KB Home (KBH) says preliminary quarter-to-date net orders for FQ1 were 750 through January 18, representing an increase of 54% Y/Y. However, the home builder notes that relative improvement is expected to moderate as the quarter continues. It also announces a $250M secondary offering consisting of $100M in common stock and $150M of convertible senior notes due 2019. Citigroup, Credit Suisse, BAMA and Deutsche Bank will act as joint book-running managers. Shares -3% AH.