 for 100% of their principal amount, plus accrued but unpaid interest.

Certain provisions under ASC 470, Debt, require the issuer of certain convertible debt instruments that may be settled in cash on conversion to separately account for the liability and equity components of the instrument in a manner that reflects the issuer's non-convertible debt borrowing rate. The Company has applied these provisions to its 2.75% Convertible Senior Notes. At both February 29, 2012 and November 30, 2011, the principal amount of the 2.75% Convertible Senior Notes was $446.0 million. At February 29, 2012 and November 30, 2011, the carrying amount of the equity component included in stockholders' equity was $54.3 million and $57.6 million, respectively, and the net carrying amount of the 2.75% Convertible Senior Notes included in Lennar Homebuilding senior notes and other debts payable was $391.7 million and $388.4 million, respectively.

The 2.00% convertible senior notes due 2020 (the "2.00% Convertible Senior Notes") are convertible into shares of Class A common stock at the initial conversion rate of 36.1827 shares of Class A common stock per $1,000 principal amount of the 2.00% Convertible Senior Notes or 10,004,517 Class A common shares if all the 2.00% Convertible Senior Notes are converted, which is equivalent to an initial conversion price of approximately $27.64 per share of Class A common stock, subject to anti-dilution adjustments. The shares are included in the calculation of diluted earnings per share. At both February 29, 2012 and November 30, 2011, the carrying and principal amount of the 2.00% Convertible Senior Notes was $276.5 million. Holders of the 2.00% Convertible Senior Notes have the right to require the Company to repurchase them for cash equal to 100% of their principal amount, plus accrued but unpaid interest, on each of December 1, 2013 and December 1, 2015. The Company has the right to redeem the 2.00% Convertible Senior Notes at any time on or after December 1, 2013 for 100% of their principal amount, plus accrued but unpaid interest.

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Document And Entity Information	3 Months Ended
	Feb. 29, 2012	Mar. 31, 2012 Class A Common Stock [Member]	Mar. 31, 2012 Class B Common Stock [Member]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Feb. 29, 2012
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q1
Entity Registrant Name	LENNAR CORP /NEW/
Entity Central Index Key	0000920760
Current Fiscal Year End Date	--11-30
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		157,909,024	31,303,195

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Product Warranty

3 Months Ended

Feb. 29, 2012

Product Warranty [Abstract]

Product Warranty

(12) Product Warranty

Warranty and similar reserves for homes are established at an amount estimated to be adequate to cover potential costs for materials and labor with regard to warranty-type claims expected to be incurred subsequent to the delivery of a home. Reserves are determined based on historical data and trends with respect to similar product types and geographical areas. The Company regularly monitors the warranty reserve and makes adjustments to its pre-existing warranties in order to reflect changes in trends and historical data as information becomes available. Warranty reserves are included in other liabilities in the accompanying condensed consolidated balance sheets. The activity in the Company's warranty reserve was as follows:

	Three Months Ended
(In thousands)	February 29, 2012			February 28, 2011
Warranty reserve, beginning of period	$	88,120			109,179
Warranties issued during the period		6,855			4,739
Adjustments to pre-existing warranties from changes in estimates		1,367			(2,727	)
Payments		(10,625	)		(7,215	)
Warranty reserve, end of period	$	85,717			103,976

As of February 29, 2012, the Company has identified approximately 1,000 homes delivered in Florida primarily during its 2006 and 2007 fiscal years that are confirmed to have defective Chinese drywall and resulting damage. This represents a small percentage of homes the Company delivered nationally (1.2%) during those fiscal years. Defective Chinese drywall is an industry-wide issue as other homebuilders have publicly disclosed that they have experienced similar issues with defective Chinese drywall.

Based on its efforts to date, the Company has not identified defective Chinese drywall in homes delivered by the Company outside of Florida. The Company is continuing its investigation of homes delivered during the relevant time period in order to determine whether there are additional homes, not yet inspected, with defective Chinese drywall and resulting damage. If the outcome of the Company's inspections identifies more homes than the Company has estimated to have defective Chinese drywall, it might require an increase in the Company's warranty reserve in the future. The Company has replaced defective Chinese drywall when it has been found in homes the Company has built.

Through February 29, 2012, the Company has accrued $82.2 million of warranty reserves related to homes confirmed as having defective Chinese drywall, as well as an estimate for homes not yet inspected that may contain Chinese drywall. No additional amount was accrued during the three months ended February 29, 2012. As of February 29, 2012 and November 30, 2011, the warranty reserve related to Chinese drywall, net of payments, was $7.1 million and $9.1 million, respectively. The Company has received, and continues to seek, reimbursement from its subcontractors, insurers and others for costs the Company has incurred or expects to incur to investigate and repair defective Chinese drywall and resulting damage. During the three months ended February 29, 2012, the Company received an immaterial amount of payments through third party recoveries relative to the costs it has incurred and expects to incur remedying the homes confirmed and estimated to have defective Chinese drywall and resulting damage. During the three months ended February 28, 2011, the Company received payments of $1.3 million through third party recoveries relative to the costs it has incurred and expects to incur remedying the homes confirmed and estimated to have defective Chinese drywall and resulting damage.

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Condensed Consolidated Statements Of Operations (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Feb. 29, 2012		Feb. 28, 2011
Revenues:
Total revenues	$ 724,856	[1]	$ 558,045	[1]
Cost and expenses:
Corporate general and administrative	26,842		23,352
Total costs and expenses	704,922		555,994
Earnings before income taxes	6,453		36,321
Benefit for income taxes	1,524		2,405
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	7,977		38,726
Less: Net earnings (loss) attributable to noncontrolling interests	(6,991)	[2]	11,320	[2]
Net earnings attributable to Lennar	14,968		27,406
Basic earnings per share	$ 0.08		$ 0.15
Diluted earnings per share	$ 0.08		$ 0.14
Cash dividends per each Class A and Class B common share	$ 0.04		$ 0.04
Lennar Homebuilding [Member]
Revenues:
Lennar Homebuilding	624,433		466,709
Cost and expenses:
Lennar Homebuilding	584,745		447,763
Equity in earnings (loss) from unconsolidated entities	1,083		8,661
Lennar Homebuilding other income (expense), net	4,067	[3]	29,960	[3]
Other interest expense	(24,849)		(22,079)
Lennar Financial Services [Member]
Revenues:
Lennar Financial Services	68,215		57,713
Cost and expenses:
Lennar Financial Services	59,965		56,530
Rialto Investments [Member]
Revenues:
Rialto Investments	32,208		33,623
Cost and expenses:
Rialto Investments	33,370		28,349
Equity in earnings (loss) from unconsolidated entities	18,458		4,525
Lennar Homebuilding other income (expense), net	(12,240)		13,203
Less: Net earnings (loss) attributable to noncontrolling interests	$ 4,300		$ (12,000)

[1] Total revenues are net of sales incentives of $84.5 million ($34,200 per home delivered) for the three months ended February 29, 2012, compared to $62.9 million ($33,100 per home delivered) for the three months ended February 28, 2011.

[2] Net earnings (loss) attributable to noncontrolling interests for the three months ended February 29, 2012 and February 28, 2011 includes ($4.3) million and $12.0 million, respectively, related to the FDIC's interest in the portfolio of real estate loans that the Company acquired in partnership with the FDIC.

[3] Lennar Homebuilding other income, net for the three months ended February 28, 2011 includes $8.3 million of valuation adjustments to the Company's investments in Lennar Homebuilding's unconsolidated entities.

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Earnings Per Share

3 Months Ended

Feb. 29, 2012

Earnings Per Share [Abstract]

Earnings Per Share

(6) Earnings Per Share

Basic earnings per share is computed by dividing net earnings attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company.

All outstanding nonvested shares that contain non-forfeitable rights to dividends or dividend equivalents that participate in undistributed earnings with common stock are considered participating securities and are included in computing earnings per share pursuant to the two-class method. The two class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating securities according to dividends or dividend equivalents and participation rights in undistributed earnings. The Company's restricted common stock ("nonvested shares") are considered participating securities.

Basic and diluted earnings per share were calculated as follows:

	Three Months Ended
	February 29,		February 28,
(In thousands, except per share amounts)	2012		2011
Numerator:
Net earnings attributable to Lennar	$	14,968		27,406
Less: distributed earnings allocated to nonvested shares		115		101
Less: undistributed earnings allocated to nonvested shares		113		269
Numerator for basic earnings per share		14,740		27,036
Plus: interest on 2.00% convertible senior notes due 2020 and 3.25% convertible senior notes due 2021		2,911		871
Plus: undistributed earnings allocated to convertible shares		113		269
Less: undistributed earnings reallocated to convertible shares		137		265
Numerator for diluted earnings per share	$	17,627		27,911
Denominator:
Denominator for basic earnings per share - weighted average common shares outstanding		185,997		184,155
Effect of dilutive securities:
Shared based payments		883		699
2.00% convertible senior notes due 2020 and 3.25% convertible senior notes due 2021		26,933		10,005
Denominator for diluted earnings per share - weighted average common shares outstanding		213,813		194,859
Basic earnings per share	$	0.08		0.15
Diluted earnings per share	$	0.08		0.14

Options to purchase 0.3 million and 1.2 million shares, respectively, in total of Class A and Class B common stock were outstanding and anti-dilutive for the three months ended February 29, 2012 and February 28, 2011.

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Income Taxes

3 Months Ended

Feb. 29, 2012

Income Taxes [Abstract]

Income Taxes

(5) Income Taxes

A reduction of the carrying amounts of deferred tax assets by a valuation allowance is required, if based on the available evidence, it is more likely than not that such assets will not be realized. Accordingly, the need to establish valuation allowances for deferred tax assets is assessed periodically based on the more-likely-than-not realization threshold criterion. In the assessment for a valuation allowance, appropriate consideration is given to all positive and negative evidence related to the realization of the deferred tax assets. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carryforward periods, the Company's experience with loss carryforwards not expiring unused and tax planning alternatives.

At February 29, 2012, the Company continued its evaluation of whether the valuation allowance against its deferred tax assets was still needed. Although the Company's performance and current positioning is bringing it closer to a conclusion that a valuation allowance is no longer needed, further evidence of a market recovery is needed to reverse the Company's valuation allowance against its deferred tax assets.

Therefore, based upon all available positive and negative evidence, the Company concluded it still needed a valuation allowance against its deferred tax assets of $561.3 million at February 29, 2012. The valuation allowance against the Company's deferred tax assets was $576.9 million at November 30, 2011. During the first quarter of fiscal 2012, the Company recorded a reversal of the deferred tax asset valuation allowance of $15.6 million primarily due to the net earnings generated during the period and an adjustment related to equity compensation. In future periods, the allowance could be reduced if sufficient positive evidence is present indicating that it is more likely than not that a portion or all of the Company's deferred tax assets will be realized.

During the three months ended February 29, 2012, the Company recorded a tax benefit of $1.5 million primarily related to a refund claim for certain losses carried back to a prior year.

At February 29, 2012 and November 30, 2011, the Company had $18.0 million and $36.7 million of gross unrecognized tax benefits. If the Company were to recognize its gross unrecognized tax benefits as of February 29, 2012, $9.1 million would affect the Company's effective tax rate. The Company expects the total amount of unrecognized tax benefits to decrease by $7.1 million within twelve months as a result of settlements with various taxing authorities.

During the three months ended February 29, 2012, the Company's gross unrecognized tax benefits decreased by $18.7 million primarily as a result of the resolution of an IRS examination, which included a settlement for certain losses carried back to prior years and the settlement of certain tax accounting method items. There was no effect on the Company's effective tax rate from the decrease in gross unrecognized tax benefits.

At February 29, 2012, the Company had $20.1 million accrued for interest and penalties, of which $0.3 million was recorded during the three months ended February 29, 2012, offset by a reduction of the accrual for interest and penalties of $0.2 million as a result of the settlement of a state tax issue. At November 30, 2011, the Company had $20.0 million accrued for interest and penalties.

During the three months ended February 29, 2012, the IRS closed its examination of fiscal years 2005 through 2008. The results of such examination were accrued for in prior periods, and there was no adverse effect on the Company's financial statements during the first quarter of 2012. The IRS is currently examining the Company's federal income tax returns for fiscal years 2009 through 2010, and certain state taxing authorities are examining various fiscal years. The final outcome of these examinations is not yet determinable. The statute of limitations for the Company's major tax jurisdictions remains open for examination for fiscal year 2005 and subsequent years.

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Supplemental Financial Information

3 Months Ended

Feb. 29, 2012

Supplemental Financial Information [Abstract]

Supplemental Financial Information

(17) Supplemental Financial Information

The indentures governing the principal amounts of the Company's 5.95% senior notes due 2013, 5.50% senior notes due 2014, 5.60% senior notes due 2015, 6.50% senior notes due 2016, 12.25% senior notes due 2017, 6.95% senior notes due 2018, 2.00% convertible senior notes due 2020, 2.75% convertible senior notes due 2020 and 3.25% convertible senior notes due 2021 require that, if any of the Company's wholly owned subsidiaries, other than its finance company subsidiaries and foreign subsidiaries, directly or indirectly guarantee at least $75 million principal amount of debt of Lennar Corporation, those subsidiaries must also guarantee Lennar Corporation's obligations with regard to its senior notes. The entities referred to as "guarantors" in the following tables are subsidiaries that were guaranteeing the $150 million LC Agreement and the $200 million Letter of Credit Facility at February 29, 2012. Supplemental information for the guarantors is as follows:

Condensed Consolidating Balance Sheet

February 29, 2012

(In thousands)	Lennar Corporation			Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Total
ASSETS
Lennar Homebuilding:
Cash and cash equivalents, restricted cash and receivables, net	$	676,284			147,285		24,342		—			847,911
Inventories		—			4,163,879		503,663		—			4,667,542
Investments in unconsolidated entities		—			519,592		43,772		—			563,364
Other assets		41,037			179,697		219,412		—			440,146
Investments in subsidiaries		3,356,188			599,693		—		(3,955,881	)		—
		4,073,509			5,610,146		791,189		(3,955,881	)		6,518,963
Rialto Investments		—			—		1,751,721		—			1,751,721
Lennar Financial Services		—			150,754		446,056		—			596,810
Total assets	$	4,073,509			5,760,900		2,988,966		(3,955,881	)		8,867,494
LIABILITIES AND EQUITY
Lennar Homebuilding:
Accounts payable and other liabilities	$	234,448			476,587		21,583		—			732,618
Liabilities related to consolidated inventory not owned		—			317,136		—		—			317,136
Senior notes and other debts payable		2,976,583			277,466		218,888		—			3,472,937
Intercompany		(1,860,318	)		1,288,416		571,902		—			—
		1,350,713			2,359,605		812,373		—			4,522,691
Rialto Investments		—			—		612,144		—			612,144
Lennar Financial Services		—			45,107		364,299		—			409,406
Total liabilities		1,350,713			2,404,712		1,788,816		—			5,544,241
Stockholders' equity		2,722,796			3,356,188		599,693		(3,955,881	)		2,722,796
Noncontrolling interests		—			—		600,457		—			600,457
Total equity		2,722,796			3,356,188		1,200,150		(3,955,881	)		3,323,253
Total liabilities and equity	$	4,073,509			5,760,900		2,988,966		(3,955,881	)		8,867,494

