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<P align="right" style="font-size: 10pt">As filed with the Securities and Exchange Commission on January&nbsp;25, 2005<BR>
Registration No.&nbsp;333-_____



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<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>


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<P align="center" style="font-size: 18pt"><B>FORM S-8</B>


<DIV align="center" style="font-size: 12pt"><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933</B>
</DIV>

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<P align="center" style="font-size: 24pt"><B>KB Home</B>


<DIV align="center" style="font-size: 10pt">(Exact Name of Registrant as Specified in Its Charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center"><B>Delaware</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>95-3666267</B></TD>
</TR>

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<TR valign="bottom">
    <TD align="center" valign="top">(State or Other Jurisdiction of
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Incorporation or Organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Identification No.)</TD>
</TR>
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</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><B>10990 Wilshire Boulevard<BR>
Los Angeles, California 90024</B><BR>
(Address of Principal Executive Offices)



<P align="center" style="font-size: 10pt"><FONT style="font-variant: SMALL-CAPS"><B>KB Home 1999 Incentive Plan</B></FONT><BR>
<FONT style="font-variant: SMALL-CAPS"><B>KB Home 2001 Stock Incentive Plan<BR>
Stock Grants</B></FONT><BR>
(Full Title of the Plans)



<P align="center" style="font-size: 10pt"><B>Kimberly N. King<BR>
Vice President, Associate General Counsel and Corporate Secretary<BR>
KB HOME<BR>
10990 Wilshire Boulevard<BR>
Los Angeles, CA 90024<BR>
(310)&nbsp;231-4000</B><BR>
(Name, address and telephone number, including area code, of agent for service)



<P align="center" style="font-size: 10pt"><HR size="1" noshade width="26%" align="center" color="#000000">



<P align="center" style="font-size: 10pt">Copies to:<BR>
Francis J. Aquila<BR>
Steven B. Stokdyk<BR>
Sullivan &#038; Cromwell LLP<BR>
1888 Century Park East<BR>
Los Angeles, CA 90067<BR>
(310)&nbsp;712-6600



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<P align="center" style="font-size: 10pt">CALCULATION OF REGISTRATION FEE


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    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-bottom: 3px double #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
  <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Proposed Maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Proposed Maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amount of</B></TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
   <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center"><B>Title of Securities</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>to be</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Offering Price</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Aggregate</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Registration</B></TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
   <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>

    <TD nowrap align="center"><B>to be Registered</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Registered(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Per Share(2)</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Offering Price</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>

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<TD style="border-top: 1px solid #000000"><DIV style="margin-left:px; text-indent:px">Common Stock, par value $1.00 per share</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD colspan="3" align="center" style="border-top: 1px solid #000000" nowrap>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD colspan="2" align="center" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD colspan="2" align="center" style="border-top: 1px solid #000000" nowrap>&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="center" style="border-top: 1px solid #000000" nowrap colspan="2">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>

<TD><DIV style="margin-left:15px; text-indent:-15px">Rights to Purchase Series&nbsp;A
Participating Cumulative Preferred Stock(3)</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD colspan="3" align="center" nowrap>10,000,000 shares</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center">$105.69</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap>$1,056,900,000</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD align="center" nowrap colspan="2">$124,397.13</TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>

<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

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</DIV>

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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)&nbsp;&nbsp;</TD>
    <TD>Pursuant to Rule&nbsp;416 under the Securities Act of 1933, as amended, this Registration
Statement shall also cover additional shares of Common Stock which may become issuable by
reason of any stock split, stock dividend, recapitalization or other similar transactions
effected without consideration which results in an increase in the
number of the Registrant&#146;s shares of outstanding Common Stock. This Registration Statement also
registers resales of 5,183,587 shares of Common Stock which may be offered and sold from
time to time by certain stockholders of the Registrant.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)&nbsp;&nbsp;</TD>
    <TD>Estimated solely for purposes of computing the amount of the registration fee. Pursuant to
Rule 457(c) and Rule 457(h) under the Securities Act of 1933, the proposed maximum offering
price per share is based on the reported average of the high and low prices for the
Registrant&#146;s Common Stock on the NYSE on January&nbsp;21, 2005.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(3)&nbsp;&nbsp;</TD>
    <TD>Each share of Common Stock includes one preferred stock purchase right issued pursuant to a
Rights Agreement, dated as of February&nbsp;4, 1999, between the Registrant (formerly known as
Kaufman and Broad Home Corporation) and Mellon Investor Services LLC (formerly known as
ChaseMellon Shareholder Services, L.L.C.), as Rights Agent. The preferred stock purchase
rights are not presently exercisable and do not trade separately from the Common Stock.</TD>
</TR>

</TABLE>


<P>
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<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">







