The Mortgage Bankers Association said they tumbled 10.5% last week, the biggest fall-off in four months. While the foreclosure crisis may be playing a role in the decline, rising interest rates are also partly to blame.
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KB Home (KBH) reported a quarterly loss of 2 cents per share, compared with 87 cents per share a year earlier.
Revenue was $501 million in the quarter ended Aug. 31, the company said in a statement. That’s a 9% increase from a year earlier.
The company incurred $3.3 million of inventory impairment of land option contract abandonment charges in the quarter, compared with $47.7…
Continue reading KB Home Posts Narrower Earnings Loss
KB Home Posts Narrower Earnings Loss originally appeared on DailyFinance on Fri, 24 Sep 2010 08:45:00.
Filed Under: Company News, Earnings, Real Estate, Credit
Inadequate job growth and a rising supply of unsold homes continue to weigh on the housing market. The homebuilder confidence index remained unchanged in September — its lowest level since March 2009.
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Lennar posted third-quarter earnings of $30 million, or 16 cents a share, compared with a loss of $171.6 million, or 97 cents a share, a year earlier.
Continue reading Lennar Earnings: Homebuilder Is Back in th…