Condensed Consolidating Balance Sheet

November 30, 2011

(In thousands)	Lennar Corporation			Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Total
ASSETS
Lennar Homebuilding:
Cash and cash equivalents, restricted cash and receivables, net	$	871,376			190,483		24,920		—			1,086,779
Inventories		—			3,822,009		538,526		—			4,360,535
Investments in unconsolidated entities		—			502,363		43,397		—			545,760
Other assets		35,722			269,392		219,580		—			524,694
Investments in subsidiaries		3,368,336			611,311		—		(3,979,647	)		—
		4,275,434			5,395,558		826,423		(3,979,647	)		6,517,768
Rialto Investments		—			—		1,897,148		—			1,897,148
Lennar Financial Services		—			149,842		589,913		—			739,755
Total assets	$	4,275,434			5,545,400		3,313,484		(3,979,647	)		9,154,671
LIABILITIES AND EQUITY
Lennar Homebuilding:
Accounts payable and other liabilities	$	290,337			483,590		29,405		—			803,332
Liabilities related to consolidated inventory not owned		—			326,200		—		—			326,200
Senior notes and other debts payable		2,922,855			215,840		224,064		—			3,362,759
Intercompany		(1,634,226	)		1,105,872		528,354		—			—
		1,578,966			2,131,502		781,823		—			4,492,291
Rialto Investments		—			—		796,120		—			796,120
Lennar Financial Services		—			45,562		517,173		—			562,735
Total liabilities		1,578,966			2,177,064		2,095,116		—			5,851,146
Stockholders' equity		2,696,468			3,368,336		611,311		(3,979,647	)		2,696,468
Noncontrolling interests		—			—		607,057		—			607,057
Total equity		2,696,468			3,368,336		1,218,368		(3,979,647	)		3,303,525
Total liabilities and equity	$	4,275,434			5,545,400		3,313,484		(3,979,647	)		9,154,671

Condensed Consolidating Statement of Operations

Three Months Ended February 29, 2012

(In thousands)	Lennar Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Revenues:
Lennar Homebuilding	$	—			624,028			405			—			624,433
Lennar Financial Services		—			34,550			37,982			(4,317	)		68,215
Rialto Investments		—			—			32,208			—			32,208
Total revenues		—			658,578			70,595			(4,317	)		724,856
Cost and expenses:
Lennar Homebuilding		—			580,510			4,375			(140	)		584,745
Lennar Financial Services		—			34,966			28,918			(3,919	)		59,965
Rialto Investments		—			78			33,370			(78	)		33,370
Corporate general and administrative		25,499			—			—			1,343			26,842
Total costs and expenses		25,499			615,554			66,663			(2,794	)		704,922
Lennar Homebuilding equity in earnings (loss) from unconsolidated entities		—			1,141			(58	)		—			1,083
Lennar Homebuilding other income (expense), net		(77	)		4,058			—			86			4,067
Other interest expense		(1,437	)		(24,849	)		—			1,437			(24,849	)
Rialto Investments equity in earnings from unconsolidated entities		—			—			18,458			—			18,458
Rialto Investments other expense, net		—			—			(12,240	)		—			(12,240	)
Earnings (loss) before income taxes		(27,013	)		23,374			10,092			—			6,453
Benefit (provision) for income taxes		12,609			(6,034	)		(5,051	)		—			1,524
Equity in earnings from subsidiaries		29,372			12,032			—			(41,404	)		—
Net earnings (including net loss attributable to noncontrolling interests)		14,968			29,372			5,041			(41,404	)		7,977
Less: Net loss attributable to noncontrolling interests		—			—			(6,991	)		—			(6,991	)
Net earnings attributable to Lennar	$	14,968			29,372			12,032			(41,404	)		14,968

Condensed Consolidating Statement of Operations

Three Months Ended February 28, 2011

(In thousands)	Lennar Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Revenues:
Lennar Homebuilding	$	—			458,957			7,752			—			466,709
Lennar Financial Services		—			33,994			38,365			(14,646	)		57,713
Rialto Investments		—			—			33,623			—			33,623
Total revenues		—			492,951			79,740			(14,646	)		558,045
Cost and expenses:
Lennar Homebuilding		—			434,220			15,635			(2,092	)		447,763
Lennar Financial Services		—			35,770			32,337			(11,577	)		56,530
Rialto Investments		—			—			28,349			—			28,349
Corporate general and administrative		22,231			—			—			1,121			23,352
Total costs and expenses		22,231			469,990			76,321			(12,548	)		555,994
Lennar Homebuilding equity in earnings (loss) from unconsolidated entities		—			8,683			(22	)		—			8,661
Lennar Homebuilding other income, net		9,676			29,951			—			(9,667	)		29,960
Other interest expense		(11,765	)		(22,079	)		—			11,765			(22,079	)
Rialto Investments equity in earnings from unconsolidated entities		—			—			4,525			—			4,525
Rialto Investments other income, net		—			—			13,203			—			13,203
Earnings (loss) before income taxes		(24,320	)		39,516			21,125			—			36,321
Benefit (provision) for income taxes		13,109			(9,801	)		(903	)		—			2,405
Equity in earnings from subsidiaries		38,617			8,902			—			(47,519	)		—
Net earnings (including net earnings attributable to noncontrolling interests)		27,406			38,617			20,222			(47,519	)		38,726
Less: Net earnings attributable to noncontrolling interests		—			—			11,320			—			11,320
Net earnings attributable to Lennar	$	27,406			38,617			8,902			(47,519	)		27,406

Condensed Consolidating Statement of Cash Flows

Three Months Ended February 29, 2012

(In thousands)	Lennar Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Cash flows from operating activities:
Net earnings (including net loss attributable to noncontrolling interests)	$	14,968			29,372			5,041			(41,404	)		7,977
Adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by (used in) operating activities		(46,874	)		(229,062	)		94,111			41,404			(140,421	)
Net cash provided by (used in) operating activities		(31,906	)		(199,690	)		99,152			—			(132,444	)
Cash flows from investing activities:
Investments in and contributions to Lennar Homebuilding unconsolidated entities, net		—			(16,465	)		(448	)		—			(16,913	)
Investments in and contributions to Rialto Investments consolidated and unconsolidated entities, net		—			—			(7,213	)		—			(7,213	)
Decrease in Rialto Investments defeasance cash to retire notes payable		—			—			108,163			—			108,163
Receipts of principal payments on Rialto Investments loans receivable		—			—			33,549			—			33,549
Proceeds from sales of Rialto Investments real estate owned		—			—			37,868			—			37,868
Other		—			5,147			(3,895	)		—			1,252
Net cash provided by (used in) investing activities		—			(11,318	)		168,024			—			156,706
Cash flows from financing activities:
Net repayments under Lennar Financial Services debt		—			(55	)		(150,629	)		—			(150,684	)
Net proceeds from convertible senior notes		48,965			—			—			—			48,965
Principal repayments on Rialto Investments notes payable		—			—			(170,026	)		—			(170,026	)
Net borrowings (repayments) on other borrowings		—			12,296			(4,473	)					7,823
Exercise of land option contracts from an unconsolidated land investment venture		—			(4,628	)		—			—			(4,628	)
Net receipts related to noncontrolling interests		—			—			391			—			391
Common stock:
Issuances		10,761			—			—			—			10,761
Dividends		(7,562	)		—			—			—			(7,562	)
Intercompany		(212,652	)		165,478			47,174			—			—
Net cash provided by (used in) financing activities		(160,488	)		173,091			(277,563	)		—			(264,960	)
Net decrease in cash and cash equivalents		(192,394	)		(37,917	)		(10,387	)		—			(240,698	)
Cash and cash equivalents at beginning of period		864,237			172,018			127,349			—			1,163,604
Cash and cash equivalents at end of period	$	671,843			134,101			116,962			—			922,906

Condensed Consolidating Statement of Cash Flows

Three Months Ended February 28, 2011

(In thousands)	Lennar Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Cash flows from operating activities:
Net earnings (including net earnings attributable to noncontrolling interests)	$	27,406			38,617			20,222			(47,519	)		38,726
Adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities		(15,550	)		(187,700	)		126,680			47,519			(29,051	)
Net cash provided by (used in) operating activities		11,856			(149,083	)		146,902			—			9,675
Cash flows from investing activities:
Investments in and contributions to Lennar Homebuilding unconsolidated entities, net		—			(16,752	)		(795	)		—			(17,547	)
Investments in and contributions to Rialto Investments consolidated and unconsolidated entities, net		—			—			(10,575	)		—			(10,575	)
Increase in Rialto Investments defeasance cash to retire notes payable		—			—			(24,250	)		—			(24,250	)
Receipts of principal payments on Rialto Investments loans receivable		—			—			49,954			—			49,954
Other		—			(4,560	)		4,842			—			282
Net cash provided (used in) by investing activities		—			(21,312	)		19,176			—			(2,136	)
Cash flows from financing activities:
Net repayments under Lennar Financial Services debt		—			(5	)		(149,334	)		—			(149,339	)
Net repayments on other borrowings		—			(12,510	)		(15,253	)		—			(27,763	)
Exercise of land option contracts from an unconsolidated land investment venture		—			(10,855	)		—			—			(10,855	)
Net payments related to noncontrolling interests		—			—			(4,674	)		—			(4,674	)
Excess tax benefits from share-based awards		258			—			—			—			258
Common stock:
Issuances		4,754			—			—			—			4,754
Dividends		(7,469	)		—			—			—			(7,469	)
Intercompany		(182,844	)		162,765			20,079			—			—
Net cash provided by (used in) financing activities		(185,301	)		139,395			(149,182	)		—			(195,088	)
Net (decrease) increase in cash and cash equivalents		(173,445	)		(31,000	)		16,896			—			(187,549	)
Cash and cash equivalents at beginning of period		1,071,542			179,215			143,378			—			1,394,135
Cash and cash equivalents at end of period	$	898,097			148,215			160,274			—			1,206,586

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Share-Based Payment

3 Months Ended

Feb. 29, 2012

Share-Based Payment [Abstract]

Share-Based Payment

(13) Share-Based Payment

During the three months ended February 29, 2012, the Company did not grant any stock options and granted an immaterial number of nonvested shares. During the three months ended February 28, 2011, the Company did not grant any stock options or nonvested shares. Compensation expense related to the Company's share-based payment awards was as follows:

	Three Months Ended
	February 29,		February 28,
(In thousands)	2012		2011
Stock options	$	885		1,362
Nonvested shares		7,276		5,368
Total compensation expense for share-based awards	$	8,161		6,730

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Lennar Homebuilding Cash And Cash Equivalents

3 Months Ended

Feb. 29, 2012

Lennar Homebuilding Cash And Cash Equivalents [Abstract]

Lennar Homebuilding Cash And Cash Equivalents

(9) Lennar Homebuilding Cash and Cash Equivalents

Cash and cash equivalents as of February 29, 2012 and November 30, 2011 included $12.4 million and $26.1 million, respectively, of cash held in escrow for approximately three days.

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Rialto Investments Segment (Changes In Real Estate Owned) (Details) (Rialto Investments [Member], USD $) In Thousands, unless otherwise specified	3 Months Ended
	Feb. 29, 2012		Feb. 28, 2011
Segment Reporting Information [Line Items]
REO - held-for-sale, beginning of period	$ 143,677	[1]
Impairments	1,200
REO - held-for-sale, net, end of period	101,579	[1]
REO - held-and-used, net, beginning of period	582,111	[1]
REO - held-and-used, net, end of period	630,570	[1]
Real Estate Owned [Member]
Segment Reporting Information [Line Items]
REO - held-for-sale, beginning of period	143,677		250,286
Additions	1,134		185,641
Improvements	3,963		2,718
Sales	(36,844)		(7,526)
Impairments	(1,240)
Transfers to held-and-used, net	(9,111)	[2]
REO - held-for-sale, net, end of period	101,579		431,119
REO - held-and-used, net, beginning of period	582,111		7,818
Additions	46,241		7,343
Sales	(981)
Impairments	(2,597)
Depreciation	(3,315)		(35)
Transfers from held-for-sale	9,111	[2]
REO - held-and-used, net, end of period	$ 630,570		$ 15,126

[1] Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations, ("ASC 810") the Company is required to separately disclose on its condensed consolidated balance sheets the assets of consolidated variable interest entities ("VIEs") that are owned by the consolidated VIEs and non-recourse liabilities of consolidated VIEs. As of February 29, 2012, total assets include $2,111.5 million related to consolidated VIEs of which $19.0 million is included in Lennar Homebuilding cash and cash equivalents, $5.3 million in Lennar Homebuilding receivables, net, $0.5 million in Lennar Homebuilding finished homes and construction in progress, $504.1 million in Lennar Homebuilding land and land under development, $67.5 million in Lennar Homebuilding consolidated inventory not owned, $43.8 million in Lennar Homebuilding investments in unconsolidated entities, $219.4 million in Lennar Homebuilding other assets, $69.4 million in Rialto Investments cash and cash equivalents, $111.2 million in Rialto Investments defeasance cash to retire notes payable, $523.3 million in Rialto Investments loans receivable, net, $87.8 million in Rialto Investments real estate owned held-for-sale, $450.3 million in Rialto Investments real estate owned held-and-used, net, $0.6 million in Rialto Investments in unconsolidated entities and $9.3 million in Rialto Investments other assets. As of November 30, 2011, total assets include $2,317.4 million related to consolidated VIEs of which $19.6 million is included in Lennar Homebuilding cash and cash equivalents, $5.3 million in Lennar Homebuilding receivables, net, $0.1 million in Lennar Homebuilding finished homes and construction in progress, $538.2 million in Lennar Homebuilding land and land under development, $71.6 million in Lennar Homebuilding consolidated inventory not owned, $43.4 million in Lennar Homebuilding investments in unconsolidated entities, $219.6 million in Lennar Homebuilding other assets, $80.0 million in Rialto Investments cash and cash equivalents, $219.4 million in Rialto Investments defeasance cash to retire notes payable, $565.6 million in Rialto Investments loans receivable, net, $115.4 million in Rialto Investments real estate owned held-for-sale, $428.0 million in Rialto Investments real estate owned held-and-used, net, $0.6 million in Rialto Investments in unconsolidated entities and $10.6 million in Rialto Investments other assets.

[2] During the three months ended February 29, 2012, the Rialto segment transferred certain properties to REO held-and-used, net from REO held-for-sale as a result of changes in the disposition strategy of the real estate assets. The Rialto segment plans to hold these properties longer term and dispose of them when market conditions improve.

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Lennar Financial Services Segment

3 Months Ended

Feb. 29, 2012

Lennar Financial Services Segment [Abstract]

Lennar Financial Services Segment

(7) Lennar Financial Services Segment

The assets and liabilities related to the Lennar Financial Services segment were as follows:

	February 29,		November 30,
(In thousands)	2012		2011
Assets:
Cash and cash equivalents	$	56,555		55,454
Restricted cash		16,135		16,319
Receivables, net (1)		106,880		220,546
Loans held-for-sale (2)		272,760		303,780
Loans held-for-investment, net		23,563		24,262
Investments held-to-maturity		48,771		48,860
Goodwill		34,046		34,046
Other (3)		38,100		36,488
	$	596,810		739,755
Liabilities:
Notes and other debts payable	$	259,449		410,134
Other (4)		149,957		152,601
	$	409,406		562,735

(1) Receivables, net primarily relate to loans sold to investors for which the Company had not yet been paid as of February 29, 2012 and November 30, 2011, respectively.

