"Another Tough Year for the Homebuilding Industry" Ahead, Says Jeff Mezger '77
January 16, 2008
January 16, 2008, Greencastle, Ind. - Jeffrey Mezger, CEO of KB Home and 1977 graduate of DePauw University, says 2008 "will be another tough year for the homebuilding industry." Mezger is quoted in an Associated Press story on the slowdown in the housing industry, which has "deepened," according to business writer Alex Veiga.
"[Mezger] said there were no indications that housing markets were stabilizing and noted that consumer confidence needs to be restored before things can improve."
Noting that KB posted a fourth quarter loss of $772.7 million, AP reports, "KB Home, which makes homes to order, has seen its cancellation rates and its stock of unsold homes rise, while new orders have slipped ... KB's financial results were released the same day the National Association of Realtors, a trade group for real estate agents, predicted that the pace of the nation's home sales will pick up significantly in the second half of the year. The outlook by the trade group runs counter to that of many economists and other experts, some of which have called for the housing slump to drag at least into 2009."
Access the full story in New Mexico's Pioneer Times-Journal.
In October, Jeff Mezger discussed the housing market's downturn with USA Today. Learn more in this previous article.Back