KB Home said Friday its third-quarter loss quadrupled from a year-ago period, missing Wall Street's expectations as revenue plunged by 56 percent amid falling sales and home prices.
Chief Executive Jeffrey Mezger said weak demand for new homes — half of the company's homebuyers backed out of their contracts in the quarter — and falling home values don't appear likely to improve significantly in the near term. He also blamed rising foreclosures and tight lending standards for the company's poor results.
Reported by Associated Press (9/26/2008)
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