(2) Loans held-for-sale relate to unsold loans carried at fair value.

(3) Other assets include mortgage loan commitments carried at fair value of $5.6 million and $4.2 million, respectively, as of February 29, 2012 and November 30, 2011.

(4) Other liabilities include $76.8 million and $75.4 million, respectively, of certain of the Company's self-insurance reserves related to general liability and workers' compensation. Other liabilities also include forward contracts carried at fair value of $0.7 million and $1.4 million as of February 29, 2012 and November 30, 2011, respectively.

At February 29, 2012, the Lennar Financial Services segment had a 364-day warehouse repurchase facility with a maximum aggregate commitment of $100 million and an additional uncommitted amount of $50 million that matures in February 2013, and another 364-day warehouse repurchase facility with a maximum aggregate commitment of $175 million that matures in July 2012. As of February 29, 2012, the maximum aggregate commitment and uncommitted amount under these facilities totaled $275 million and $50 million, respectively.

The Lennar Financial Services segment uses these facilities to finance its lending activities until the mortgage loans are sold to investors and expects the facilities to be renewed or replaced with other facilities when they mature. Borrowings under the facilities were $259.4 million and $410.1 million, respectively, at February 29, 2012 and November 30, 2011, and were collateralized by mortgage loans and receivables on loans sold to investors but not yet paid for with outstanding principal balances of $271.8 million and $431.6 million, respectively, at February 29, 2012 and November 30, 2011. If the facilities are not renewed, the borrowings under the lines of credit will be paid off by selling the mortgage loans held-for-sale to investors and by collecting on receivables on loans sold but not yet paid. Without the facilities, the Lennar Financial Services segment would have to use cash from operations and other funding sources to finance its lending activities.

Substantially all of the loans the Lennar Financial Services segment originates are sold within a short period in the secondary mortgage market on a servicing released, non-recourse basis. After the loans are sold, the Company retains potential liability for possible claims by purchasers that it breached certain limited industry-standard representations and warranties in the loan sale agreement. There has been an increased industry-wide effort by purchasers to defray their losses in an unfavorable economic environment by purporting to have found inaccuracies related to sellers' representations and warranties in particular loan sale agreements. The Company's mortgage operations have established reserves for possible losses associated with mortgage loans previously originated and sold to investors. The Company establishes reserves for such possible losses based upon, among other things, an analysis of repurchase requests received, an estimate of potential repurchase claims not yet received and actual past repurchases and losses through the disposition of affected loans, as well as previous settlements. While the Company believes that it has adequately reserved for known losses and projected repurchase requests, given the volatility in the mortgage industry and the uncertainty regarding the ultimate resolution of these claims, if either actual repurchases or the losses incurred resolving those repurchases exceed the Company's expectations, additional recourse expense may be incurred. Loan origination liabilities are included in Lennar Financial Services' liabilities in the condensed consolidated balance sheets. The activity in the Company's loan origination liabilities was as follows:

	Three Months Ended
	February 29,			February 28,
(In thousands)	2012			2011
Loan origination liabilities, beginning of period	$	6,050			9,872
Provision for losses during the period		93			70
Adjustments to pre-existing provisions for losses from changes in estimates		8			(70	)
Payments/settlements		(190	)		—
Loan origination liabilities, end of period	$	5,961			9,872

For Lennar Financial Services loans held-for-investment, net, a loan is deemed impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Interest income is not accrued or recognized on impaired loans unless payment is received. Impaired loans are written-off if and when the loan is no longer secured by collateral. The total unpaid principal balance of the impaired loans as of February 29, 2012 and November 30, 2011 was $8.5 million and $8.8 million, respectively. At February 29, 2012, the recorded investment in the impaired loans with a valuation allowance was $3.4 million, net of an allowance of $5.1 million. At November 30, 2011, the recorded investment in the impaired loans with a valuation allowance was $3.7 million, net of an allowance of $5.1 million. The average recorded investment in impaired loans totaled $3.6 million and $4.1 million, respectively, for the three months ended February 29, 2012 and February 28, 2011.

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Rialto Investments Segment

3 Months Ended

Feb. 29, 2012

Rialto Investments Segment [Abstract]

Rialto Investments Segment

(8) Rialto Investments Segment

The assets and liabilities related to the Rialto segment were as follows:

(In thousands)	February 29, 2012		November 30, 2011
Assets:
Cash and cash equivalents	$	74,186		83,938
Defeasance cash to retire notes payable		111,223		219,386
Loans receivable, net		649,791		713,354
Real estate owned - held-for-sale		101,579		143,677
Real estate owned - held-and-used, net		630,570		582,111
Investments in unconsolidated entities		149,735		124,712
Investments held-to-maturity		14,313		14,096
Other		20,324		15,874
	$	1,751,721		1,897,148
Liabilities:
Notes payable	$	595,515		765,541
Other		16,629		30,579
	$	612,144		796,120

Rialto's operating earnings for the three months ended February 29, 2012 and February 28, 2011 was as follows:

	Three Months Ended
(In thousands)	February 29, 2012			February 28, 2011
Revenues	$	32,208			33,623
Costs and expenses		33,370			28,349
Rialto Investments equity in earnings from unconsolidated entities		18,458			4,525
Rialto Investments other income (expense), net		(12,240	)		13,203
Operating earnings (1)	$	5,056			23,002

(1) Operating earnings for the three months ended February 29, 2012 and February 28, 2011 includes net earnings (loss) attributable to noncontrolling interests of ($4.3) million and $12.0 million respectively.

Loans Receivable

In February 2010, the Rialto segment acquired indirectly 40% managing member equity interests in two limited liability companies ("LLCs"), in partnership with the FDIC. The LLCs hold performing and non-performing loans formerly owned by 22 failed financial institutions and when the Rialto segment acquired its interests in the LLCs, the two portfolios consisted of approximately 5,500 distressed residential and commercial real estate loans ("FDIC Portfolios"). The FDIC retained 60% equity interests in the LLCs and provided $626.9 million of financing with 0% interest, which is non-recourse to the Company and the LLCs. As of February 29, 2012 and November 30, 2011, the notes payable balance was $470.0 million and $626.9 million, respectively; however, $111.2 million and $219.4 million, respectively, of cash collections on loans in excess of expenses were deposited in a defeasance account, established for the repayment of the notes payable, under the agreement with the FDIC. The funds in the defeasance account are being and will be used to retire the notes payable upon their maturity. During the three months ended February 29, 2012, the LLCs retired $156.9 million principal amount of the notes payable under the agreement with the FDIC through the defeasance account.

The LLCs met the accounting definition of VIEs and since the Company was determined to be the primary beneficiary, the Company consolidated the LLCs. At February 29, 2012, these consolidated LLCs had total combined assets and liabilities of $1.3 billion and $0.5 billion, respectively. At November 30, 2011, these consolidated LLCs had total combined assets and liabilities of $1.4 billion and $0.7 billion, respectively.

In September 2010, the Rialto segment acquired approximately 400 distressed residential and commercial real estate loans ("Bank Portfolios") and over 300 REO properties from three financial institutions. The Company paid $310 million for the distressed real estate and real estate related assets of which $124 million was financed through a 5-year senior unsecured note provided by one of the selling institutions. During the three months ended February 29, 2012, the Company retired $13.0 million principal amount of the 5-year senior unsecured note.

The following table displays the loans receivable by aggregate collateral type:

(In thousands)	February 29, 2012		November 30, 2011
Land	$	332,706		348,234
Single family homes		139,152		152,265
Commercial properties		145,375		172,799
Multi-family homes		24,217		28,108
Other		8,341		11,948
Loans receivable	$	649,791		713,354

With regard to loans accounted for under ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality, ("ASC 310-30"), the Rialto segment estimated the cash flows, at acquisition, it expected to collect on the FDIC Portfolios and Bank Portfolios. In accordance with ASC 310-30, the difference between the contractually required payments and the cash flows expected to be collected at acquisition is referred to as the nonaccretable difference. This difference is neither accreted into income nor recorded on the Company's condensed consolidated balance sheets. The excess of cash flows expected to be collected over the cost of the loans acquired is referred to as the accretable yield and is recognized in interest income over the remaining life of the loans using the effective yield method.

The Rialto segment periodically evaluates its estimate of cash flows expected to be collected on its FDIC Portfolios and Bank Portfolios. These evaluations require the continued use of key assumptions and estimates, similar to those used in the initial estimate of fair value of the loans to allocate purchase price. Subsequent changes in the estimated cash flows expected to be collected may result in changes in the accretable yield and nonaccretable difference or reclassifications from nonaccretable yield to accretable yield. Increases in the cash flows expected to be collected will generally result in an increase in interest income over the remaining life of the loan or pool of loans. Decreases in expected cash flows due to further credit deterioration will generally result in an impairment charge recognized as a provision for loan losses, resulting in an increase to the allowance for loan losses.

The outstanding balance and carrying value of loans accounted for under ASC 310-30 was as follows:

(In thousands)	February 29, 2012		November 30, 2011
Outstanding principal balance	$	1,211,492		1,331,094
Carrying value	$	586,264		639,642

The activity in the accretable yield for the FDIC Portfolios and Bank Portfolios was as follows:

(In thousands)	February 29, 2012			February 28, 2011
Accretable yield, beginning of period	$	209,480			396,311
Additions		1,838			11,443
Deletions		(10,635	)		(35,065	)
Accretions		(21,403	)		(32,343	)
Accretable yield, end of period	$	179,280			340,346

Additions primarily represent reclasses from nonaccretable yield to accretable yield on the portfolios. Deletions represent disposal of loans, which includes foreclosure of underlying collateral and result in the removal of the loans from the accretable yield portfolios.

When forecasted principal and interest cannot be reasonably estimated at the loan acquisition date, management classifies the loan as nonaccrual and accounts for these assets in accordance with ASC 310-10, Receivables ("ASC 310-10"). When a loan is classified as nonaccrual, any subsequent cash receipt is accounted for using the cost recovery method. In accordance with ASC 310-10, a loan is considered impaired when based on current information and events it is probable that all amounts due according to the contractual terms of the loan agreement will not be collected. Although these loans met the definition of ASC 310-10, these loans were not considered impaired relative to the Company's recorded investment at the time of acquisition since they were acquired at a substantial discount to their unpaid principal balance. A provision for loan losses is recognized when the recorded investment in the loan is in excess of its fair value. The fair value of the loan is determined by using either the present value of expected future cash flows discounted at the loan's effective interest rate or the fair value of the collateral less estimated costs to sell. As of February 29, 2012 and November 30, 2011, the Company had an allowance for loan losses against the nonaccrual loans of $0.1 million and $0.8 million, respectively.

The following tables represent nonaccrual loans in the FDIC Portfolios and Bank Portfolios accounted for under ASC 310-10 aggregated by collateral type:

February 29, 2012

			Recorded Investment
(In thousands)	Unpaid Principal Balance		With Allowance		Without Allowance		Total  Recorded Investment
Land	$	66,002		—		22,910		22,910
Single family homes		28,700		1,054		10,736		11,790
Commercial properties		40,126		—		23,681		23,681
Multi-family homes		10,928		—		5,146		5,146
Loans receivable	$	145,756		1,054		62,473		63,527

November 30, 2011

			Recorded Investment
(In thousands)	Unpaid Principal  Balance		With Allowance		Without Allowance		Total  Recorded Investment
Land	$	75,557		—		24,692		24,692
Single family homes		55,377		1,956		13,235		15,191
Commercial properties		48,293		2,660		24,434		27,094
Multi-family homes		16,750		—		6,735		6,735
Other		405		—		—		—
Loans receivable	$	196,382		4,616		69,096		73,712

The average recorded investment in impaired loans totaled approximately $69 million and $224 million, respectively, for the three months ended February 29, 2012 and February 28, 2011.

The loans receivable portfolios consist of loans acquired at a discount. Based on the nature of these loans, the portfolios are managed by assessing the risks related to the likelihood of collection of payments from borrowers and guarantors, as well as monitoring the value of the underlying collateral. The following are the risk categories for the loans receivable portfolios:

Accrual — Loans in which forecasted cash flows under the loan agreement, as it might be modified from time to time, can be reasonably estimated at the date of acquisition. The risk associated with loans in this category relates to the possible default by the borrower with respect to principal and interest payments and the possible decline in value of the underlying collateral and thus, both could cause a decline in the forecasted cash flows used to determine accretable yield income and the recognition of an impairment through an allowance for loan losses.

Nonaccrual — Loans in which forecasted principal and interest could not be reasonably estimated at the date of acquisition. Although the Company believes the recorded investment balance will ultimately be realized, the risk of nonaccrual loans relates to a decline in the value of the collateral securing the outstanding obligation and the recognition of an impairment through an allowance for loan losses if the recorded investment in the loan exceeds the fair value of the collateral less estimated cost to sell. As of February 29, 2012 and November 30, 2011, the Company had an allowance on these loans of $0.1 million and $0.8 million, respectively. During the three months ended February 29, 2012, the Company recorded $0.9 million of provision for loan losses offset by charge-offs of $1.6 million upon foreclosure of the loans.

Accrual and nonaccrual loans receivable by risk categories were as follows:

February 29, 2012

(In thousands)	Accrual		Nonaccrual		Total
Land	$	309,796		22,910		332,706
Single family homes		127,362		11,790		139,152
Commercial properties		121,694		23,681		145,375
Multi-family homes		19,071		5,146		24,217
Other		8,341		—		8,341
Loans receivable	$	586,264		63,527		649,791

November 30, 2011

(In thousands)	Accrual		Nonaccrual		Total
Land	$	323,542		24,692		348,234
Single family homes		137,074		15,191		152,265
Commercial properties		145,705		27,094		172,799
Multi-family homes		21,373		6,735		28,108
Other		11,948		—		11,948
Loans receivable	$	639,642		73,712		713,354

In order to assess the risk associated with each risk category, the Rialto segment evaluates the forecasted cash flows and the value of the underlying collateral securing loans receivable on a quarterly basis or when an event occurs that suggest a decline in the collateral's fair value.

Real Estate Owned

The acquisition of properties acquired through, or in lieu of, loan foreclosure are reported within the condensed consolidated balance sheets as REO held-and-used, net and REO held-for-sale. When a property is determined to be held-and-used, net, the asset is recorded at fair value and depreciated over its useful life using the straight line method. When certain criteria set forth in ASC 360, Property, Plant and Equipment, are met; the property is classified as held-for-sale. When a real estate asset is classified as held-for-sale, the property is recorded at the lower of its cost basis or fair value less estimated costs to sell. The fair value of REO held-for-sale are determined in part by placing reliance on third party appraisals of the properties and/or internally prepared analyses of recent offers or prices on comparable properties in the proximate vicinity. During the three months ended February 29, 2012, the Rialto segment recorded $3.8 million of REO impairments. During the three months ended February 28, 2011, the Rialto segment recorded no REO impairments.

