Eli Broad, the billionaire who founded U.S. homebuilder KB Home (KBH), says mortgage rates need...

|About: KB Home (KBH)|By:, SA News Editor

Eli Broad, the billionaire who founded U.S. homebuilder KB Home (KBH), says mortgage rates need to drop below 4% (now 4.8%) to make a meaningful dent in a glut of foreclosed properties. Broad predicts Pulte Homes' (PHM) April 8 deal to buy Centex (CTX) won't be the last.