Lennar Corp , the No. 3 U.S. homebuilder, reported a larger quarterly loss on Monday as the sector that lead the United States into its worst recession since the Great Depression starts to climb out of its slump.

Lennar said its net loss widened to $171.6 million, or 97 cents per share, in the third quarter ended on August 31 from $89 million, or 56 cents per share, a year earlier.

Revenue dropped to $720.7 million from $1.1 billion.

(Reporting by Christopher Kaufman and Scott Malone; Editing by Lisa Von Ahn)