<P align="left" style="font-size: 14pt"><B>REOFFER PROSPECTUS</B>



<P align="center" style="font-size: 24pt"><B>KB Home</B>



<P align="center" style="font-size: 14pt"><B>5,183,587 Shares of Common Stock<BR>
Acquired by the Selling Stockholders Under<BR>
Stock Grants<BR>
and<BR>
KB Home 1999 Incentive Plan<BR>
and<BR>
KB Home 2001 Stock Incentive Plan</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Prospectus relates to shares (the &#147;Shares&#148;) of Common Stock, par value $1.00 per share
(together with the Preferred Stock Purchase Rights associated therewith, the &#147;Common Stock&#148;), of KB
Home, a Delaware corporation (the &#147;Company&#148;) which may be offered and sold from time to time by
certain stockholders of the Company (the &#147;Selling Stockholders&#148;) who have acquired or will acquire
such Shares pursuant to stock grants and the Company&#146;s 1999 Incentive Plan or the
Company&#146;s 2001 Stock Incentive Plan. See &#147;Selling Stockholders.&#148; The Company&#146;s Common Stock is
traded on the New York Stock Exchange (&#147;NYSE&#148;) under the
symbol &#147;KBH.&#148; On January&nbsp;21, 2005, the
closing price of the Common Stock, as reported in the consolidated
reporting system, was $105.90
per share.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company will not receive any of the proceeds from sales of the Shares by any of the
Selling Stockholders. The Shares may be offered from time to time by any or all of the Selling
Stockholders (and their donees and pledgees) through ordinary brokerage transactions, in negotiated
transactions or in other transactions, at such prices as he or she may determine, which may relate
to market prices prevailing at the time of sale or be a negotiated price. See &#147;Plan of
Distribution.&#148; All costs, expenses and fees in connection with the registration of the Shares will
be borne by the Company. Brokerage commissions and similar selling expenses, if any, attributable
to the offer or sale of the Shares will be borne by the Selling Stockholder (or their donees and
pledgees).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Selling Stockholder and any broker executing selling orders on behalf of a Selling
Stockholder may be deemed to be an &#147;underwriter&#148; as defined in the Securities Act of 1933, as
amended (the &#147;Securities Act&#148;). If any broker-dealers are used to effect sales, any commissions
paid to broker-dealers and, if broker-dealers purchase any of the Shares as principals, any profits
received by such broker-dealers on the resale of the Shares, may be deemed to be underwriting
discounts or commissions under the Securities Act. In addition, any profits realized by the
Selling Stockholders may be deemed to be underwriting commissions.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION OR
ANY STATE SECURITIES COMMISSION NOR HAS THE SECURITIES AND EXCHANGE COMMISSION OR ANY STATE
SECURITIES COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION
TO THE CONTRARY IS A CRIMINAL OFFENSE.</B>


<P align="center" style="font-size: 10pt">The date of this Prospectus is January&nbsp;25, 2005



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left">
<A name="101"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>AVAILABLE INFORMATION</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company is subject to the information requirements of the Securities Exchange Act of 1934,
as amended (the &#147;Exchange Act&#148;), and, in accordance therewith, files reports, proxy statements and
other information with the Securities and Exchange Commission (the &#147;Commission&#148;). The reports,
proxy statements and other information filed by the Company with the Commission can be inspected
and copied at the Public Reference Room of the Commission at 450 Fifth Street, N.W., Washington,
D.C. 20549. Copies of such material also may be obtained by mail from the Public Reference Room of
the Commission, 450 Fifth Street, N.W., Washington, D.C. 20549, at prescribed rates. Information
regarding the operation of the Public Reference Room may be obtained by calling the Commission at
1-800-SEC-0330. In addition, reports, proxy materials and other information concerning the Company
may be inspected at the offices of the NYSE, 20 Broad Street, New York, New York 10005.
Additionally, the Commission maintains an Internet site that contains reports, proxy and
information statements and other information regarding registrants that file electronically with
the Commission and that is located at http://www.sec.gov.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Prospectus constitutes part of a Registration Statement on Form S-8 filed on the date
hereof (herein, together with all amendments and exhibits, referred to as the &#147;Registration
Statement&#148;) by the Company with the Commission under the Securities Act. This Prospectus does not
contain all of the information set forth in the Registration Statement, certain parts of which are
omitted in accordance with the rules and regulations of the Commission. For further information
with respect to the Company and the Common Stock, reference is hereby made to the Registration
Statement. Statements contained herein concerning the provisions of any contract, agreement or
other document are not necessarily complete, and in each instance reference is made to the copy of
such contract, agreement or other document filed as an exhibit to the Registration Statements or
otherwise filed with the Commission. Each such statement is qualified in its entirety by such
reference. Copies of the Registration Statement together with exhibits may be inspected at the
offices of the Commission as indicated above without charge and copies thereof may be obtained
therefrom upon payment of a prescribed fee.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No person is authorized to give any information or to make any representations, other than
those contained in this Prospectus, in connection with the offering described herein, and, if given
or made, such information or representations must not be relied upon as having been authorized by
the Company or any Selling Stockholder. This Prospectus does not constitute an offer to sell, or a
solicitation of an offer to buy, nor shall there by any sale of these securities by any person in
any jurisdiction in which it is unlawful for such person to make such offer, solicitation or sale.
Neither the delivery of this Prospectus nor any sale made hereunder shall under any circumstances
create an implication that the information contained herein is correct as of any time subsequent to
the date hereto.


