MIAMI - Homebuilder Lennar Corporation (NYSE: LEN and LEN.B) third quarter net earnings more than quadrupled, to $87.1 million up from $20.7 million in the year prior period. Revenues of $1.1 billion were up 34 percent.

"The housing market has stabilized and the recovery is well underway," Stuart Miller, CEO, said in his earnings announcement, citing low mortgage rates, affordable home prices and increased buyer confidence as factors driving growth.

"Reduced foreclosures and declining distressed home inventory are further contributing to the improvement in the housing market," Miller said.

Lennar home deliveries during the quarter totaled 3,655 homes, up 28%; new orders totaled  4,198 homes,up 44% backlog dollar value of $1.3 billion – up 95%

Builder KB Homes reported an earnings rise last week, with revenue up 16 percent for its third quarter. It moved to a $3.3 million profit, up from a loss of $96 million for the year prior.

"The recovery in housing is gaining momentum across the country as inventory levels are declining and home prices are on the rise," said Jeffrey Mezger, KB Home president.