Lennar loss narrows on reduced land spending

* Shr loss $5.12 vs loss $7.92 yr earlier

* Rev down 41 pct to $1.3 bln

* New home deliveries fell 36 percent

* New orders sank 46 percent

* Shares up 1.5 percent

(Recasts with share movement, adds analyst quote)

NEW YORK (Reuters) - Lennar Corp (LEN.N: Quote, Profile, Research) said on Thursday its quarterly net loss narrowed as it cut land expenditures and tried to clear its backlog of unsold homes, sending shares of the No. 2 U.S. homebuilder up.

Lennar posted a fourth-quarter net loss of $811.0 million, or $5.12 per diluted share, down from a net loss of $1.3 billion, or $7.92 per diluted share, in the same quarter of 2007. Revenues sank 41 percent to $1.3 billion.

Reuters Estimates said that on an adjusted basis the company lost 51 cents per share, far less than the loss of $2.03 per share analysts were expecting, but it was not immediately clear if the result was directly comparable with the estimates.