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Updated from 9:33 a.m. EDT
KB Home(KBH Quote) continued the streak of disappointing homebuilder earnings, reporting an unexpected second-quarter loss due to very large land impairment charges.
The results underscored how homebuilders are muddling through unprofitable waters as housing inventories across the country put significant pressure on home prices.
KB Home reported a loss from continuing operations of $174.2 million, or $2.26 a share, for the quarter, compared with profit of $184.4 million, or $2.20 a share, a year earlier. ...
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