KB Home (NYSE:KBH) reported a Q2 loss of $0.89 today, much worse than the consensus estimate for a $0.31 per share loss. Revenues for the quarter dropped 28% year-over-year to $269.98 million, which was actually above the consensus estimate for $257.12 million.Jeffrey Mezger, president and chief executive officer said, "Although a broad-based housing recovery remains stalled, it appears that the worst of the crisis is behind the homebuilding industry as select markets for new homes are showing signs of stability. Uncertainty and caution about the economy are keeping many qualified homebuyers from entering the market, even though historically high housing affordability makes this a good time to buy. We believe the current housing market conditions will likely continue until there are meaningful and sustained improvements in job growth and consumer confidence."Shares of KB Home are trading down 5.79% at $11.23.