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KB Homes Posted a Nasty Quarter

One Rental At A Time

KB Homes just posted a nasty quarter. Is this the sign of a changing business model? Yeah, probably. Is this the sign that they are at the bottom or basing? Maybe. Is this a sign that home building is over? I doubt it. Let's talk about it. Let's talk about that. We also got new home sales. We got

some other earnings that we should riff on. But let's start with KB Homes. When I look at KB Homes or often think about it, I look at them as entry-level housing. You've got Toll Brothers on the high end and you've got KB Homes at the first-time homeowner. So when KB Homes struggles, it is a sign, obviously, that affordability is a problem. It's a sign that homebuyers are scared

or nervous or unaffordable or any adjective that you want to put on it. But is KB Homes changing their business model? Yeah, the answer to that is absolutely. But what does that mean? Why is it important? Well, when you look at what KB Homes is currently undergoing, they have gone from a business model of trying to build on spec. They were building fast as they could. They were creating

inventory. That inventory becomes a hangover when the market turns. KB Homes is clearing out spec inventory and going back to build to order. So when you change this business model, you obviously slow down building and you obviously take discounts on existing inventory. And that is exactly what happened in the last quarter. Now, if you are in the leadership or a holder of their stock, you're

KB Homes Posted a Nasty Quarter

Read the full transcript

The candid version is on a podcast,
not the earnings call.

KB Homes Posted a Nasty Quarter

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.