The following tables present the activity in REO for the three months ended February 29, 2012 and February 28, 2011:

	Three Months Ended
	February 29,			February 28,
(In thousands)	2012			2011
REO - held-for-sale, beginning of period	$	143,677			250,286
Additions		1,134			185,641
Improvements		3,963			2,718
Sales		(36,844	)		(7,526	)
Impairments		(1,240	)		—
Transfers to held-and-used, net (1)		(9,111	)		—
REO - held-for-sale, end of period	$	101,579			431,119

	Three Months Ended
	February 29,			February 28,
(In thousands)	2012			2011
REO - held-and-used, net, beginning of period	$	582,111			7,818
Additions		46,241			7,343
Sales		(981	)		—
Impairments		(2,597	)		—
Depreciation		(3,315	)		(35	)
Transfers from held-for-sale (1)		9,111			—
REO - held-and-used, net, end of period	$	630,570			15,126

(1) During the three months ended February 29, 2012, the Rialto segment transferred certain properties to REO held-and-used, net from REO held-for-sale as a result of changes in the disposition strategy of the real estate assets. The Rialto segment plans to hold these properties longer term and dispose of them when market conditions improve.

For the three months ended February 29, 2012 and February 28, 2011, the Company recorded approximately $5.8 million and $17.4 million, respectively, of gains primarily from acquisitions of REO through foreclosure. These gains are recorded in Rialto Investments other income (expense), net.

Investments

In 2010, the Rialto segment invested in approximately $43 million of non-investment grade commercial mortgage-backed securities ("CMBS") for $19.4 million, representing a 55% discount to par value. The CMBS have a stated and assumed final distribution date of November 2020 and a stated maturity date of October 2057. The Rialto segment reviews changes in estimated cash flows periodically, to determine if other-than-temporary impairment has occurred on its investment securities. Based on the Rialto segment's assessment, no impairment charges were recorded during both the three months ended February 29, 2012 and February 28, 2011. The carrying value of the investment securities at February 29, 2012 and November 30, 2011, was $14.3 million and $14.1 million, respectively. The Rialto segment classified these securities as held-to-maturity based on its intent and ability to hold the securities until maturity.

In addition to the acquisition and management of the FDIC Portfolios and Bank Portfolios, an affiliate in the Rialto segment is a sub-advisor to the AllianceBernstein L.P. ("AB") fund formed under the Federal government's Public-Private Investment Program ("PPIP") to purchase real estate related securities from banks and other financial institutions. The sub-advisor receives management fees for sub-advisory services. The Company committed to invest $75 million, of which the remaining outstanding commitment as of February 29, 2012 was $7.5 million, of the total equity commitments of approximately $1.2 billion made by private investors in this fund, and the U.S Treasury has committed to a matching amount of approximately $1.2 billion of equity in the fund, as well as agreed to extend up to approximately $2.3 billion of debt financing. As of February 29, 2012 and November 30, 2011, the carrying value of the Company's investment in the AB PPIP fund was $75.5 million and $65.2 million, respectively.

In 2010, the Rialto segment completed its first closing of a real estate investment fund (the "Fund") with initial equity commitments of approximately $300 million (including $75 million committed by the Company, of which the remaining outstanding commitment as of February 29, 2012 was $20.5 million). The Fund was determined to have the attributes of an investment company in accordance with ASC 946, Financial Services – Investment Companies, the attributes of which are different from the attributes that would cause a company to be an investment company for purposes of the Investment Company Act of 1940. As a result, the Fund's assets and liabilities are recorded at fair value with increases/decreases in fair value recorded in the statement of operations of the Fund, the Company's share of which are recorded in the Rialto Investments equity in earnings from unconsolidated entities financial statement line item.

As of February 29, 2012, the equity commitments of the Fund were $700 million (including the $75 million committed by the Company). During the three months ended February 29, 2012, the Company contributed $7.3 million to the Fund. As of February 29, 2012 and November 30, 2011, the carrying value of the Company's investment in the Fund was $65.0 million and $50.1 million, respectively. For the three months ended February 29, 2012, the Company's share of earnings from the Fund was $7.6 million.

Additionally, another subsidiary in the Rialto segment has approximately a 5% investment in a service and infrastructure provider to the residential home loan market (the "Servicer Provider"), which provides services to the consolidated LLCs, among others. As of February 29, 2012 and November 30, 2011, the carrying value of the Company's investment in the Servicer Provider was $8.6 million and $8.8 million, respectively.

Summarized condensed financial information on a combined 100% basis related to Rialto's investments in unconsolidated entities that are accounted for by the equity method was as follows:

Balance Sheets

	February 29,		November 30,
(In thousands)	2012		2011
Assets:
Cash and cash equivalents	$	50,769		60,936
Loans receivable		341,470		274,213
Real estate owned		88,982		47,204
Investment securities		4,517,824		4,336,418
Other assets		81,109		171,196
	$	5,080,154		4,889,967
Liabilities and equity:
Accounts payable and other liabilities	$	124,044		320,353
Notes payable		54,655		40,877
Partner loans		163,320		137,820
Debt due to the U.S. Treasury		2,044,950		2,044,950
Equity		2,693,185		2,345,967
	$	5,080,154		4,889,967

Statements of Operations

	Three Months Ended
	February 29,		February 28,
(In thousands)	2012		2011
Revenues	$	122,405		116,888
Costs and expenses		51,185		51,471
Other income, net (1)		266,440		86,788
Net earnings of unconsolidated entities	$	337,660		152,205
Rialto Investments equity in earnings from unconsolidated entities	$	18,458		4,525

(1) Other income, net for the three months ended February 29, 2012 and February 28, 2011 includes the AB PPIP Fund's mark-to-market unrealized gains, of which the Company's portion is a small percentage.

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Lennar Homebuilding Restricted Cash

3 Months Ended

Feb. 29, 2012

Lennar Homebuilding Restricted Cash [Abstract]

Lennar Homebuilding Restricted Cash

(10) Lennar Homebuilding Restricted Cash

Restricted cash consists of customer deposits on home sales held in restricted accounts until title transfers to the homebuyer, as required by the state and local governments in which the homes were sold.

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Lennar Homebuilding Senior Notes And Other Debts Payable (Schedule Of Senior Notes And Other Debts Payable) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Feb. 29, 2012		Nov. 30, 2011
Debt Instrument [Line Items]
Mortgage notes on land and other debt	$ 496,354		$ 439,904
Notes payable	3,472,937		3,362,759
5.95% Senior Notes Due 2013 [Member]
Debt Instrument [Line Items]
Senior notes	266,855		266,855
Interest rate	5.95%
Debt instrument maturity year	2013
5.50% Senior Notes Due 2014 [Member]
Debt Instrument [Line Items]
Senior notes	248,967		248,967
Interest rate	5.50%
Debt instrument maturity year	2014
5.60% Senior Notes Due 2015 [Member]
Debt Instrument [Line Items]
Senior notes	500,885		500,999
Interest rate	5.60%
Debt instrument maturity year	2015
6.50% Senior Notes Due 2016 [Member]
Debt Instrument [Line Items]
Senior notes	249,835		249,819
Interest rate	6.50%
Debt instrument maturity year	2016
12.25% Senior Notes Due 2017 [Member]
Debt Instrument [Line Items]
Senior notes	394,067		393,700
Interest rate	12.25%
Debt instrument maturity year	2017
6.95% Senior Notes Due 2018 [Member]
Debt Instrument [Line Items]
Senior notes	247,733		247,598
Interest rate	6.95%
Debt instrument maturity year	2018
2.00% Convertible Senior Notes Due 2020 [Member]
Debt Instrument [Line Items]
Senior notes	276,500		276,500
Interest rate	2.00%
Convertible debt instrument maturity year	2020
2.75% Convertible Senior Notes Due 2020 [Member]
Debt Instrument [Line Items]
Senior notes	391,741		388,417
Interest rate	2.75%
Convertible debt instrument maturity year	2020
3.25% Convertible Senior Notes Due 2021 [Member]
Debt Instrument [Line Items]
Senior notes	400,000		350,000
Interest rate	3.25%
Convertible debt instrument maturity year	2021
Lennar Homebuilding [Member]
Debt Instrument [Line Items]
Notes payable	$ 3,472,937	[1]	$ 3,362,759	[1]
Lennar Homebuilding [Member] | 5.95% Senior Notes Due 2013 [Member]
Debt Instrument [Line Items]
Interest rate	5.95%
Debt instrument maturity year	2013
Lennar Homebuilding [Member] | 5.50% Senior Notes Due 2014 [Member]
Debt Instrument [Line Items]
Interest rate	5.50%
Debt instrument maturity year	2014
Lennar Homebuilding [Member] | 5.60% Senior Notes Due 2015 [Member]
Debt Instrument [Line Items]
Interest rate	5.60%
Debt instrument maturity year	2015
Lennar Homebuilding [Member] | 6.50% Senior Notes Due 2016 [Member]
Debt Instrument [Line Items]
Interest rate	6.50%
Debt instrument maturity year	2016
Lennar Homebuilding [Member] | 12.25% Senior Notes Due 2017 [Member]
Debt Instrument [Line Items]
Interest rate	12.25%
Debt instrument maturity year	2017
Lennar Homebuilding [Member] | 6.95% Senior Notes Due 2018 [Member]
Debt Instrument [Line Items]
Interest rate	6.95%
Debt instrument maturity year	2018
Lennar Homebuilding [Member] | 2.00% Convertible Senior Notes Due 2020 [Member]
Debt Instrument [Line Items]
Interest rate	2.00%
Convertible debt instrument maturity year	2020
Lennar Homebuilding [Member] | 2.75% Convertible Senior Notes Due 2020 [Member]
Debt Instrument [Line Items]
Interest rate	2.75%
Convertible debt instrument maturity year	2020
Lennar Homebuilding [Member] | 3.25% Convertible Senior Notes Due 2021 [Member]
Debt Instrument [Line Items]
Interest rate	3.25%
Convertible debt instrument maturity year	2021

[1] As of February 29, 2012, total liabilities include $745.5 million related to consolidated VIEs as to which there was no recourse against the Company, of which $8.3 million is included in Lennar Homebuilding accounts payable, $39.1 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $170.1 million in Lennar Homebuilding senior notes and other debts payable, $34.9 million in Lennar Homebuilding other liabilities and $493.1 million in Rialto Investments notes payable and other liabilities. As of November 30, 2011, total liabilities include $902.3 million related to consolidated VIEs as to which there was no recourse against the Company, of which $12.7 million is included in Lennar Homebuilding accounts payable, $43.6 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $175.3 million in Lennar Homebuilding senior notes and other debts payable, $16.7 million in Lennar Homebuilding other liabilities and $654.0 million in Rialto Investments notes payable and other liabilities.

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Product Warranty (Schedule Of Product Warranty Reserve) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Feb. 29, 2012	Feb. 28, 2011
Product Warranty [Abstract]
Warranty reserve, beginning of period	$ 88,120	$ 109,179
Warranties issued during the period	6,855	4,739
Adjustments to pre-existing warranties from changes in estimates	1,367	(2,727)
Payments	(10,625)	(7,215)
Warranty reserve, end of period	$ 85,717	$ 103,976

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Lennar Homebuilding Senior Notes And Other Debts Payable (Narrative) (Details) (USD $)																						3 Months Ended														3 Months Ended						1 Months Ended
	Feb. 29, 2012 2.00% Convertible Senior Notes Due 2020 [Member]	Nov. 30, 2011 2.00% Convertible Senior Notes Due 2020 [Member]	Feb. 29, 2012 2.75% Convertible Senior Notes Due 2020 [Member]	Nov. 30, 2011 2.75% Convertible Senior Notes Due 2020 [Member]	Feb. 29, 2012 5.95% Senior Notes Due 2013 [Member]	Nov. 30, 2011 5.95% Senior Notes Due 2013 [Member]	Feb. 29, 2012 5.50% Senior Notes Due 2014 [Member]	Nov. 30, 2011 5.50% Senior Notes Due 2014 [Member]	Feb. 29, 2012 5.60% Senior Notes Due 2015 [Member]	Nov. 30, 2011 5.60% Senior Notes Due 2015 [Member]	Feb. 29, 2012 6.50% Senior Notes Due 2016 [Member]	Nov. 30, 2011 6.50% Senior Notes Due 2016 [Member]	Feb. 29, 2012 12.25% Senior Notes Due 2017 [Member]	Nov. 30, 2011 12.25% Senior Notes Due 2017 [Member]	Feb. 29, 2012 6.95% Senior Notes Due 2018 [Member]	Nov. 30, 2011 6.95% Senior Notes Due 2018 [Member]	Feb. 29, 2012 3.25% Convertible Senior Notes Due 2021 [Member]	Nov. 30, 2011 3.25% Convertible Senior Notes Due 2021 [Member]	Feb. 29, 2012 Letter of Credit Agreement 1 [Member]	Feb. 29, 2012 Letter Of Credit Agreement 2 [Member]	Feb. 29, 2012 Letter Of Credit Agreement 3 [Member]	Feb. 29, 2012 Holders Of Debt Instrument [Member] 2.75% Convertible Senior Notes Due 2020 [Member]	Feb. 29, 2012 Holders Of Debt Instrument [Member] 3.25% Convertible Senior Notes Due 2021 [Member]	Feb. 29, 2012 Company Conversion Right To Debt Instrument [Member] 2.75% Convertible Senior Notes Due 2020 [Member]	Feb. 29, 2012 Company Conversion Right To Debt Instrument [Member] 3.25% Convertible Senior Notes Due 2021 [Member]	Feb. 29, 2012 Lennar Homebuilding [Member]	Feb. 29, 2012 Lennar Homebuilding [Member] 2.00% Convertible Senior Notes Due 2020 [Member]	Feb. 29, 2012 Lennar Homebuilding [Member] 2.75% Convertible Senior Notes Due 2020 [Member]	Nov. 30, 2011 Lennar Homebuilding [Member] 2.75% Convertible Senior Notes Due 2020 [Member]	Feb. 29, 2012 Lennar Homebuilding [Member] 5.95% Senior Notes Due 2013 [Member]	Feb. 29, 2012 Lennar Homebuilding [Member] 5.50% Senior Notes Due 2014 [Member]	Feb. 29, 2012 Lennar Homebuilding [Member] 5.60% Senior Notes Due 2015 [Member]	Feb. 29, 2012 Lennar Homebuilding [Member] 6.50% Senior Notes Due 2016 [Member]	Feb. 29, 2012 Lennar Homebuilding [Member] 12.25% Senior Notes Due 2017 [Member]	Feb. 29, 2012 Lennar Homebuilding [Member] 6.95% Senior Notes Due 2018 [Member]	Feb. 29, 2012 Lennar Homebuilding [Member] 3.25% Convertible Senior Notes Due 2021 [Member]	Nov. 30, 2011 Lennar Homebuilding [Member] 3.25% Convertible Senior Notes Due 2021 [Member]	Feb. 29, 2012 Lennar Homebuilding [Member] Performance Letters Of Credit [Member]	Nov. 30, 2011 Lennar Homebuilding [Member] Performance Letters Of Credit [Member]	Feb. 29, 2012 Lennar Homebuilding [Member] Financial Letters Of Credit [Member]	Nov. 30, 2011 Lennar Homebuilding [Member] Financial Letters Of Credit [Member]	Nov. 30, 2010 Lennar Homebuilding [Member] Company Conversion Right To Debt Instrument [Member] 2.75% Convertible Senior Notes Due 2020 [Member]	May 31, 2010 Lennar Homebuilding [Member] Class A Common Stock [Member] 2.00% Convertible Senior Notes Due 2020 [Member]	Nov. 30, 2010 Lennar Homebuilding [Member] Class A Common Stock [Member] 2.75% Convertible Senior Notes Due 2020 [Member]	Nov. 30, 2010 Lennar Homebuilding [Member] Class A Common Stock [Member] 3.25% Convertible Senior Notes Due 2021 [Member]	Nov. 30, 2011 Lennar Homebuilding [Member] Class A Common Stock [Member] 3.25% Convertible Senior Notes Due 2021 [Member]
Debt Instrument [Line Items]
Line of credit facility current borrowing capacity																			$ 150,000,000	$ 50,000,000	$ 200,000,000
Line of credit facility maximum borrowing capacity																			200,000,000		200,000,000
Letter of credit facility additional capacity																			50,000,000	50,000,000
Letters of credit outstanding, amount																																						70,600,000	68,000,000	197,700,000	199,300,000
Outstanding performance and surety bonds																										607,300,000
Uncompleted site improvements amount																										334,300,000
Uncompleted site improvements percent																										55.00%
Debt instrument, principal amount																	400,000,000											446,000,000	446,000,000								350,000,000
Debt instrument, additional principal amount																																				50,000,000
Senior Notes	276,500,000	276,500,000	391,741,000	388,417,000	266,855,000	266,855,000	248,967,000	248,967,000	500,885,000	500,999,000	249,835,000	249,819,000	394,067,000	393,700,000	247,733,000	247,598,000	400,000,000	350,000,000
Interest rate	2.00%		2.75%		5.95%		5.50%		5.60%		6.50%		12.25%		6.95%		3.25%										2.00%	2.75%		5.95%	5.50%	5.60%	6.50%	12.25%	6.95%	3.25%
Debt instrument, convertible, conversion ratio																																											36.1827	45.1794	42.5555
Debt conversion, converted instrument, per principal amount																																											1,000	1,000		1,000
Debt conversion, converted instrument, shares issued																																											10,004,517	20,150,012	17,022,200
Debt instrument, convertible, conversion price																																											$ 27.64	$ 22.13		$ 23.50
Debt instrument private placement percentage																		100.00%
Debt instrument, unamortized discount																												$ 54,300,000	$ 57,600,000
Debt instrument convertible terms of conversion feature																						Holders of the 2.75% Convertible Senior Notes have the right to require the Company to repurchase them for cash equal to 100% of their principal amount, plus accrued but unpaid interest, on December 15, 2015.	Holders of the 3.25% Convertible Senior Notes have the right to require the Company to repurchase them for cash equal to 100% of their principal amount, plus accrued but unpaid interest on November 15, 2016.	The Company has the right to redeem the 2.75% Convertible Senior Notes at any time on or after December 20, 2015 for 100% of their principal amount, plus accrued but unpaid interest.	The Company has the right to redeem the 3.25% Convertible Senior Notes at any time on or after November 20, 2016 for 100% of their principal amount, plus accrued but unpaid interest.																	100

