KB Home sales down

from today's Los Angeles Business Journal (6/27):

KB Posts Steeper-Than-Expected Second Quarter Loss
By ALLEN P. ROBERTS Jr. - 6/27/2008
Los Angeles Business Journal Staff

"Los Angeles-based homebuilder KB Home reported a second quarter loss Friday that was more than three times greater than analysts expected, sending shares down nearly 7 percent.

The second-quarter net loss, KB’s fifth consecutive quarterly loss, was $256 million (-$3.30 per share). Wall Street was expecting a loss of 94 cents per share, according to a Thomson Financial poll. A year ago, KB posted a second quarter loss of $149 million (-$1.93).

Revenue plunged to $639 million from $1.41 billion in the same period a year earlier thanks in large part to lower housing and land sale revenues. Analysts were expecting sales of $691 million." ...

for the complete story


“Housing market conditions remain difficult for the homebuilding industry, with inventories of unsold homes expanding as foreclosures rise to record highs, and consumer confidence continuing to deteriorate amid signs of weakness in the general economy,” KB’s Chief Executive Jeff Mezger said in a statement.