KB Home, the fifth-largest U.S. homebuilder, reported today a wider quarterly loss and said net orders fell by a third, indicating that a recovery in the housing sector remains elusive five years into the housing meltdown.
The company posted a net loss of $114.5 million for the three months that ended Feb. 28. Compared with a net loss of $54.7 million, a year earlier, the loss more than doubled from last year.
KB Home revenue totaled $196.9 million, down 25% from $264 million a year earlier. Home deliveries in the quarter plunged 28% to 949.
KB Home's results echo the comments made by rival Lennar Corp , which posted lower revenue and orders last week.
Lennar, the third-largest homebuilder, had warned that the important spring selling season was not shaping up into a recovery from the housing slump.
This doesn't bode well for the local Brooklyn Housing Market that has been depressed for a quite while.
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