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Financial Instruments (Tables)

3 Months Ended

Feb. 29, 2012

Financial Instruments [Abstract]

Carrying Amounts And Estimated Fair Value Of Financial Instruments

	February 29, 2012				November 30, 2011
	Carrying		Fair		Carrying		Fair
(In thousands)	Amount		Value		Amount		Value
ASSETS
Rialto Investments:
Loans receivable, net	$	649,791		665,023		713,354		749,382
Investments held-to-maturity	$	14,313		14,214		14,096		13,996
Lennar Financial Services:
Loans held-for-investment, net	$	23,563		21,106		24,262		22,736
Investments held-to-maturity	$	48,771		48,524		48,860		47,651
LIABILITIES
Lennar Homebuilding:
Senior notes and other debts payable	$	3,472,937		3,923,617		3,362,759		3,491,212
Rialto Investments:
Notes payable	$	595,515		575,725		765,541		729,943
Lennar Financial Services:
Notes and other debts payable	$	259,449		259,449		410,134		410,134

Fair Value Measured On Recurring Basis

Financial Instruments	Fair Value Hierarchy		Fair Value at February 29, 2012			Fair Value at November 30, 2011
(In thousands)
Lennar Financial Services:
Loans held-for-sale (1)		Level 2	$	272,760			303,780
Mortgage loan commitments		Level 2	$	5,634			4,192
Forward contracts		Level 2	$	(669	)		(1,404	)
Lennar Homebuilding:
Investments available-for-sale		Level 3	$	18,236			42,892

(1) The aggregate fair value of loans held-for-sale of $272.8 million at February 29, 2012 exceeds their aggregate principal balance of $262.5 million by $10.3 million. The aggregate fair value of loans held-for-sale of $303.8 million at November 30, 2011 exceeds their aggregate principal balance of $292.2 million by $11.6 million.

Schedule Of Gains And Losses Of Financial Instruments

	Three Months Ended
	February 29,			February 28,
(In thousands)	2012			2011
Changes in fair value included in Lennar Financial Services revenues:
Loans held-for-sale	$	(1,307	)		(147	)
Mortgage loan commitments	$	1,442			2,517
Forward contracts	$	735			(4,666	)

Reconciliation Of Beginning And Ending Balance For The Company's Level 3 Recurring Fair Value Measurements

(In thousands)	Three Months Ended February 29, 2012
Investments available-for-sale, beginning of period	$	42,892
Purchases (1)		14,928
Sales		(6,436	)
Settlements (2)		(33,148	)
Investments available-for-sale, end of period	$	18,236

(1) Represents investments in community development district bonds that mature at various dates between 2022 and 2042.

(2) The investments available-for-sale that were settled during the three months ended February 29, 2012 related to investments in community development district bonds, which were in default by the borrower and which the Company foreclosed on the underlying real estate collateral. Therefore, these investments were reclassified from other assets to land and land under development.

Fair Value Assets Measured On Nonrecurring Basis

Non-financial assets	Fair Value Hierarchy		Fair Value Three Months Ended February 29, 2012		Total Gains (Losses) (1)
(In thousands)
Lennar Homebuilding:
Finished homes and construction in progress (2)		Level 3	$	1,548		(2,025	)
Rialto Investments:
REO - held-for-sale (3)		Level 3	$	11,423		(462	)
REO - held-and-used, net (4)		Level 3	$	54,289		2,414

(1) Represents total losses due to valuation adjustments and impairments, and total gains from acquisitions of real estate through foreclosure recorded during the three months ended February 29, 2012.

(2) Finished homes and construction in progress with an aggregate carrying value of $3.5 million were written down to their fair value of $1.5 million, resulting in valuation adjustments of $2.0 million, which were included in Lennar Homebuilding costs and expenses in the Company's statement of operations for the three months ended February 29, 2012.

(3) REO, held-for-sale, assets are initially recorded at fair value less estimated costs to sell at the time of acquisition through, or in lieu of, loan foreclosure. Upon acquisition, the REO, held-for-sale, had a carrying value of $0.3 million and a fair value of $1.1 million. The fair value of REO, held-for-sale, is based upon the appraised value at the time of foreclosure or management's best estimate. The gains upon acquisition of REO, held-for-sale, were $0.8 million. As part of management's periodic valuations of its REO, held-for-sale, during the three months ended February 29, 2012, REO, held-for-sale, with an aggregate value of $11.5 million were written down to their fair value of $10.3 million, resulting in impairments of $1.2 million. These gains and impairments are included within Rialto Investments other income (expense), net in the Company's statement of operations for the three months ended February 29, 2012.

(4) REO, held-and-used, net, assets are initially recorded at fair value at the time of acquisition through, or in lieu of, loan foreclosure. Upon acquisition, the REO, held-and-used, net, had a carrying value of $41.2 million and a fair value of $46.2 million. The fair value of REO, held-and-used, net, is based upon the appraised value at the time of foreclosure or management's best estimate. The gains upon acquisition of REO, held-and-used, net, were $5.0 million. As part of management's periodic valuations of its REO, held-and-used, net, during the three months ended February 29, 2012, REO, held-and-used, net, with an aggregate value of $10.6 million were written down to their fair value of $8.0 million, resulting in impairments of $2.6 million. These gains and impairments are included within Rialto Investments other income (expense), net in the Company's statement of operations for the three months ended February 29, 2012.

Non-financial assets	Fair Value Hierarchy		Fair Value Three Months Ended February 28, 2011		Total Gains (Losses) (1)
(In thousands)
Lennar Homebuilding:
Finished homes and construction in progress (2)		Level 3	$	4,332		(4,812	)
Investments in unconsolidated entities (3)		Level 3	$	529		(8,262	)
Rialto Investments:
REO - held-for-sale (4)		Level 3	$	185,641		16,940
REO - held-and-used, net (5)		Level 3	$	7,343		169

(1) Represents total losses due to valuation adjustments and total gains from acquisitions of real estate through foreclosure recorded during the three months ended February 28, 2011.

(2) Finished homes and construction in progress with an aggregate carrying value of $9.1 million were written down to their fair value of $4.3 million, resulting in valuation adjustments of $4.8 million, which were included in Lennar Homebuilding costs and expenses in the Company's statement of operations for the three months ended February 28, 2011.

(3) Lennar Homebuilding investments in unconsolidated entities with an aggregate carrying value of $8.8 million were written down to their fair value of $0.5 million, resulting in valuation adjustments of $8.3 million, which were included in Lennar Homebuilding other income, net in the Company's statement of operations for the three months ended February 28, 2011.

(4) REO, held-for-sale, assets are initially recorded at fair value less estimated costs to sell at the time of acquisition through, or in lieu of, loan foreclosure. Upon acquisition, the REO, held-for-sale, had a carrying value of $168.7 million and a fair value of $185.6 million. The fair value of REO, held-for-sale, is based upon the appraised value at the time of foreclosure or management's best estimate. The gains upon acquisition of REO, held-for-sale, were $16.9 million and are included within Rialto Investments other income (expense), net in the Company's statement of operations for the three months ended February 28, 2011.

(5) REO, held-and-used, net, assets are initially recorded at fair value at the time of acquisition through, or in lieu of, loan foreclosure. Upon acquisition, the REO, held-and-used, net, had a carrying value of $7.1 million and a fair value of $7.3 million. The fair value of REO, held-and-used, net, is based upon the appraised value at the time of foreclosure or management's best estimate. The gains upon acquisition of REO, held-and-used, net, were $0.2 million and are included within Rialto Investments other income (expense), net in the Company's statement of operations for the three months ended February 28, 2011.

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Lennar Financial Services Segment (Schedule Of Loan Origination Liabilities) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Feb. 29, 2012	Feb. 28, 2011
Lennar Financial Services Segment [Abstract]
Loan origination liabilities, beginning of period	$ 6,050	$ 9,872
Provision for losses during the period	93	70
Adjustments to pre-existing provisions for losses from changes in estimates	8	(70)
Payments/settlements	(190)
Loan origination liabilities, end of period	$ 5,961	$ 9,872

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Consolidation Of Variable Interest Entities

3 Months Ended

Feb. 29, 2012

Consolidation Of Variable Interest Entities [Abstract]

Consolidation Of Variable Interest Entities

(15) Consolidation of Variable Interest Entities

GAAP requires the consolidation of VIEs in which an enterprise has a controlling financial interest. A controlling financial interest will have both of the following characteristics: (a) the power to direct the activities of a VIE that most significantly impact the VIEs economic performance and (b) the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE.

The Company's variable interest in VIEs may be in the form of (1) equity ownership, (2) contracts to purchase assets, (3) management and development agreements between the Company and a VIE, (4) loans provided by the Company to a VIE or other partner and/or (5) guarantees provided by members to banks and other third parties. The Company examines specific criteria and uses its judgment when determining if the Company is the primary beneficiary of a VIE. Factors considered in determining whether the Company is the primary beneficiary include risk and reward sharing, experience and financial condition of other partner(s), voting rights, involvement in day-to-day capital and operating decisions, representation on a VIE's executive committee, existence of unilateral kick-out rights or voting rights, level of economic disproportionality, if any, between the Company and the other partner(s) and contracts to purchase assets from VIEs.

Generally, all major decision making in the Company's joint ventures is shared between all partners. In particular, business plans and budgets are generally required to be unanimously approved by all partners. Usually, management and other fees earned by the Company are nominal and believed to be at market and there is no significant economic disproportionality between the Company and other partners. Generally, the Company purchases less than a majority of the joint venture's assets and the purchase prices under the Company's option contracts are believed to be at market.

Generally, Lennar Homebuilding unconsolidated entities become VIEs and consolidate when the other partner(s) lack the intent and financial wherewithal to remain in the entity. As a result, the Company continues to fund operations and debt paydowns through partner loans or substituted capital contributions.

The Company evaluated the joint venture agreements of its joint ventures that had reconsideration events during the three months ended February 29, 2012. Based on the Company's evaluation, there were no entities that consolidated during the three months ended February 29, 2012. In addition, during the three months ended February 29, 2012, there were no VIEs that were deconsolidated.

At February 29, 2012 and November 30, 2011, the Company's recorded investments in Lennar Homebuilding unconsolidated entities were $563.4 million and $545.8 million, respectively, and the Rialto segment's investments in unconsolidated entities as of February 29, 2012 and November 30, 2011 were $149.7 million and $124.7 million, respectively.

Consolidated VIEs

As of February 29, 2012, the carrying amounts of the VIEs' assets and non-recourse liabilities that consolidated were $2.1 billion and $0.7 billion, respectively. Those assets are owned by, and those liabilities are obligations of, the VIEs, not the Company.

A VIE's assets can only be used to settle obligations of that VIE. The VIEs are not guarantors of Company's senior notes and other debts payable. In addition, the assets held by a VIE usually are collateral for that VIE's debt. The Company and other partners do not generally have an obligation to make capital contributions to a VIE unless the Company and/or the other partner(s) have entered into debt guarantees with a VIE's banks. Other than debt guarantee agreements with a VIE's banks, there are no liquidity arrangements or agreements to fund capital or purchase assets that could require the Company to provide financial support to a VIE. While the Company has option contracts to purchase land from certain of its VIEs, the Company is not required to purchase the assets and could walk away from the contracts.

Unconsolidated VIEs

The Company's recorded investment in VIEs that are unconsolidated and its estimated maximum exposure to loss were as follows:

As of February 29, 2012

(In thousands)	Investments in Unconsolidated VIEs		Lennar's Maximum Exposure to Loss
Lennar Homebuilding (1)	$	98,616		126,077
Rialto Investments (2)		98,399		105,899
	$	197,015		231,976

As of November 30, 2011

(In thousands)	Investments in Unconsolidated VIEs		Lennar's Maximum Exposure to Loss
Lennar Homebuilding (1)	$	94,517		123,038
Rialto Investments (2)		88,076		95,576
	$	182,593		218,614

(1) At both February 29, 2012 and November 30, 2011, the maximum exposure to loss of Lennar Homebuilding's investments in unconsolidated VIEs is limited to its investment in the unconsolidated VIEs, except with regard to $27.4 million and $28.3 million, respectively, of recourse debt of one of the unconsolidated VIEs, which is included in the Company's maximum recourse related to Lennar Homebuilding unconsolidated entities.

(2) For Rialto's investment in unconsolidated VIEs, the Company made a $75 million commitment to fund capital in the AB PPIP fund. As of both February 29, 2012 and November 30, 2011, the Company had contributed $67.5 million of the $75 million commitment, and it cannot walk away from its remaining commitment to fund capital. Therefore, as of February 29, 2012 and November 30, 2011, the maximum exposure to loss for Rialto's unconsolidated VIEs was higher than the carrying amount of its investments. In addition, at February 29, 2012 and November 30, 2011, investments in unconsolidated VIEs and Lennar's maximum exposure to loss include $14.3 million and $14.1 million, respectively, related to Rialto's investments held-to-maturity.

