KB Home shutting down in Indianapolis

[Newsjock]

Source: Indianapolis Star

KB Home will shut down Indianapolis operations by the end of the year, the company told employees today, citing the slowdown of the Indianapolis housing market.

“KB Home is going to focus on our more successful markets,” such as the East and West coasts, spokesman Jason Lindaman said.

Employees will have the opportunity to transfer to other divisions if there are job openings, Lindaman said. He would not disclose the number of workers in Indianapolis.

Read more: http://www.indystar.com/apps/pbcs.dll/article?AID=/20070710/BUSINESS/70710062

[salin]

1. Indiana's foreclosure rates were climbing earlier than in other parts

of the country - I read this story as a harbinger for other companies in other parts of the county in the coming year(s).

[Javaman]

2. “KB Home is going to focus on our more successful markets,” AKA

"to other markets that haven't felt the housing bubble APR meltdown yet. Not to worry shareholders, there are still millions of mindless stooges out there to bilk."

[Neshanic]

3. Uh, OK. I have oceanfront property in AZ if you believe this load.

“KB Home is going to focus on our more successful markets,” such as the East and West coasts, spokesman Jason Lindaman said.

Like Arizona? This is spin of epic proportions. In Phoenix, their offfice is almost a shell (well it is an empty shell now, where it used to be), and there have been mass layoffs to the point where the ongoing joke in Phoenix is "so you used to work at KB?"

Arizona's housing market is in a free fall, with no bottom in sight. There is no "growth" market in houses here now. This does raise a certain point of concern though. A completely blatant propoganda piece of this magnitude is aimed at nervous stockholders. This is the same "talk" that flew throughthe air in the very late 80's and early 90's.

This is ominous and we are moving past denial to the new chapters of the housing fiasco.