Broad says mortgage rates need to drop further

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Eli Broad, founder of KB Home, said the areas hardest hit by the housing crisis won’t rebound until mortgage rates there drop to 3%, Bloomberg News reported.

Broad, speaking in an interview at the Milken Institute Global Conference in Beverly Hills, also said the housing industry will see more mergers and acquisitions as the national housing slump continues.

-- Nathan Olivarez-Giles