|
CNBC'S MOST SHARED
- 'We're in the Middle of a Crash': Black Swan
- A Goldman Trading Scandal?
- The Rising Mountain of Debt May Be the Next Crisis
- Latvian Banker Taking Souls as Collateral
- SEC May Reinstate Rules for Short-Selling Stocks
- The Worst Expected 2010 State Budget Gaps
- Alaska Governor Sarah Palin Will Resign
- Cuddle Parties Heat Up
- Alcoa to Post Loss — What Does This Mean?
- A Goldman Trading Scandal?
- Top Videos: From the Black Swan to the Bond King
- Obama Plan Would Trim Back Financial Powerhouses
- Biden: 'We Misread How Bad The Economy Was'
- FedEx Sees Signs of a Turnaround: Report
- Property Tax Appeals Take Toll on Governments
- Chrysler Names Remaining Directors to New Board
- Car Dealer Determined To Fight Chrysler Over Franchise
- Market 360: The Week's Best & Worst
- Fireworks At Pharma's Market
- Value of Warren Buffett's Annual Gift to Gates Foundation Falls Along With Berkshire's Stock
- Michael Jackson: The Music And The Money
- Five Stock Picks for This Market
- Realities of the New Obama Refis
- Weak Dollar Means Gold at $1,040: Strategist
- Court Ruling Could Mean Trouble for TiVo
- Lance, Please Back Out Of Tour
Text Size 
The chief executive of U.S. home builder KB Home said home prices in California could fall another 10 percent to 15 percent in the next 18 months.
CEO Jeffrey Mezger was speaking on a panel with Countrywide Financial CEO Angelo Mozilo and California State Treasurer Bill Lockyer. Lockyer said they all expected about 10 percent or more.
The audience was asked to vote on the home price outlook for the state at the Milken Institute State of the State conference in Los Angeles, and panelists could be heard discussing it among themselves.
KB Home shares [KBH
Loading...
()
] gained 25 cents, closing Tuesday trade at $27.83 on the New York Stock Exchange.
Mezger saw a 10 percent to 15 percent drop, Lockyer told Reuters after the panel ended, which Mezger later confirmed.
"The others were all 10, maybe 10 plus. The north side of 10," Lockyer added. "I'm probably the least able to forecast, but that seemed like a reasonable trend."
Mezger later said in an interview that urban areas would not see as much price pressure as suburban ones, since areas with jobs would be stronger.
"That's what I was speculating, but who knows?" Mezger said.
A large majority of voting attendees saw a decline of 5 percent to 15 percent or more.
Print
Email
Data is a real-time snapshot *Data is delayed at least 15 minutes