KB Home Spies More First-Timers

Home builder KB Home is heralding the return of the first-time buyer. Economic indicators agree that, yes, there is cause for optimism in that regard, but it is heavily muted optimism. KB Home's sales to first-time buyers are up, albeit slightly. Specifically, 56% of KB Home's sales in its quarter ended May 31 were to first-time buyers, up from 50% in its fiscal first quarter and from 54% a year ago. That's not a huge increase. But KB Home CEO Jeff Mezger posits that first-timers' long-anticipated return from their hiatus since the downturn is nigh. He noted that U.S. household formations are ......(read more)

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