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<DIV align="left">
<A name="102"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>PRIVATE SECURITIES LITIGATION REFORM ACT SAFE HARBOR STATEMENT</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You are cautioned that certain statements contained or incorporated or deemed to be
incorporated by reference in this prospectus are &#147;forward-looking statements&#148; as defined in the
Private Securities Litigation Reform Act of 1995. Statements which are predictive in nature, which
depend upon or refer to future events or conditions, or which include words such as &#147;expects,&#148;
&#147;anticipates,&#148; &#147;intends,&#148; &#147;plans,&#148; &#147;believes,&#148; &#147;estimates,&#148; &#147;hopes,&#148; and similar expressions
constitute forward-looking statements. In addition, any statements concerning future financial or
operating performance (including future revenues, unit deliveries, expenses, margins, earnings or
earnings per share, or growth or growth rates), future market conditions, future interest rates and
other economic conditions, ongoing business strategies or prospects, future dividends and changes
in dividend levels, the value of backlog, including amounts that we expect to realize upon delivery
of units included in backlog and the timing of those deliveries, potential future acquisitions and
the impact of completed acquisitions, future share repurchases and possible future actions by the
Company, which may be included in this prospectus or the documents incorporated or deemed to be
incorporated by reference herein are also forward-looking statements as defined by the Act.
Forward-looking statements are based on expectations and projections about future events at the
time such statements were made and are subject to risks, uncertainties, and assumptions about the
Company, economic and market factors and the homebuilding industry, among other things. These
statements are not guaranties of the future performance, and the Company has no specific intention
to update these statements.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual events and results may differ materially from those expressed or forecasted in the
forward-looking statements made by the Company due to a number of factors. The principal important
risk factors that could cause the Company&#146;s performance and future events and actions to differ
materially from such forward-looking statements include, but are not limited to, the impact of
terrorist activities and the U.S. response, the U.S. military commitment in the Middle East,
recessionary trends and other adverse changes in general economic conditions, material prices,
labor costs, interest rates, the secondary market for loans, consumer confidence, competition,
currency exchange rates insofar as they affect the Company&#146;s operations in France, environmental
factors, government regulations affecting the Company&#146;s operations, the availability and cost of
land in desirable areas, unanticipated violations of the Company&#146;s policies, unanticipated legal
proceedings, and conditions in the capital, credit and homebuilding markets. See the Company&#146;s
Annual Report on Form 10-K for the year ended November&nbsp;30, 2003, the Company&#146;s Quarterly Reports on
Form 10-Q for the quarters ended February&nbsp;29, 2004, May&nbsp;31, 2004 and August&nbsp;31, 2004, and the
Company&#146;s other filings with the Commission for a further discussion of these and other risks and
uncertainties applicable to the Company&#146;s business.

<DIV align="left">
<A name="103"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>BUSINESS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company is one of America&#146;s leading homebuilders with domestic operating divisions in the
following regions and states: West Coast &#151; California; Southwest &#151; Arizona, Nevada and New Mexico;
Central &#151; Colorado, Illinois, Indiana and Texas; and Southeast &#151;


<P align="center" style="font-size: 10pt">3
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<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt">Florida, Georgia, North Carolina and South Carolina. Kaufman &#038; Broad S.A., the Company&#146;s
majority-owned publicly-traded subsidiary, is one of the largest homebuilders in France based on revenues. In
fiscal 2003, the Company delivered 27,331 homes in the United States and France. It also operates
KB Home Mortgage Company, a full-service mortgage company for the convenience of its buyers.
Founded in 1957, the Company is a Fortune 500 company listed on the NYSE under the ticker symbol
&#147;KBH.&#148;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company is a Delaware corporation and maintains its principal executive offices at 10990
Wilshire Boulevard, Los Angeles, California 90024. Its telephone number is (310)&nbsp;231-4000.

<DIV align="left">
<A name="104"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents of the Company heretofore filed with the Commission are hereby
incorporated in this Prospectus by reference:



<P align="left" style="margin-left:6%; font-size: 10pt">(a)&nbsp;The Company&#146;s Annual Report on Form 10-K for the year ended November&nbsp;30,
2003;



<P align="left" style="margin-left:6%; font-size: 10pt">(b)&nbsp;The Company&#146;s Quarterly Reports on Form 10-Q for the quarters ended
February&nbsp;29, 2004, May&nbsp;31, 2004 and August&nbsp;31, 2004;



<P align="left" style="margin-left:6%; font-size: 10pt">(c)&nbsp;The Company&#146;s Current Reports on Form 8-K filed December&nbsp;23, 2003,
January&nbsp;15, 2004, June&nbsp;14, 2004, June&nbsp;24, 2004 and December&nbsp;15, 2004; and



<P align="left" style="margin-left:6%; font-size: 10pt">(d)&nbsp;The description of the Common Stock, par value $1.00 per share, in the
Company&#146;s Registration Statement on Form 8-A filed June&nbsp;30, 1986 pursuant to
Section 12(b) of the Exchange Act, and the description of the Company&#146;s
Rights to Purchase Series&nbsp;A Participating Cumulative Preferred Stock in the
Company&#146;s Registration Statement on Form 8-A filed February&nbsp;23, 1999
pursuant to Section 12(b) of the Exchange Act, together with any amendment
or report filed with the Commission for the purpose of updating such
descriptions.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All reports and other documents subsequently filed by the Company pursuant to Sections&nbsp;13(a),
13(c), 14 and 15(d) of the Exchange Act prior to the filing of a post-effective amendment to this
registration statement which indicates that all securities offered have been sold or which
deregisters all securities then remaining unsold shall be deemed to be incorporated by reference in
this registration statement and to be a part hereof from their respective dates of filing.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any statement contained herein or in a document incorporated or deemed to be incorporated by
reference herein shall be deemed to be modified or superseded for purposes of this Prospectus to
the extent that a statement contained herein or in any other subsequently filed document which also
is or is deemed to be incorporated by reference herein modifies or supersedes such earlier
statement. Any statement so modified or superseded shall not be deemed, except as so modified or
superseded, to constitute a part of this Prospectus.


