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KB Home May Spend $700 Million on Land This Year, Mezger Says

KB Home, the Los Angeles-based homebuilder that targets first-time buyers, may spend $600 million to $700 million on new land this year as it expands its community count, Chief Executive Officer Jeffrey Mezger said.

The company is buying properties close to job centers and coastal regions, betting that these areas will recover more quickly from the housing slump, he said. Most of its purchases will be in California and Texas.