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Builder slumps on order cancellations

David Paul Morris/Bloomberg News

The Los Angeles homebuilder said it lost $45.8 million, or 59 cents a share, in the fiscal first quarter.

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KB Home said cancellations on deals for new homes spiked in its fiscal first quarter, driving orders down 8 percent. Orders were ended because KB Home raised prices in some areas and some mortgage lenders backed away from making loans. But chief executive Jeffrey Mezger said the nation’s housing market is improving. The Los Angeles homebuilder said it lost $45.8 million, or 59 cents, for the period.

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