<P align="center" style="font-size: 10pt">4
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information relating to the Company contained in this Prospectus should be read together
with the information in the documents incorporated by reference.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>This Prospectus incorporates by reference documents which are not presented herein or
delivered herewith. Such documents (other than exhibits to such documents unless such exhibits are
specifically incorporated by reference) are available without charge to any person to whom this
Prospectus is delivered, upon written or oral request. Requests for such documents should be
directed to KB Home, 10990 Wilshire Boulevard, Los Angeles, California 90024, Attention: Corporate
Secretary, Telephone: (310)&nbsp;231-4000.</B>

<DIV align="left">
<A name="105"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>USE OF PROCEEDS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company will not receive any proceeds from the sale of the Shares by the Selling
Stockholders.

<DIV align="left">
<A name="106"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>SELLING STOCKHOLDERS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth (a)&nbsp;the name and position or positions with the Company of each
Selling Stockholder; (b)&nbsp;the number of shares of Common Stock beneficially owned (as such term is
defined in Rule&nbsp;13d-3 under the Exchange Act) by each Selling Stockholder as of the date of this
Prospectus; (c)&nbsp;the number of shares of Common Stock that each Selling Stockholder may offer for
sale from time to time pursuant to this Prospectus, whether or not such Selling Stockholder has a
present intention to do so; and (d)&nbsp;the number of shares of Common Stock to be beneficially owned
by each Selling Stockholder following the sale of all shares that may be so offered, assuming no
other change in the beneficial ownership of the Company&#146;s Common Stock by such Selling Stockholder
after the date of this Prospectus. Unless otherwise indicated, beneficial ownership is direct and
the person indicated has sole voting and investment power. No Selling Stockholder owns more than
1% of the Company&#146;s Common Stock, other than Bruce Karatz, who
owns 5.3%, and Jeffrey T. Mezger, who owns 2.1%.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD><!-- VRule -->
    <TD width="3%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="3%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="3%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="3%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="15" style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Shares</B></TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Principal</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Shares</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Number of</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Beneficially</B></TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Position(s)(1) with</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Beneficially</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Shares Offered</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Owned After the</B></TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>

    <TD nowrap align="left"><B>Selling Stockholder</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>the Company</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Owned (2-4)</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>for Resale (5)</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Resale (2)</B></TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
                    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">Bruce Karatz
</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">Chairman and Chief
Executive Officer
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">2,157,328
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">2,398,147
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">347,294</TD>

    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>

<TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">Jeffrey
T. Mezger</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">Executive
Vice President and Chief Operating Officer
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">840,716
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">803,002
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">525,191</TD>

    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>

<TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">Richard
B. Hirst</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">Executive
Vice President and Chief Legal Officer
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">7,600
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">89,000
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">3,600</TD>

    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>


<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">Domenico Cecere
</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">Senior Vice
President and Chief
Financial Officer
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">76,720
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">131,262
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">390</TD>

<TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>

<TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">William
R. Hollinger
</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">Senior Vice
President and
Controller
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">96,309
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">160,094
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">39,913</TD>

    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>

<TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">Albert
Z. Praw</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">Senior
Vice President, Asset Management and Acquisitions
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">120,797
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">182,137
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">96,964</TD>

    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>


<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>

<TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">Gary
A. Ray</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">Senior
Vice President, Human Resources
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">118,208
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">192,367
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">35,802</TD>

    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>

<TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">Kelly
Masuda</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">Vice
President, Capital Markets and Treasurer
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">5,370
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">21,036
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">1,000</TD>

    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>


<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>

<TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">Glen
Barnard</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">Regional
General Manager
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">7,753
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">61,046
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">253</TD>

    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>


<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>

<TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">Leah
S.W. Bryant</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">Regional
General Manager
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">80,915
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">162,388
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">16,294</TD>

    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>


<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>

<TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">Steven
M. Davis</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">Regional
General Manager
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">74,203
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">142,770
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">23,949</TD>

    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>



<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>

<TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">Robert
Freed</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">Regional
General Manager
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">48,974
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">225,990
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">24,276</TD>

    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>



<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>

<TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">John
E. &#147;Buddy&#148; Goodwin</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">Regional
General Manager
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">155,393
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">233,604
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">75,733</TD>

    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>


<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>

<TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">Jay
L. Moss</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">Regional
General Manager
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">81,944
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">203,383
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">33,554</TD>

    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>



<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>

<TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">Larry
E. Oglesby</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">Regional
General Manager
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">55,774
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">177,361
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">52,974</TD>

    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>


<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>

<TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">Total</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">3,928,004
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">5,183,587
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">1,277,187</TD>

    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>















<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="15" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>


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</DIV>

<P align="center" style="font-size: 10pt">5
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="margin-left:3%; font-size: 10pt">(1)&nbsp;All positions described are with the Company, unless otherwise indicated.



