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Chinese drywall in 400 homes, Lennar says

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The Associated Press

Published: July 13, 2009

MIAMI - Homebuilder Lennar Corp. says it has identified defective Chinese-made drywall in about 400 Florida homes, most built in the 2006 and 2007 fiscal years.

The Miami-based company said in a filing with the U.S. Securities and Exchange Commission last week that the figure, based on accounting through May 31, represents only 2.1 percent of homes the company delivered in Florida during that time.

Lennar said it had not yet found defective drywall in any of its homes outside Florida.

The company says it has set aside $39.8 million in warranty reserves for homes that have the defective drywall.

Tests have found high levels of sulfur and organic compounds in the Chinese drywall. Homeowners have sued, claiming the fumes are ruining their houses and making them sick.

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