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Bailout

: Calculated Risk

KB Home: "Month of May was particularly challenging" for housing industry

By Anonymous

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On the conference call this morning, Jeffrey Mezger, president and chief executive officer of KB Home said the month of May was "particularly challenging" for the housing industry.

Paraphrasing ..

  • What KB Home saw in May - historically a strong month - was that home buyers stepped out of the market. Post tax credit traffic dropped like a rock in May.

  • Not having any problem closing by June 30th. No need to extend tax credit closing date.

  • Tax credit has added additional uncertainty to the mix. A lack of predictability in sales could impact profitability this year (CR translation: expect more losses).

    Q&A just started ...

    On the current quarter (ended May 31st) from MarketWatch: KB Home shares fall on 'disappointing' results

    Full post as published by Calculated Risk on June 25, 2010 (boomark / email).

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