<P align="left" style="margin-left:3%; font-size: 10pt">(2)&nbsp;Beneficial ownership is determined pursuant to Regulation&nbsp;13D/G under the Exchange Act.
Shares underlying option are reflected only to the extent that the option is exercisable as
of, or within 60&nbsp;days after, the date of this Prospectus.



<P align="left" style="margin-left:3%; font-size: 10pt">(3)&nbsp;Includes
a total of 2,414,567&nbsp;shares of Common Stock subject to acquisition within 60
days of the date of this Prospectus through the exercise of stock options granted under the
Company&#146;s employee stock plans.



<P align="left" style="margin-left:3%; font-size: 10pt">(4)&nbsp;Includes
shares of Common Stock held in certain trusts as follows:
Mr.&nbsp;Karatz holds 844,936 shares in trust; Mr.&nbsp;Praw holds
8,522 shares in trust; Mr.&nbsp;Moss holds 55,677 shares in trust;
and Ms.&nbsp;Bryant holds 34,375 shares in trust.



<P align="left" style="margin-left:3%; font-size: 10pt">(5)&nbsp;Includes
shares issued or issuable upon exercise of options (including options
that are not exercisable as of, or within 60&nbsp;days after, the
date of this Prospectus) and shares granted to such employees. Some of
these shares may have been sold prior to the date of this Prospectus.


<P align="center" style="font-size: 10pt">* * *



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company will supplement this Prospectus from time to time as required by the rules of the
Commission to include certain information concerning the security ownership of the Selling
Stockholders or any new Selling Stockholders, the number of shares offered for resale and the
position, office or other material relationship which a Selling Stockholder has had within the past
three years with the Company or any of its predecessors or affiliates.

<DIV align="left">
<A name="107"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>PLAN OF DISTRIBUTION</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company is registering the Shares on behalf of the Selling Stockholders. All costs,
expenses and fees in connection with the registration of the Shares offered hereby will be borne by
the Company. Brokerage commissions and similar selling expenses, if any, attributable to the sale
of Shares will be borne by the Selling Stockholders (or their donees or pledgees).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The purpose of the Prospectus is to permit the Selling Stockholders, if they desire, to offer
for sale and sell the Shares they acquired or will
acquire pursuant to stock grants and the


<P align="center" style="font-size: 10pt">6
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt">Company&#146;s 1999 Incentive Plan or 2001 Stock Incentive Plan at such times and at such places as the
Selling Stockholders choose.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The decision to exercise options for Shares, or to sell any Shares, is within the discretion
of the holders thereof, subject generally to the Company&#146;s policies affecting the timing and manner
of sale of Common Stock by its affiliates. There can be no assurance that any of the options will
be exercised or any Shares will be sold by the Selling Stockholders.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subsequent to exercise, if any, each Selling Stockholder is free to offer and sell his or her
Shares at such times, in such manner and at such prices as he or she shall determine. The Selling
Stockholders have advised the Company that sales of Shares may be effected from time to time in one
or more types of transactions (which may include block transactions) on the NYSE, in the
over-the-counter market, in negotiated transactions, through the writing of options on the Shares,
through settlement of short sales of Shares, or a combination of such methods of sale, at market
prices prevailing at the time of sale, or at negotiated prices. Such transactions may or may not
involve brokers or dealers. The Selling Stockholders have advised the Company that they have not
entered into any agreements, understandings or arrangements with any underwriters or broker-dealers
regarding the sale of their Shares, nor is there an underwriter or coordinating broker acting
in connection with the proposed sale of the Shares by the Selling Stockholders.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Selling Stockholders may effect such transactions by selling Shares directly to purchasers
or to or through broker-dealers, which may act as agents or principals. Such broker-dealers may
receive compensation in the form of discounts, concessions, or commissions from the Selling Stockholders and/or the purchasers of Shares for whom such broker-dealers may act as agents or to whom
they sell as principal, or both (which compensation as to a particular broker-dealer might be in
excess of customary commissions).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Selling Stockholders and any broker-dealers that act in connection with the sale of Shares
might be deemed to be &#147;underwriters&#148; within the meaning of Section&nbsp;2(11) of the Securities Act, and
any commissions received by such broker-dealers and any profit on the resale of the Shares sold by
them while acting as principals might be deemed to be underwriting discounts or commissions under
the Securities Act. The Selling Stockholders may agree to indemnify any agent, dealer or
broker-dealer that participates in transactions involving sales of the Shares against certain
liabilities including liabilities arising under the Securities Act.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because the Selling Stockholders may be deemed to be &#147;underwriters&#148; within the meaning of
Section&nbsp;2(11) of the Securities Act, the Selling Stockholders will be subject to the prospectus
delivery requirements of the Securities Act, which may include delivery through the facilities of
the NYSE pursuant to Rule&nbsp;153 under the Securities Act.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has informed the Selling Stockholders that the anti-manipulative provisions of
Regulation&nbsp;M promulgated under the Exchange Act may apply to their sales in the market.