While these entities are VIEs, the Company has determined that the power to direct the activities of the VIEs that most significantly impact the VIEs' economic performance is generally shared. While the Company generally manages the day-to-day operations of the VIEs, the VIEs have an executive committee made up of representatives from each partner. The members of the executive committee have equal votes and major decisions require unanimous consent and approval from all members. The Company does not have the unilateral ability to exercise participating voting rights without partner consent. Furthermore, the Company's economic interest is not significantly disproportionate to the point where it would indicate that the Company has the power to direct these activities.

The Company and other partners do not generally have an obligation to make capital contributions to the VIEs, except for the Company's $7.5 million remaining commitment to the AB PPIP fund as of February 29, 2012 and $27.4 million of recourse debt of one of the Lennar Homebuilding unconsolidated VIEs. The Company and the other partners did not guarantee any debt of these unconsolidated VIEs. There are no liquidity arrangements or agreements to fund capital or purchase assets that could require the Company to provide financial support to the VIEs. While the Company has option contracts to purchase land from certain of its unconsolidated VIEs, the Company is not required to purchase the assets and could walk away from the contracts.

Option Contracts

The Company has access to land through option contracts, which generally enables it to control portions of properties owned by third parties (including land funds) and unconsolidated entities until the Company has determined whether to exercise the option.

A majority of the Company's option contracts require a non-refundable cash deposit or irrevocable letter of credit based on a percentage of the purchase price of the land. The Company's option contracts sometimes include price adjustment provisions, which adjust the purchase price of the land to its approximate fair value at the time of acquisition or are based on the fair value at the time of takedown.

The Company's investments in option contracts are recorded at cost unless those investments are determined to be impaired, in which case the Company's investments are written down to fair value. The Company reviews option contracts for indicators of impairment during each reporting period. The most significant indicator of impairment is a decline in the fair value of the optioned property such that the purchase and development of the optioned property would no longer meet the Company's targeted return on investment with appropriate consideration given to the length of time available to exercise the option. Such declines could be caused by a variety of factors including increased competition, decreases in demand or changes in local regulations that adversely impact the cost of development. Changes in any of these factors would cause the Company to re-evaluate the likelihood of exercising its land options.

Some option contracts contain a predetermined take-down schedule for the optioned land parcels. However, in almost all instances, the Company is not required to purchase land in accordance with those take-down schedules. In substantially all instances, the Company has the right and ability to not exercise its option and forfeit its deposit without further penalty, other than termination of the option and loss of any unapplied portion of its deposit and pre-acquisition costs. Therefore, in substantially all instances, the Company does not consider the take-down price to be a firm contractual obligation.

When the Company does not intend to exercise an option, it writes off any unapplied deposit and pre-acquisition costs associated with the option contract.

The Company evaluates all option contracts for land to determine whether they are VIEs and, if so, whether the Company is the primary beneficiary of certain of these option contracts. Although the Company does not have legal title to the optioned land, if the Company is deemed to be the primary beneficiary, it is required to consolidate the land under option at the purchase price of the optioned land. During the three months ended February 29, 2012, the effect of consolidation of these option contracts was a net increase of $2.1 million to consolidated inventory not owned with a corresponding increase to liabilities related to consolidated inventory not owned in the accompanying condensed consolidated balance sheet as of February 29, 2012. To reflect the purchase price of the inventory consolidated, the Company reclassified the related option deposits from land under development to consolidated inventory not owned in the accompanying condensed consolidated balance sheet as of February 29, 2012. The liabilities related to consolidated inventory not owned primarily represent the difference between the option exercise prices for the optioned land and the Company's cash deposits. The increase to consolidated inventory not owned was offset by the Company exercising its options to acquire land under certain contracts previously consolidated resulting in a net decrease in consolidated inventory not owned of $9.7 million for the three months ended February 29, 2012.

The Company's exposure to loss related to its option contracts with third parties and unconsolidated entities consisted of its non-refundable option deposits and pre-acquisition costs totaling $159.8 million and $156.8 million, respectively, at February 29, 2012 and November 30, 2011. Additionally, the Company had posted $44.4 million and $44.1 million, respectively, of letters of credit in lieu of cash deposits under certain option contracts as of February 29, 2012 and November 30, 2011.

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Lennar Homebuilding Investments In Unconsolidated Entities (Tables) (Lennar Homebuilding Investments [Member])

3 Months Ended

Feb. 29, 2012

Lennar Homebuilding Investments [Member]

Schedule of Equity Method Investments [Line Items]

Statements Of Operations

	Three Months Ended
(In thousands)	February 29, 2012			February 28, 2011
Revenues	$	82,644			67,063
Costs and expenses		83,422			88,580
Other income		—			123,007
Net earnings (loss) of unconsolidated entities	$	(778	)		101,490
Lennar Homebuilding equity in earnings from unconsolidated entities (1)	$	1,083			8,661

(1) For the three months ended February 28, 2011, Lennar Homebuilding equity in earnings includes a $15.4 million gain related to the Company's share of a $123.0 million gain on debt extinguishment at a Lennar Homebuilding unconsolidated entity, partially offset by $4.5 million of valuation adjustments related to assets of Lennar Homebuilding's unconsolidated entities.

Balance Sheets

(In thousands)	February 29, 2012		November 30, 2011
Assets:
Cash and cash equivalents	$	85,510		90,584
Inventories		2,952,727		2,895,241
Other assets		212,756		277,152
	$	3,250,993		3,262,977
Liabilities and equity:
Account payable and other liabilities	$	265,535		246,384
Debt		895,755		960,627
Equity		2,089,703		2,055,966
	$	3,250,993		3,262,977

Summary Of Net Recourse Exposure To Unconsolidated Entities

(In thousands)	February 29, 2012			November 30, 2011
Several recourse debt - repayment	$	51,518			62,408
Joint and several recourse debt - repayment		28,699			46,292
The Company's maximum recourse exposure		80,217			108,700
Less: joint and several reimbursement agreements with the Company's partners		(24,627	)		(33,795	)
The Company's net recourse exposure	$	55,590			74,905

Summarized Balance Sheets Of Unconsolidated Entities With Recourse Debt

(In thousands)	February 29, 2012		November 30, 2011
Assets	$	1,806,848		1,865,144
Liabilities	$	782,415		815,815
Equity	$	1,024,433		1,049,329

Total Debt Of Unconsolidated Entities

(In thousands)	February 29, 2012			November 30, 2011
The Company's net recourse exposure	$	55,590			74,905
Reimbursement agreements from partners		24,627			33,795
The Company's maximum recourse exposure	$	80,217			108,700
Non-recourse bank debt and other debt (partner's share of several recourse)	$	122,806			149,937
Non-recourse land seller debt or other debt		26,376			26,391
Non-recourse debt with completion guarantees		471,053			441,770
Non-recourse debt without completion guarantees		195,303			233,829
Non-recourse debt to the Company		815,538			851,927
Total debt	$	895,755			960,627
The Company's maximum recourse exposure as a % of total JV debt		9	%		11	%

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Lennar Financial Services Segment (Narrative) (Details) (Lennar Financial Services [Member], USD $)	3 Months Ended		12 Months Ended
	Feb. 29, 2012	Feb. 28, 2011	Nov. 30, 2011
Schedule of Trading Securities and Other Trading Assets [Line Items]
Maximum aggregate commitment	$ 275,000,000
Additional uncommitted amount	50,000,000
Borrowings under the facilities	259,400,000		410,100,000
Collateralized mortgage loans and receivable loans sold to investors but not yet paid, principal balances	271,800,000		431,600,000
Impaired financing receivable, unpaid principal balance	8,500,000		8,800,000
Impaired financing receivable, recorded investment	3,400,000		3,700,000
Impaired financing receivable, related allowance	5,100,000		5,100,000
Impaired financing receivable, average recorded investment	3,600,000	4,100,000
Warehouse Repurchase Facility 1 [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Maximum aggregate commitment	100,000,000
Additional uncommitted amount	50,000,000
Maturity date	February 2013
Warehouse Repurchase Facility 2 [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Maximum aggregate commitment	$ 175,000,000
Maturity date	July 2012

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Lennar Homebuilding Investments In Unconsolidated Entities (Balance Sheets) (Details) (Lennar Homebuilding Investments [Member], USD $) In Thousands, unless otherwise specified	Feb. 29, 2012	Nov. 30, 2011
Lennar Homebuilding Investments [Member]
Schedule of Equity Method Investments [Line Items]
Cash and cash equivalents	$ 85,510	$ 90,584
Inventories	2,952,727	2,895,241
Other assets	212,756	277,152
Total Assets	3,250,993	3,262,977
Accounts payable and other liabilities	265,535	246,384
Debt	895,755	960,627
Equity	2,089,703	2,055,966
Total Liabilities and equity	$ 3,250,993	$ 3,262,977

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Condensed Consolidated Statements Of Operations (Parenthetical) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Feb. 29, 2012		Feb. 28, 2011
Noncontrolling interest income (loss)	$ 6,991	[1]	$ (11,320)	[1]
Lennar Homebuilding [Member]
Valuation adjustments to investments in unconsolidated entities			8,300
Rialto Investments [Member]
Noncontrolling interest income (loss)	$ (4,300)		$ 12,000

[1] Net earnings (loss) attributable to noncontrolling interests for the three months ended February 29, 2012 and February 28, 2011 includes ($4.3) million and $12.0 million, respectively, related to the FDIC's interest in the portfolio of real estate loans that the Company acquired in partnership with the FDIC.

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Equity And Comprehensive Earnings (Loss)

3 Months Ended

Feb. 29, 2012

Equity And Comprehensive Earnings (Loss) [Abstract]

Equity And Comprehensive Earnings (Loss)

(4) Equity and Comprehensive Earnings (Loss)

The following table reflects the changes in equity attributable to both Lennar Corporation and the noncontrolling interests of its consolidated subsidiaries in which it has less than a 100% ownership interest for both the three months ended February 29, 2012 and February 28, 2011:

				Stockholders' Equity
(In thousands)	Total Equity			Class A Common Stock		Class B Common Stock		Additional Paid in Capital		Treasury Stock			Retained Earnings			Noncontrolling Interests
Balance at November 30, 2011	$	3,303,525			16,910		3,298		2,341,079		(621,220	)		956,401			607,057
Net earnings (including net loss attributable to noncontrolling interests)		7,977			—		—		—		—			14,968			(6,991	)
Employee stock and directors plans		11,646			46		—		6,078		5,522			—			—
Amortization of restricted stock		7,276			—		—		7,276		—			—			—
Cash dividends		(7,562	)		—		—		—		—			(7,562	)
Receipts related to noncontrolling interests		391			—		—		—		—			—			391
Balance at February 29, 2012	$	3,323,253			16,956		3,298		2,354,433		(615,698	)		963,807			600,457

				Stockholders' Equity
(In thousands)	Total Equity			Class A Common Stock		Class B Common Stock		Additional Paid in Capital		Treasury Stock			Retained Earnings			Noncontrolling Interests
Balance at November 30, 2010	$	3,194,383			16,701		3,297		2,310,339		(615,496	)		894,108			585,434
Net earnings (including net earnings attributable to noncontrolling interests)		38,726			—		—		—		—			27,406			11,320
Employee stock and directors plans		6,123			29		1		6,093		—			—			—
Amortization of restricted stock		5,368			—		—		5,368		—			—			—
Cash dividends		(7,469	)		—		—		—		—			(7,469	)		—
Receipts related to noncontrolling interests		115			—		—		—		—			—			115
Payments related to noncontrolling interests		(4,789	)		—		—		—		—			—			(4,789	)
Lennar Homebuilding non-cash consolidations		529			—		—		—		—			—			529
Balance at February 28, 2011	$	3,232,986			16,730		3,298		2,321,800		(615,496	)		914,045			592,609

Comprehensive earnings attributable to Lennar for both the three months ended February 29, 2012 and February 28, 2011 was the same as net earnings attributable to Lennar. Comprehensive earnings (loss) attributable to noncontrolling interests for both the three months ended February 29, 2012 and February 28, 2011 was the same as net earnings (loss) attributable to noncontrolling interests.

The Company has a stock repurchase program which permits the purchase of up to 20 million shares of its outstanding common stock. During the three months ended February 29, 2012 and February 28, 2011, there were no repurchases of common stock under the stock repurchase program. As of February 29, 2012, 6.2 million shares of common stock can be repurchased in the future under the program.

During the three months ended February 29, 2012, treasury stock decreased by 0.3 million Class A common shares due to activity related to the Company's equity compensation plan.

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Rialto Investments Segment (Nonaccrual Loans) (Details) (USD $) In Thousands, unless otherwise specified	Feb. 29, 2012	Nov. 30, 2011
Land [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Recorded Investment	$ 22,910	$ 24,692
Single Family Homes [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Recorded Investment	11,790	15,191
Commercial Properties [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Recorded Investment	23,681	27,094
Multi-Family Homes [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Recorded Investment	5,146	6,735
Loans Receivable [Member] | Rialto Investments [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Recorded Investment	63,527	73,712
Non Accrual Loans [Member] | Land [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	66,002	75,557
Without Allowance	22,910	24,692
Total Recorded Investment	22,910	24,692
Non Accrual Loans [Member] | Single Family Homes [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	28,700	55,377
With Allowance	1,054	1,956
Without Allowance	10,736	13,235
Total Recorded Investment	11,790	15,191
Non Accrual Loans [Member] | Commercial Properties [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	40,126	48,293
With Allowance		2,660
Without Allowance	23,681	24,434
Total Recorded Investment	23,681	27,094
Non Accrual Loans [Member] | Multi-Family Homes [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	10,928	16,750
Without Allowance	5,146	6,735
Total Recorded Investment	5,146	6,735
Non Accrual Loans [Member] | Other [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		405
Non Accrual Loans [Member] | Loans Receivable [Member] | Rialto Investments [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	145,756	196,382
With Allowance	1,054	4,616
Without Allowance	62,473	69,096
Total Recorded Investment	$ 63,527	$ 73,712

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Financial Instruments (Fair Value Measured On Recurring Basis) (Details) (USD $)	3 Months Ended		12 Months Ended
	Feb. 29, 2012		Nov. 30, 2011
Financial Instruments [Line Items]
Aggregate principal balance of loans held-for-sale	$ 262,500,000		$ 292,200,000
Loans held-for-sale difference	10,300,000		11,600,000
Lennar Financial Services [Member] | Fair Value, Inputs, Level 2 [Member]
Financial Instruments [Line Items]
Loans held-for-sale	272,760,000	[1]	303,780,000	[1]
Lennar Financial Services [Member] | Forward Contracts [Member] | Fair Value, Inputs, Level 2 [Member]
Financial Instruments [Line Items]
Forward contracts	(669,000)		(1,404,000)
Lennar Financial Services [Member] | Mortgage Loan Commitments [Member] | Fair Value, Inputs, Level 2 [Member]
Financial Instruments [Line Items]
Forward contracts	5,634,000		4,192,000
Lennar Homebuilding [Member] | Fair Value, Inputs, Level 3 [Member]
Financial Instruments [Line Items]
Investments available-for-sale	$ 18,236,000		$ 42,892,000

[1] The aggregate fair value of loans held-for-sale of $272.8 million at February 29, 2012 exceeds their aggregate principal balance of $262.5 million by $10.3 million. The aggregate fair value of loans held-for-sale of $303.8 million at November 30, 2011 exceeds their aggregate principal balance of $292.2 million by $11.6 million.

