KB Home Posts Quarterly Loss,

KB Home, one of the nation's largest home builders, said it swung to a loss in the fiscal second quarter as it booked charges for land and inventory write-downs amid continuing woes in the housing industry.

"We can't predict when market conditions will improve," President and Chief Executive Jeffrey Mezger said.

Besides aggressive competition and continued weak demand, "tighter credit conditions in the subprime and near-prime mortgage market have also exacerbated current market dynamics, keeping prospective buyers out of the market, slowing the absorption of excess supply and further delaying a housing market recovery," Mr. Mezger said.

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- Posted: 2007-06-28 10:00:56

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