<P align="center" style="font-size: 10pt">7
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Selling Stockholders also may resell all or a portion of the Shares in open market
transactions in reliance upon Rule&nbsp;144 under the Securities Act, provided they meet the criteria
and conform to the requirements of such Rule.

<DIV align="left">
<A name="108"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>EXPERTS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
consolidated financial statements of KB&nbsp;Home appearing in
KB&nbsp;Home&#146;s Annual Report (Form&nbsp;10-K) for the year ended
November&nbsp;30, 2003, have been audited by Ernst&nbsp;&#038; Young LLP,
independent registered public accounting firm, as set forth in their
report  thereon included therein and incorporated herein by
reference. Such financial statements are, and audited financial
statements to be included in subsequently filed documents will be,
incorporated herein in reliance upon the reports of Ernst&nbsp;&#038; Young LLP pertaining to such financial statements (to the extent
covered by consents filed with the Securities and Exchange
Commission) given on the authority of such firm as experts in
accounting and auditing.


<P align="center" style="font-size: 10pt">8
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P><DIV style="position: relative; float: left; width: 47%">

<P align="left" style="font-size: 10pt">NO DEALER, SALESMAN OR ANY<BR>
OTHER PERSON HAS BEEN AUTHORIZED<BR>
TO GIVE ANY INFORMATION OR TO<BR>
MAKE ANY REPRESENTATIONS OTHER<BR>
THAN THOSE CONTAINED IN THIS<BR>
PROSPECTUS, AND, IF GIVEN OR<BR>
MADE, SUCH INFORMATION OR<BR>
REPRESENTATIONS MUST NOT BE<BR>
RELIED UPON AS HAVING BEEN<BR>
AUTHORIZED BY THE COMPANY OR ANY<BR>
SELLING STOCKHOLDER. NEITHER<BR>
THE DELIVERY OF THIS PROSPECTUS<BR>
NOR ANY SALE MADE HEREUNDER<BR>
SHALL, UNDER ANY CIRCUMSTANCES,<BR>
IMPLY THAT THERE HAS BEEN NO<BR>
CHANGE IN THE AFFAIRS OF THE<BR>
COMPANY OR THAT THE INFORMATION<BR>
HEREIN IS CORRECT AS OF ANY TIME<BR>
SUBSEQUENT TO THE DATE AS OF<BR>
WHICH SUCH INFORMATION IS<BR>
GIVEN. THIS PROSPECTUS DOES NOT<BR>
CONSTITUTE AN OFFER TO SELL OR<BR>
THE SOLICITATION OF ANY OFFER TO<BR>
BUY ANY OF THE SECURITIES<BR>
OFFERED HEREBY TO ANYONE IN ANY<BR>
JURISDICTION IN WHICH SUCH OFFER<BR>
OR SOLICITATION IS NOT<BR>
AUTHORIZED OR IN WHICH THE<BR>
PERSON MAKING SUCH OFFER OR<BR>
SOLICITATION IS NOT QUALIFIED TO<BR>
DO SO OR TO ANYONE TO WHOM IT IS<BR>
UNLAWFUL TO MAKE SUCH OFFER OR<BR>
SOLICITATION.

</DIV>

<DIV style="position: relative; float: right; width: 47%">

<BR>
<BR><BR><BR><BR>

<P align="center" style="font-size: 14pt">5,183,587 SHARES
<BR>
<BR><BR><BR><BR>



<P align="center" style="font-size: 24pt">KB HOME

<BR><BR><BR>


<P align="center" style="font-size: 14pt">COMMON STOCK



<BR><BR><BR>

<P align="center" style="font-size: 10pt">PROSPECTUS

<BR>



<P>
<HR noshade width="26%" align="center" size="1" color="#000000">
<P>

<P align="center" style="font-size: 10pt">January 25, 2005

</DIV>


<BR clear="all"><BR>


<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left">
<!-- TOC -->
</DIV>
<DIV align="left">
<A name="tocpage"></A>
</DIV>




<P align="center" style="font-size: 10pt"><U>TABLE OF CONTENTS</U>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="90%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Page</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#101">Available Information
</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>

    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#102">Private Securities Litigation
Reform Act Safe
Harbor Statement
</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>

    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#103">Business
</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>

    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#104">Incorporation of Certain
Documents by Reference
</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">4</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>

    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#105">Use of Proceeds
</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">5</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>

    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#106">Selling Stockholders
</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">5</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>

    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#107">Plan of Distribution
</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">6</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>

    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#108">Experts
</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">8</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>

    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left">
<!-- /TOC -->
</DIV>

</DIV>
<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="center" style="font-size: 10pt"><B>PART I</B>



<P align="center" style="font-size: 10pt"><B>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information required in Part&nbsp;I of this Registration Statement is included in the
prospectus for the Plans, which the Registrant has excluded from this Registration Statement in
accordance with the instructions to Form S-8.