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Equity And Comprehensive Earnings (Loss) (Tables)

3 Months Ended

Feb. 29, 2012

Equity And Comprehensive Earnings (Loss) [Abstract]

Schedule Of Changes In Equity

				Stockholders' Equity
(In thousands)	Total Equity			Class A Common Stock		Class B Common Stock		Additional Paid in Capital		Treasury Stock			Retained Earnings			Noncontrolling Interests
Balance at November 30, 2011	$	3,303,525			16,910		3,298		2,341,079		(621,220	)		956,401			607,057
Net earnings (including net loss attributable to noncontrolling interests)		7,977			—		—		—		—			14,968			(6,991	)
Employee stock and directors plans		11,646			46		—		6,078		5,522			—			—
Amortization of restricted stock		7,276			—		—		7,276		—			—			—
Cash dividends		(7,562	)		—		—		—		—			(7,562	)
Receipts related to noncontrolling interests		391			—		—		—		—			—			391
Balance at February 29, 2012	$	3,323,253			16,956		3,298		2,354,433		(615,698	)		963,807			600,457

				Stockholders' Equity
(In thousands)	Total Equity			Class A Common Stock		Class B Common Stock		Additional Paid in Capital		Treasury Stock			Retained Earnings			Noncontrolling Interests
Balance at November 30, 2010	$	3,194,383			16,701		3,297		2,310,339		(615,496	)		894,108			585,434
Net earnings (including net earnings attributable to noncontrolling interests)		38,726			—		—		—		—			27,406			11,320
Employee stock and directors plans		6,123			29		1		6,093		—			—			—
Amortization of restricted stock		5,368			—		—		5,368		—			—			—
Cash dividends		(7,469	)		—		—		—		—			(7,469	)		—
Receipts related to noncontrolling interests		115			—		—		—		—			—			115
Payments related to noncontrolling interests		(4,789	)		—		—		—		—			—			(4,789	)
Lennar Homebuilding non-cash consolidations		529			—		—		—		—			—			529
Balance at February 28, 2011	$	3,232,986			16,730		3,298		2,321,800		(615,496	)		914,045			592,609

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Consolidation Of Variable Interest Entities (Estimated Maximum Exposure To Loss) (Details) (USD $)	Feb. 29, 2012		Nov. 30, 2011
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	$ 197,015,000		$ 182,593,000
Lennar's Maximum Exposure to Loss	231,976,000		218,614,000
Lennar's maximum exposure to loss, recourse debt	27,400,000
Lennar Homebuilding [Member]
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	98,616,000	[1]	94,517,000	[1]
Lennar's Maximum Exposure to Loss	126,077,000	[1]	123,038,000	[1]
Rialto Investments [Member]
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	98,399,000	[2]	88,076,000	[2]
Lennar's Maximum Exposure to Loss	105,899,000	[2]	95,576,000	[2]
Investments held-to-maturity	14,313,000		14,096,000
Total contributions and investments to unconsolidated entities by Company	67,500,000		67,500,000
Lennar Financial Services [Member]
Variable Interest Entity [Line Items]
Investments held-to-maturity	48,771,000		48,860,000
Recourse Debt [Member] | Lennar Homebuilding [Member]
Variable Interest Entity [Line Items]
Lennar's maximum exposure to loss, recourse debt	27,400,000		28,300,000
Alliance Bernstein L.P. Private Investment Program [Member] | Rialto Investments [Member]
Variable Interest Entity [Line Items]
Variable interest entities commitment to fund capital	$ 75,000,000

[1] At both February 29, 2012 and November 30, 2011, the maximum exposure to loss of Lennar Homebuilding's investments in unconsolidated VIEs is limited to its investment in the unconsolidated VIEs, except with regard to $27.4 million and $28.3 million, respectively, of recourse debt of one of the unconsolidated VIEs, which is included in the Company's maximum recourse related to Lennar Homebuilding unconsolidated entities.

[2] For Rialto's investment in unconsolidated VIEs, the Company made a $75 million commitment to fund capital in the AB PPIP fund. As of both February 29, 2012 and November 30, 2011, the Company had contributed $67.5 million of the $75 million commitment, and it cannot walk away from its remaining commitment to fund capital. Therefore, as of February 29, 2012 and November 30, 2011, the maximum exposure to loss for Rialto's unconsolidated VIEs was higher than the carrying amount of its investments. In addition, at February 29, 2012 and November 30, 2011, investments in unconsolidated VIEs and Lennar's maximum exposure to loss include $14.3 million and $14.1 million, respectively, related to Rialto's investments held-to-maturity.

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Operating And Reporting Segments (Disclosure Of Valuation Adjustments And Write-Offs Relating To Company's Homebuilding Operations) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Feb. 29, 2012	Feb. 28, 2011
Segment Reporting Information [Line Items]
Total valuation adjustments and write-offs of option deposits and pre-acquisition costs, other receivables and other assets	$ 2,326	$ 22,540
Lennar Homebuilding [Member]
Segment Reporting Information [Line Items]
Valuation adjustments to investments of unconsolidated entities		8,300
Valuation Adjustments To Finished Homes, CIP And Land On Which The Company Intends To Build Homes [Member]
Segment Reporting Information [Line Items]
Valuation adjustments related to finished homes	2,025	4,812
Valuation Adjustments To Finished Homes, CIP And Land On Which The Company Intends To Build Homes [Member] | Homebuilding East [Member]
Segment Reporting Information [Line Items]
Valuation adjustments related to finished homes	217	852
Valuation Adjustments To Finished Homes, CIP And Land On Which The Company Intends To Build Homes [Member] | Homebuilding Central [Member]
Segment Reporting Information [Line Items]
Valuation adjustments related to finished homes	153	3,876
Valuation Adjustments To Finished Homes, CIP And Land On Which The Company Intends To Build Homes [Member] | Homebuilding West [Member]
Segment Reporting Information [Line Items]
Valuation adjustments related to finished homes	530	14
Valuation Adjustments To Finished Homes, CIP And Land On Which The Company Intends To Build Homes [Member] | Homebuilding Southeast Florida [Member]
Segment Reporting Information [Line Items]
Valuation adjustments related to finished homes	328
Valuation Adjustments To Finished Homes, CIP And Land On Which The Company Intends To Build Homes [Member] | Homebuilding Houston [Member]
Segment Reporting Information [Line Items]
Valuation adjustments related to finished homes	61	49
Valuation Adjustments To Finished Homes, CIP And Land On Which The Company Intends To Build Homes [Member] | Homebuilding Other [Member]
Segment Reporting Information [Line Items]
Valuation adjustments related to finished homes	736	21
Valuation Adjustments To Land The Company Intends To Sell Or Has Sold To Third Parties [Member]
Segment Reporting Information [Line Items]
Valuation adjustments to land		53
Valuation Adjustments To Land The Company Intends To Sell Or Has Sold To Third Parties [Member] | Homebuilding East [Member]
Segment Reporting Information [Line Items]
Valuation adjustments to land		20
Valuation Adjustments To Land The Company Intends To Sell Or Has Sold To Third Parties [Member] | Homebuilding Central [Member]
Segment Reporting Information [Line Items]
Valuation adjustments to land		23
Valuation Adjustments To Land The Company Intends To Sell Or Has Sold To Third Parties [Member] | Homebuilding Houston [Member]
Segment Reporting Information [Line Items]
Valuation adjustments to land		10
Write-Offs Of Option Deposits And Pre-Acquisition Costs [Member]
Segment Reporting Information [Line Items]
Write-offs of option deposits	290	81
Write-Offs Of Option Deposits And Pre-Acquisition Costs [Member] | Homebuilding East [Member]
Segment Reporting Information [Line Items]
Write-offs of option deposits	7
Write-Offs Of Option Deposits And Pre-Acquisition Costs [Member] | Homebuilding Central [Member]
Segment Reporting Information [Line Items]
Write-offs of option deposits	49
Write-Offs Of Option Deposits And Pre-Acquisition Costs [Member] | Homebuilding West [Member]
Segment Reporting Information [Line Items]
Write-offs of option deposits	232
Write-Offs Of Option Deposits And Pre-Acquisition Costs [Member] | Homebuilding Houston [Member]
Segment Reporting Information [Line Items]
Write-offs of option deposits		81
Write-Offs Of Option Deposits And Pre-Acquisition Costs [Member] | Homebuilding Other [Member]
Segment Reporting Information [Line Items]
Write-offs of option deposits	2
Company's Share Of Valuation Adjustments Related To Assets Of Unconsolidated Entities [Member]
Segment Reporting Information [Line Items]
Company's share of valuation adjustments related to assets of unconsolidated entities		4,526
Company's Share Of Valuation Adjustments Related To Assets Of Unconsolidated Entities [Member] | Homebuilding Central [Member]
Segment Reporting Information [Line Items]
Company's share of valuation adjustments related to assets of unconsolidated entities		371
Company's Share Of Valuation Adjustments Related To Assets Of Unconsolidated Entities [Member] | Homebuilding West [Member]
Segment Reporting Information [Line Items]
Company's share of valuation adjustments related to assets of unconsolidated entities		1,660
Company's Share Of Valuation Adjustments Related To Assets Of Unconsolidated Entities [Member] | Homebuilding Other [Member]
Segment Reporting Information [Line Items]
Company's share of valuation adjustments related to assets of unconsolidated entities		2,495
Valuation Adjustments To Investments In Unconsolidated Entities [Member]
Segment Reporting Information [Line Items]
Valuation adjustments to investments of unconsolidated entities	11	8,262
Valuation Adjustments To Investments In Unconsolidated Entities [Member] | Homebuilding East [Member]
Segment Reporting Information [Line Items]
Valuation adjustments to investments of unconsolidated entities	11	8,262
Write-Offs Of Other Receivables And Other Assets [Member]
Segment Reporting Information [Line Items]
Write-offs of other receivables and other assets		4,806
Write-Offs Of Other Receivables And Other Assets [Member] | Homebuilding Other [Member]
Segment Reporting Information [Line Items]
Write-offs of other receivables and other assets		$ 4,806

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Financial Instruments

3 Months Ended

Feb. 29, 2012

Financial Instruments [Abstract]

Financial Instruments

(14) Financial Instruments

The following table presents the carrying amounts and estimated fair values of financial instruments held by the Company at February 29, 2012 and November 30, 2011, using available market information and what the Company believes to be appropriate valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. The use of different market assumptions and/or estimation methodologies might have a material effect on the estimated fair value amounts. The table excludes cash and cash equivalents, restricted cash, defeasance cash to retire notes payable, receivables, net and accounts payable, which had fair values approximating their carrying amounts due to the short maturities of these instruments.

	February 29, 2012				November 30, 2011
	Carrying		Fair		Carrying		Fair
(In thousands)	Amount		Value		Amount		Value
ASSETS
Rialto Investments:
Loans receivable, net	$	649,791		665,023		713,354		749,382
Investments held-to-maturity	$	14,313		14,214		14,096		13,996
Lennar Financial Services:
Loans held-for-investment, net	$	23,563		21,106		24,262		22,736
Investments held-to-maturity	$	48,771		48,524		48,860		47,651
LIABILITIES
Lennar Homebuilding:
Senior notes and other debts payable	$	3,472,937		3,923,617		3,362,759		3,491,212
Rialto Investments:
Notes payable	$	595,515		575,725		765,541		729,943
Lennar Financial Services:
Notes and other debts payable	$	259,449		259,449		410,134		410,134

The following methods and assumptions are used by the Company in estimating fair values:

Lennar Homebuilding—For senior notes and other debts payable, the fair value of fixed-rate borrowings is based on quoted market prices and the fair value of variable-rate borrowings is based on expected future cash flows calculated using current market forward rates.

Rialto Investments—The fair values for loans receivable is based on discounted cash flows, or the fair value of the collateral less estimated cost to sell. The fair value for investments held-to-maturity is based on discounted cash flows. For notes payable, the fair value of the zero percent interest notes guaranteed by the FDIC was calculated based on a 3-year treasury yield, and the fair value of other notes payable was calculated based on discounted cash flows using the Company's weighted average borrowing rate.

Lennar Financial Services—The fair values above are based on quoted market prices, if available. The fair values for instruments that do not have quoted market prices are estimated by the Company on the basis of discounted cash flows or other financial information.

Fair Value Measurements

GAAP provides a framework for measuring fair value, expands disclosures about fair value measurements and establishes a fair value hierarchy which prioritizes the inputs used in measuring fair value summarized as follows:

Level 1 Fair value determined based on quoted prices in active markets for identical assets.

Level 2 Fair value determined using significant other observable inputs.

Level 3 Fair value determined using significant unobservable inputs.

The Company's financial instruments measured at fair value on a recurring basis are summarized below:

Financial Instruments	Fair Value Hierarchy		Fair Value at February 29, 2012			Fair Value at November 30, 2011
(In thousands)
Lennar Financial Services:
Loans held-for-sale (1)		Level 2	$	272,760			303,780
Mortgage loan commitments		Level 2	$	5,634			4,192
Forward contracts		Level 2	$	(669	)		(1,404	)
Lennar Homebuilding:
Investments available-for-sale		Level 3	$	18,236			42,892

(1) The aggregate fair value of loans held-for-sale of $272.8 million at February 29, 2012 exceeds their aggregate principal balance of $262.5 million by $10.3 million. The aggregate fair value of loans held-for-sale of $303.8 million at November 30, 2011 exceeds their aggregate principal balance of $292.2 million by $11.6 million.

The estimated fair values of the Company's financial instruments have been determined by using available market information and what the Company believes to be appropriate valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. The use of different market assumptions and/or estimation methodologies might have a material effect on the estimated fair value amounts. The following methods and assumptions are used by the Company in estimating fair values:

Loans held-for-sale— Fair value is based on independent quoted market prices, where available, or the prices for other mortgage whole loans with similar characteristics. Management believes carrying loans held-for-sale at fair value improves financial reporting by mitigating volatility in reported earnings caused by measuring the fair value of the loans and the derivatives instruments used to economically hedge them without having to apply complex hedge accounting provisions. In addition, the Company recognizes the fair value of its rights to service a mortgage loan as revenue upon entering into an interest rate lock loan commitment with a borrower. The fair value of these servicing rights is included in Lennar Financial Services' loans held-for-sale as of February 29, 2012 and November 30, 2011. Fair value of the servicing rights is determined based on value in the servicing sales contracts.

Mortgage loan commitments— Fair value of commitments to originate loans is based upon the difference between the current value of similar loans and the price at which the Lennar Financial Services segment has committed to originate the loans. The fair value of commitments to sell loan contracts is the estimated amount that the Lennar Financial Services segment would receive or pay to terminate the commitments at the reporting date based on market prices for similar financial instruments.

Forward contracts— Fair value is based on quoted market prices for similar financial instruments.

Investments available-for-sale— The fair value of these investments are based on third party valuations.

