Thoughts on KB's exit?

July 11, 2007
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More bad news on the housing front, as KB Home says it's bailing on Indianapolis. KB HomeHow big of a loss is it? KB entered the market in 2004 with its purchase of Dura Builders, and had been the city's fourth largest homebuilder. The departure of the Los Angeles-based homebuilder comes as the number of residential building permits issued in central Indiana has tumbled, from 13,202 in 2005, to 9,514 last year. So far this year, just 3,822 have been issued.
  • ...So far this year, just 3,822 have been issued.

    That's because Marion Co. is running out of corn fields!
  • One less business out trying to make a buck by building more cracker jack box houses is fine with me.

    Let's get some of the existing hopes purchased before we worry about more urban sprawl.
  • Does this really prove anything oher than the fact that Indianapolis's housing market is now despressed like every other market in the country? It doesn't really matter what crappy suburban developer is building crappy suburban houses.
  • Good riddance purveyors of sprawl!
  • I interviewed for a PR job with KB Home in 2005 while I was still living in Chicago. I made it to the final two. I had been reading economists reports for months warning of a housing bubble. When I asked the interviewers about their thoughts, they scoffed

    They basically told me, the market was going to continue to be strong and they saw no end in sight for growth. I thought to myself, Idiots.

    As I've paid attention to all of KB's troubles since then, I do appreciate a little schadenfreude.
  • So who's going to step in and fill the popular, tan, overproduced, vinyl market?
    Down with the VINYL VILLAGES!!!! Of course a stiff wind could do that. Who buys these crappy houses anyways?
  • Kevin G, don't you worry. We still have C(ra)P Morgan building their 3000 sf houses for 100K.
  • KB did it to themselves.....Another classic macro-economics case of over saturation.....
  • Let's not forget the concept of affordable housing. If we continue to ship our intellectual property and manufacturing overseas and south we will be left with the service industries. I don't know too may salaries in that industry that support much over the vinyl villages home prices you are describing.
  • My nephew worked for KB Homes in Florida and was let go late last year because of the slumping (and over-priced!) housing market down there. Indy's now catching up, and the property tax situation won't help things any. There's enough cookie-cutter builders around here anyway.
  • I'm happy to see a ticky-tack home builder elave, but agree with the comments above: given Indy's new property tax situation, several of my Warfleigh neighbors are looking at what they can buy up north. And a depressed housing situation is bad for all of us (though good for the land, yay!).
  • Good riddance.

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