KB Home, the Los Angeles-based homebuilder that sells to first-time buyers, reported a third- quarter loss exceeding analysts’ estimates and said a housing recovery isn’t imminent. The shares fell 8.5%.

The loss narrowed to $66m, or 87 cents a share. The average estimate of 11 analysts in a Bloomberg survey was for a loss of 63 cents a share. Revenue fell 33% to $458.5m.

'If where we are today represents a bottom, we are prepared to capture growth,' chief executive Jeff Mezger said today in a conference call with analysts and investors. 'The precise timing of a housing recovery remains uncertain.'