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KB Home Earnings Plunge, But Stock Hangs Tough

KB Home (KBH Quote) announced that its third-quarter loss quadrupled from a year-ago period, as revenue dropped by 56% amid sluggish sales and falling home prices.

Revenue dipped to $681.6 million from $1.54 billion, as excessive inventories and less mortgage availability hurt sales across most markets. The scariest statistic reported was that half of the company's homebuyers backed out of their contracts in the quarter. Hopefully, these weren't speculators still sniffing out deals; that would only delay the inevitable housing bottom. ...