KB Home takes big hit

The L.A.-based homebuilder posts a third-quarter loss of $144.7 million, compared with a loss of $35.6 million a year earlier. Orders during the quarter fell 66 percent. CEO Jeff Mezger says the housing market is unlikely to improve much in the near term because of increasing foreclosures, higher inventory levels and hard-to-get mortgages. The latest results include $82.2 million in write-downs. (Reuters, WSJ, press release)