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LOS ANGELES - KB Home capped its fiscal year with the first quarterly profit since 2007 because of a change in federal tax laws and said it expects to turn a profit this year.

KB Home sold 8,341 homes during the 12 months that ended in November and forecasts sales of 8,000 to 9,000 homes this year.

The company’s new orders, however, rose just 12 percent in the fourth quarter compared with the year-earlier period. That disappointed investors who were anticipating that KB Home, which caters to first-time buyers, would get a bigger lift from a federal tax credit for new owners.  more…

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