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KB Homes on a Roll

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Via Bloomberg: "KB Home, the Los Angeles-based homebuilder that targets first-time buyers, may spend $600 million to $700 million on new land this year as it expands its community count, Chief Executive Officer Jeffrey Mezger said. The company is buying properties close to job centers and coastal regions, betting that these areas will recover more quickly from the housing slump, he said. Most of its purchases will be in California and Texas." Falling land prices are prompting the buying spree; KB Homes wants to open 70 new communities in the first half of this year. Only 70? [Bloomberg]