<P align="center" style="font-size: 10pt"><B>PART II</B>



<P align="center" style="font-size: 10pt"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>



<P align="left" style="font-size: 10pt"><B>Item&nbsp;3. Incorporation of Documents by Reference.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KB Home (the &#147;Registrant&#148;) incorporates herein by reference the following documents filed with
the Securities and Exchange Commission (the &#147;Commission&#148;) (File No.&nbsp;001-09195):



<P align="left" style="margin-left:6%; font-size: 10pt">(a)&nbsp;The Registrant&#146;s Annual Report on Form 10-K for the year ended November
30, 2003;



<P align="left" style="margin-left:6%; font-size: 10pt">(b)&nbsp;The Registrant&#146;s Quarterly Reports on Form 10-Q for the quarters ended
February&nbsp;29, 2004, May&nbsp;31, 2004 and August&nbsp;31, 2004;



<P align="left" style="margin-left:6%; font-size: 10pt">(c)&nbsp;The Registrant&#146;s Current Reports on Form 8-K filed December&nbsp;23, 2003,
January&nbsp;15, 2004, June&nbsp;14, 2004, June&nbsp;24, 2004 and December&nbsp;15, 2004; and



<P align="left" style="margin-left:6%; font-size: 10pt">(d)&nbsp;The description of the Registrant&#146;s common stock, par value $1.00 per
share, in the Registrant&#146;s Registration Statement on Form 8-A filed June&nbsp;30,
1986 pursuant to Section 12(b) of the Exchange Act, and the description of
the Registrant&#146;s Rights to Purchase Series&nbsp;A Participating Cumulative
Preferred Stock in the Registrant&#146;s Registration Statement on Form 8-A filed
February&nbsp;23, 1999 pursuant to Section 12(b) of the Exchange Act, together
with any amendment or report filed with the Commission for the purpose of
updating such descriptions.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All reports and other documents subsequently filed by the Registrant pursuant to Sections
13(a), 13(c), 14 and 15(d) of the Exchange Act prior to the filing of a post-effective amendment to
this registration statement which indicates that all securities offered have been sold or which
deregisters all securities then remaining unsold shall be deemed to be incorporated by reference in
this registration statement and to be a part hereof from their respective dates of filing (such
documents, and the documents enumerated above, being hereinafter referred to as &#147;Incorporated
Documents&#148;).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any statement contained in an Incorporated Document shall be deemed to be modified or
superseded for purposes of this registration statement to the extent that a statement contained
herein or in any other subsequently filed Incorporated Document modifies or supersedes such


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt">statement. Any such statement so modified or superseded shall not be deemed, except as so
modified or superseded, to constitute a part of this registration statement.


<P align="left" style="font-size: 10pt"><B>Item&nbsp;4. Description of Securities.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.


<P align="left" style="font-size: 10pt"><B>Item&nbsp;5. Interests of Named Experts and Counsel.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.


<P align="left" style="font-size: 10pt"><B>Item&nbsp;6. Indemnification of Directors and Officers.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;145 of the Delaware General Corporation Law provides that a corporation may indemnify
directors and officers as well as other employees and individuals against expenses (including
attorneys&#146; fees), judgments, fines and amounts paid in settlement in connection with specified
actions, suits or proceedings, whether civil, criminal, administrative or investigative (other than
an action by or in the right of the corporation &#151; a &#147;derivative action&#148;), if they acted in good
faith and in a manner they reasonably believed to be in or not opposed to the best interests of the
corporation and, with respect to any criminal action or proceeding, had no reasonable cause to
believe their conduct was unlawful. A similar standard is applicable in the case of derivative
actions, except that indemnification only extends to expenses (including attorneys&#146; fees) actually
and reasonably incurred in connection with the defense or settlement of such action, and the
statute requires court approval before there can be any indemnification where the person seeking
indemnification has been found liable to the corporation. The statute provides that it is not
exclusive of other indemnification that may be granted by a corporation&#146;s by-laws, disinterested
director vote, stockholder vote, agreement or otherwise.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;6(d) of the Registrant&#146;s certificate of incorporation provides that the Registrant
will indemnify its directors and officers and may indemnify any other employees or agents to the
full extent permitted by the Delaware General Corporation Law.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;6(c) of the Registrant&#146;s certificate of incorporation provides that its directors will
not be personally liable to the Registrant or its stockholders for monetary damages resulting from
breaches of their fiduciary duty as directors to the full extent permitted by the Delaware General
Corporation Law.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant has purchased directors&#146; and officers&#146; liability insurance policies which
insure against certain liabilities incurred by its directors and officers.


<P align="left" style="font-size: 10pt"><B>Item&nbsp;7. Exemption from Registration Claimed.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.


<P align="left" style="font-size: 10pt"><B>Item&nbsp;8. Exhibits.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See the Index to Exhibits attached hereto.