Gains and losses of Lennar Financial Services financial instruments measured at fair value from initial measurement and subsequent changes in fair value are recognized in the Lennar Financial Services segment's operating earnings. There were no gains or losses recognized for the Lennar Homebuilding investment available-for-sale during the three months ended February 29, 2012. The changes in fair values that are included in operating earnings are shown, by financial instrument and financial statement line item below:

	Three Months Ended
	February 29,			February 28,
(In thousands)	2012			2011
Changes in fair value included in Lennar Financial Services revenues:
Loans held-for-sale	$	(1,307	)		(147	)
Mortgage loan commitments	$	1,442			2,517
Forward contracts	$	735			(4,666	)

Interest income on loans held-for-sale measured at fair value is calculated based on the interest rate of the loan and recorded in interest income in the Lennar Financial Services' statement of operations.

The following table represents a reconciliation of beginning and ending balance for the Company's Level 3 recurring fair value measurements (investments available-for-sale) included in the Lennar Homebuilding segment's other assets for the three months ended February 29, 2012:

(In thousands)	Three Months Ended February 29, 2012
Investments available-for-sale, beginning of period	$	42,892
Purchases (1)		14,928
Sales		(6,436	)
Settlements (2)		(33,148	)
Investments available-for-sale, end of period	$	18,236

(1) Represents investments in community development district bonds that mature at various dates between 2022 and 2042.

(2) The investments available-for-sale that were settled during the three months ended February 29, 2012 related to investments in community development district bonds, which were in default by the borrower and which the Company foreclosed on the underlying real estate collateral. Therefore, these investments were reclassified from other assets to land and land under development.

The Company's assets measured at fair value on a nonrecurring basis are those assets for which the Company has recorded valuation adjustments and write-offs and Rialto Investments real estate owned assets. The fair value included in the tables below represent only those assets whose carrying value were adjusted to fair value during the respective periods disclosed. The assets measured at fair value on a nonrecurring basis are summarized below:

Non-financial assets	Fair Value Hierarchy		Fair Value Three Months Ended February 29, 2012		Total Gains (Losses) (1)
(In thousands)
Lennar Homebuilding:
Finished homes and construction in progress (2)		Level 3	$	1,548		(2,025	)
Rialto Investments:
REO - held-for-sale (3)		Level 3	$	11,423		(462	)
REO - held-and-used, net (4)		Level 3	$	54,289		2,414

(1) Represents total losses due to valuation adjustments and impairments, and total gains from acquisitions of real estate through foreclosure recorded during the three months ended February 29, 2012.

(2) Finished homes and construction in progress with an aggregate carrying value of $3.5 million were written down to their fair value of $1.5 million, resulting in valuation adjustments of $2.0 million, which were included in Lennar Homebuilding costs and expenses in the Company's statement of operations for the three months ended February 29, 2012.

(3) REO, held-for-sale, assets are initially recorded at fair value less estimated costs to sell at the time of acquisition through, or in lieu of, loan foreclosure. Upon acquisition, the REO, held-for-sale, had a carrying value of $0.3 million and a fair value of $1.1 million. The fair value of REO, held-for-sale, is based upon the appraised value at the time of foreclosure or management's best estimate. The gains upon acquisition of REO, held-for-sale, were $0.8 million. As part of management's periodic valuations of its REO, held-for-sale, during the three months ended February 29, 2012, REO, held-for-sale, with an aggregate value of $11.5 million were written down to their fair value of $10.3 million, resulting in impairments of $1.2 million. These gains and impairments are included within Rialto Investments other income (expense), net in the Company's statement of operations for the three months ended February 29, 2012.

(4) REO, held-and-used, net, assets are initially recorded at fair value at the time of acquisition through, or in lieu of, loan foreclosure. Upon acquisition, the REO, held-and-used, net, had a carrying value of $41.2 million and a fair value of $46.2 million. The fair value of REO, held-and-used, net, is based upon the appraised value at the time of foreclosure or management's best estimate. The gains upon acquisition of REO, held-and-used, net, were $5.0 million. As part of management's periodic valuations of its REO, held-and-used, net, during the three months ended February 29, 2012, REO, held-and-used, net, with an aggregate value of $10.6 million were written down to their fair value of $8.0 million, resulting in impairments of $2.6 million. These gains and impairments are included within Rialto Investments other income (expense), net in the Company's statement of operations for the three months ended February 29, 2012.

Non-financial assets	Fair Value Hierarchy		Fair Value Three Months Ended February 28, 2011		Total Gains (Losses) (1)
(In thousands)
Lennar Homebuilding:
Finished homes and construction in progress (2)		Level 3	$	4,332		(4,812	)
Investments in unconsolidated entities (3)		Level 3	$	529		(8,262	)
Rialto Investments:
REO - held-for-sale (4)		Level 3	$	185,641		16,940
REO - held-and-used, net (5)		Level 3	$	7,343		169

(1) Represents total losses due to valuation adjustments and total gains from acquisitions of real estate through foreclosure recorded during the three months ended February 28, 2011.

(2) Finished homes and construction in progress with an aggregate carrying value of $9.1 million were written down to their fair value of $4.3 million, resulting in valuation adjustments of $4.8 million, which were included in Lennar Homebuilding costs and expenses in the Company's statement of operations for the three months ended February 28, 2011.

(3) Lennar Homebuilding investments in unconsolidated entities with an aggregate carrying value of $8.8 million were written down to their fair value of $0.5 million, resulting in valuation adjustments of $8.3 million, which were included in Lennar Homebuilding other income, net in the Company's statement of operations for the three months ended February 28, 2011.

(4) REO, held-for-sale, assets are initially recorded at fair value less estimated costs to sell at the time of acquisition through, or in lieu of, loan foreclosure. Upon acquisition, the REO, held-for-sale, had a carrying value of $168.7 million and a fair value of $185.6 million. The fair value of REO, held-for-sale, is based upon the appraised value at the time of foreclosure or management's best estimate. The gains upon acquisition of REO, held-for-sale, were $16.9 million and are included within Rialto Investments other income (expense), net in the Company's statement of operations for the three months ended February 28, 2011.

(5) REO, held-and-used, net, assets are initially recorded at fair value at the time of acquisition through, or in lieu of, loan foreclosure. Upon acquisition, the REO, held-and-used, net, had a carrying value of $7.1 million and a fair value of $7.3 million. The fair value of REO, held-and-used, net, is based upon the appraised value at the time of foreclosure or management's best estimate. The gains upon acquisition of REO, held-and-used, net, were $0.2 million and are included within Rialto Investments other income (expense), net in the Company's statement of operations for the three months ended February 28, 2011.

Finished homes and construction in progress are included within inventories. Inventories are stated at cost unless the inventory within a community is determined to be impaired, in which case the impaired inventory is written down to fair value. Inventory costs include land, land development and home construction costs, real estate taxes, deposits on land purchase contracts and interest related to development and construction. Construction overhead and selling expenses are expensed as incurred. Homes held-for-sale are classified as inventories until delivered. Land, land development, amenities and other costs are accumulated by specific area and allocated to homes within the respective areas. The Company reviews its inventory for indicators of impairment by evaluating each community during each reporting period. The inventory within each community is categorized as finished homes and construction in progress or land under development based on the development state of the community. There were 426 and 447 active communities as of February 29, 2012 and February 28, 2011, respectively. If the undiscounted cash flows expected to be generated by a community are less than its carrying amount, an impairment charge is recorded to write down the carrying amount of such community to its estimated fair value.

In conducting its review for indicators of impairment on a community level, the Company evaluates, among other things, the margins on homes that have been delivered, margins on homes under sales contracts in backlog, projected margins with regard to future home sales over the life of the community, projected margins with regard to future land sales and the estimated fair value of the land itself. The Company pays particular attention to communities in which inventory is moving at a slower than anticipated absorption pace and communities whose average sales price and/or margins are trending downward and are anticipated to continue to trend downward. From this review, the Company identifies communities whose carrying values exceed their undiscounted cash flows.

The Company estimates the fair value of its communities using a discounted cash flow model. The projected cash flows for each community are significantly impacted by estimates related to market supply and demand, product type by community, homesite sizes, sales pace, sales prices, sales incentives, construction costs, sales and marketing expenses, the local economy, competitive conditions, labor costs, costs of materials and other factors for that particular community. Every division evaluates the historical performance of each of its communities as well as current trends in the market and economy impacting the community and its surrounding areas. These trends are analyzed for each of the estimates listed above. For example, since the start of the downturn in the housing market, the Company has found ways to reduce its construction costs in many communities, and this reduction in construction costs in addition to change in product type in many communities has impacted future estimated cash flows.

Each of the homebuilding markets in which the Company operates is unique, as homebuilding has historically been a local business driven by local market conditions and demographics. Each of the Company's homebuilding markets has specific supply and demand relationships reflective of local economic conditions. The Company's projected cash flows are impacted by many assumptions. Some of the most critical assumptions in the Company's cash flow model are projected absorption pace for home sales, sales prices and costs to build and deliver homes on a community by community basis.

In order to arrive at the assumed absorption pace for home sales included in the Company's cash flow model, the Company analyzes its historical absorption pace in the community as well as other comparable communities in the geographical area. In addition, the Company considers internal and external market studies and trends, which generally include, but are not limited to, statistics on population demographics, unemployment rates and availability of competing product in the geographic area where the community is located. When analyzing the Company's historical absorption pace for home sales and corresponding internal and external market studies, the Company places greater emphasis on more current metrics and trends such as the absorption pace realized in its most recent quarters as well as forecasted population demographics, unemployment rates and availability of competing product. Generally, if the Company notices a variation from historical results over a span of two fiscal quarters, the Company considers such variation to be the establishment of a trend and adjusts its historical information accordingly in order to develop assumptions on the projected absorption pace in the cash flow model for a community.

In order to determine the assumed sales prices included in its cash flow models, the Company analyzes the historical sales prices realized on homes it delivered in the community and other comparable communities in the geographical area as well as the sales prices included in its current backlog for such communities. In addition, the Company considers internal and external market studies and trends, which generally include, but are not limited to, statistics on sales prices in neighboring communities and sales prices on similar products in non-neighboring communities in the geographic area where the community is located. When analyzing its historical sales prices and corresponding market studies, the Company also places greater emphasis on more current metrics and trends such as future forecasted sales prices in neighboring communities as well as future forecasted sales prices for similar products in non-neighboring communities. Generally, if the Company notices a variation from historical results over a span of two fiscal quarters, the Company considers such variation to be the establishment of a trend and adjusts its historical information accordingly in order to develop assumptions on the projected sales prices in the cash flow model for a community.

In order to arrive at the Company's assumed costs to build and deliver homes, the Company generally assumes a cost structure reflecting contracts currently in place with its vendors adjusted for any anticipated cost reduction initiatives or increases in cost structure. Costs assumed in the cash flow model for the Company's communities are generally based on the rates the Company is currently obligated to pay under existing contracts with its vendors adjusted for any anticipated cost reduction initiatives or increases in cost structure.

Since the estimates and assumptions included in the Company's cash flow models are based upon historical results and projected trends, they do not anticipate unexpected changes in market conditions or strategies that may lead the Company to incur additional impairment charges in the future.

Using all available information, the Company calculates its best estimate of projected cash flows for each community. While many of the estimates are calculated based on historical and projected trends, all estimates are subjective and change from market to market and community to community as market and economic conditions change. The determination of fair value also requires discounting the estimated cash flows at a rate the Company believes a market participant would determine to be commensurate with the inherent risks associated with the assets and related estimated cash flow streams. The discount rate used in determining each asset's fair value depends on the community's projected life and development stage. The Company generally uses a discount rate of approximately 20%, subject to the perceived risks associated with the community's cash flow streams relative to its inventory.

The Company estimates the fair value of inventory evaluated for impairment based on market conditions and assumptions made by management at the time the inventory is evaluated, which may differ materially from actual results if market conditions or assumptions change. For example, further market deterioration or changes in assumptions may lead to the Company incurring additional impairment charges on previously impaired inventory, as well as on inventory not currently impaired but for which indicators of impairment may arise if further market deterioration occurs.

The Company evaluates its investments in unconsolidated entities for indicators of impairment during each reporting period. A series of operating losses of an investee or other factors may indicate that a decrease in value of the Company's investment in the unconsolidated entity has occurred which is other-than-temporary. The amount of impairment recognized is the excess of the investment's carrying amount over its estimated fair value.

The evaluation of the Company's investment in unconsolidated entities includes certain critical assumptions made by management: (1) projected future distributions from the unconsolidated entities, (2) discount rates applied to the future distributions and (3) various other factors.

The Company's assumptions on the projected future distributions from the unconsolidated entities are dependent on market conditions. Specifically, distributions are dependent on cash to be generated from the sale of inventory by the unconsolidated entities. Such inventory is also reviewed for potential impairment by the unconsolidated entities. The unconsolidated entities generally use a discount rate of approximately 20% in their reviews for impairment, subject to the perceived risks associated with the community's cash flow streams relative to its inventory. If a valuation adjustment is recorded by an unconsolidated entity related to its assets, the Company's proportionate share is reflected in the Company's homebuilding equity in earnings (loss) from unconsolidated entities with a corresponding decrease to its investment in unconsolidated entities. In certain instances, the Company may be required to record additional losses relating to its investment in unconsolidated entities, if the Company's investment in the unconsolidated entity, or a portion thereof, is deemed to be other than temporarily impaired. These losses are included in Lennar Homebuilding other income, net.

Additionally, the Company considers various qualitative factors to determine if a decrease in the value of the investment is other-than-temporary. These factors include age of the venture, intent and ability for the Company to recover its investment in the entity, financial condition and long-term prospects of the entity, short-term liquidity needs of the unconsolidated entity, trends in the general economic environment of the land, entitlement status of the land held by the unconsolidated entity, overall projected returns on investment, defaults under contracts with third parties (including bank debt), recoverability of the investment through future cash flows and relationships with the other partners and banks. If the Company believes that the decline in the fair value of the investment is temporary, then no impairment is recorded.

REO represents real estate that the Rialto segment has taken control or has effective control of in partial or full satisfaction of loans receivable. At the time of acquisition of a property through foreclosure of a loan, REO is recorded at fair value less estimated costs to sell if classified as held-for-sale or at fair value if classified as held-and-used, which becomes the property's new basis. The fair values of these assets are determined in part by placing reliance on third party appraisals of the properties and/or internally prepared analyses of recent offers or prices on comparable properties in the proximate vicinity. The third party appraisals and internally developed analyses are significantly impacted by the local market economy, market supply and demand, competitive conditions and prices on comparable properties, adjusted for date of sale, location, property size, and other factors. Each REO is unique and is analyzed in the context of the particular market where the property is located. In order to establish the significant assumptions for a particular REO, the Company analyzes historical trends, including trends achieved by our local homebuilding operations, if applicable, and current trends in the market and economy impacting the REO. Using available trend information, the Company then calculates its best estimate of fair value, which can include projected cash flows discounted at a rate the Company believes a market participant would determine to be commensurate with the inherent risks associated with the assets and related estimated cash flow streams.

Changes in economic factors, consumer demand and market conditions, among other things, could materially impact estimates used in the third party appraisals and/or internally prepared analyses of recent offers or prices on comparable properties. Thus, estimates can differ significantly from the amounts ultimately realized by the Rialto segment from disposition of these assets. The amount by which the recorded investment in the loan is less than the REO's fair value (net of estimated cost to sell if held-for-sale), is recorded as an unrealized gain on foreclosure in the Company's statement of operations. The amount by which the recorded investment in the loan is greater than the REO's fair value (net of estimated cost to sell if held-for-sale) is initially recorded as an impairment in the Company's statement of operations.