KB Home Falls After Quarterly Loss Exceeds Estimates

KB Home, the LA-based homebuilder targets 1st-time buyers, fell as much as 9.9% in NY after reporting a wider quarterly loss than analysts estimated. The net loss was $78.4M, or $1.03 a share, compared with the median estimated loss of 63 cents, according to 13 analysts in a Bloomberg survey. A year earlier, the company reported a net loss of $255.9M, or $3.30 a share. KB Home is slashing prices and reducing the size of its houses to compete with foreclosed houses for sale. Foreclosure filings, including default & auction notices as well as property seizures, climbed 18% in May from a year earlier, according to Irvine, CA-based RealtyTrac Inc.