Ryland Group Inc. said Wednesday it narrowed its quarterly loss even as it suffered its eighth consecutive loss since the nation’s housing market began to slump.

After the market closed, Calabasas-based Ryland reported a fourth quarter net loss of $59.9 million (-$1.40 a share), compared with $201.9 million (-$4.80) a year ago. Revenues fell 39 percent to $528 million, with homebuilding revenues down 38 percent. Closings fell 36 percent and new orders plunged 65 percent.

On Tuesday, Ryland’s lenders cut the company’s unsecured revolving credit line by more than half and raised the interest rate; an indication that the banks anticipate the company would continue to report losses for some time. The fourth quarter loss was impacted by a reduction in the value of its inventory, write-offs, and impairments to goodwill and joint ventures.

For the full year, Ryland reported a net loss of nearly $397 million (-$9.33), compared with a loss of nearly $334 million (-$7.92) in 2007. Homebuilding revenues for the year fell 35 percent to $1.9 billion

Prior to the earnings announcement, Ryland shares closed up 93 cents, or 6 percent, to $16.50.