KB HOME closing office

KB Home, one of the largest production home builders in New Mexico, is closing its Albuquerque office and will no longer build in the state, the company announced Friday.

KB recorded losses of $772.7 million in the fourth quarter of 2007 ending Nov. 30. The Los Angeles-based company's home sales for fiscal year 2007 were down 26 percent, with revenues of $6.42 billion, down 32 percent from 2006.

Last year, KB and several other production home builders in central New Mexico announced employee layoffs after new home sales starting slipping downward.

The company also plans to cease operations in Chicago and the mid-Atlantic.

It will finish current projects in Albuquerque, and said it will continue to service warranties on existing homes.