KB Home’s Losses: $8 million a day

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I told you gloom and doom would be back tonight. News items:

KB Home reported a $773 million loss in the fourth quarter. That’s a little more than $8 million a day. The CEO said there is ‘no indication the markets are stabilizing.’

The CEO of Bear Stearns became the latest in a long list of Wall Street big shots to lose his job over the mortgage mess. If this profile in the Wall Street Journal is accurate, outgoing CEO Jimmy Cayne will likely spend more time in a cloud of pungent smoke, playing cards. No, that smell is not clove cigarettes.

Lastly, perpetual optimist Lawrence Yun of the National Assn. of Realtors now says the timing of the housing market comeback is uncertain because people with enough money to buy houses are instead ‘trying to market-time their purchase.’

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Photo credit: AP