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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>Item&nbsp;9. Undertakings.</B>



<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">(a)&nbsp;The undersigned Registrant hereby undertakes:



<P align="left" style="margin-left:3%; font-size: 10pt">(1)&nbsp;To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:



<P align="left" style="margin-left:6%; font-size: 10pt">(i)&nbsp;To include any prospectus required by Section&nbsp;10(a)(3) of the Securities
Act;



<P align="left" style="margin-left:6%; font-size: 10pt">(ii)&nbsp;To reflect in the prospectus any facts or events arising after the
effective date of the registration statement (or the most recent
post-effective amendment thereto) which, individually or in the aggregate,
represent a fundamental change in the information set forth in the
registration statement; and



<P align="left" style="margin-left:6%; font-size: 10pt">(iii)&nbsp;To include any material information with respect to the plan of
distribution not previously disclosed in the registration statement or any
material change to such information in the registration statement;



<P align="left" style="margin-left:6%; font-size: 10pt"><I>provided</I>, <I>however</I>, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if
the information required to be included in a post-effective amendment by
those paragraphs is contained in periodic reports filed with the Commission
by the Registrant pursuant to Section&nbsp;13 or Section 15(d) of the Exchange
Act that are incorporated by reference in this registration statement.



<P align="left" style="margin-left:3%; font-size: 10pt">(2)&nbsp;That, for the purpose of determining any liability under the Securities Act,
each such post-effective amendment shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial <I>bona fide </I>offering
thereof.



<P align="left" style="margin-left:3%; font-size: 10pt">(3)&nbsp;To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">(b)&nbsp;The undersigned Registrant hereby undertakes that, for purposes of determining any liability
under the Securities Act, each filing of the Registrant&#146;s annual report pursuant to Section 13(a)
or Section 15(d) of the Exchange Act that is incorporated by reference in this registration
statement shall be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be the initial <I>bona
fide </I>offering thereof.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">(c)&nbsp;Insofar as indemnification for liabilities arising under the Securities Act may be permitted to
directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions,
or otherwise, the Registrant has been advised that in the opinion of the Commission such
indemnification is against public policy as expressed in the Securities Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such liabilities (other than

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">the payment by the Registrant of expenses incurred or paid by a director, officer or controlling
person of the Registrant in the successful defense of any action, suit or proceeding) is asserted
by such director, officer or controlling person in connection with the securities being registered,
the Registrant will, unless in the opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Securities Act and will be
governed by the final adjudication of such issue.


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<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act, the Registrant certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has
duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Los Angeles, State of California, on the 25th day of January, 2005.


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">KB HOME<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="2" align="left" nowrap>By&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000" align="left"> /s/ Domenico Cecere
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">&nbsp;&nbsp;</TD>
    <TD valign="top">&nbsp;&nbsp;</TD>
    <TD align="left">Name: Domenico Cecere&nbsp;</TD>
    <TD valign="top">&nbsp;&nbsp;</TD>

</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">&nbsp;&nbsp;</TD>
    <TD valign="top">&nbsp;&nbsp;</TD>
    <TD align="left">Title: Senior Vice President and Chief Financial Officer&nbsp;</TD>
    <TD valign="top">&nbsp;&nbsp;</TD>
</TR>

</TABLE>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><B>POWER OF ATTORNEY</B>




<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes
and appoints Bruce Karatz, Richard B. Hirst and Kimberly N. King, and each of them, his or her true
and lawful attorney-in-fact and agents with full and several power of substitution, for him or her
and in his or her name, place and stead, in any and all capacities, to sign any and all amendments
(including post-effective amendments) to this Registration Statement, and to file the same, with
all exhibits thereto, and all documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorneys-in-fact and agents, and each of them full power and
authority to do and perform each and every act and thing requisite and necessary to be done in and
about the premises, as fully to all intents and purposes as he or she might or could do in person,
hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them, or their
substitutes, may lawfully do or cause to be done.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has
been signed below by the following persons in the capacities indicated on the 25th day of January,
2005:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Signature</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Title</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Bruce Karatz
<HR size="1" noshade color="#000000">
Bruce Karatz
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman and Chief Executive Officer<BR> (Principal
Executive Officer)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Domenico Cecere
<HR size="1" noshade color="#000000">
Domenico Cecere
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Vice President and Chief Financial<BR>
Officer (Principal Financial Officer and Principal Accounting Officer)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Ronald W. Burkle
<HR size="1" noshade color="#000000">
Ronald W. Burkle
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
<HR size="1" noshade color="#000000">
Dr.&nbsp;Ray R. Irani
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Kenneth M. Jastrow, II
<HR size="1" noshade color="#000000">
Kenneth M. Jastrow, II
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
<HR size="1" noshade color="#000000">
James A. Johnson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ J. Terrence Lanni
<HR size="1" noshade color="#000000">
J. Terrence Lanni
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Melissa Lora
<HR size="1" noshade color="#000000">
Melissa Lora
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Signature</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Title</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->

<TR valign="bottom">
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Michael G. McCaffery
<HR size="1" noshade color="#000000">
Michael G. McCaffery
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Leslie Moonves
<HR size="1" noshade color="#000000">
Leslie Moonves
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Dr.&nbsp;Barry Munitz
<HR size="1" noshade color="#000000">
Dr.&nbsp;Barry Munitz
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Luis G. Nogales
<HR size="1" noshade color="#000000">
Luis G. Nogales
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="center" style="font-size: 10pt"><B>INDEX TO EXHIBITS</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center">Exhibit</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Number</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended Certificate of Incorporation of the Registrant
(incorporated by reference to the Registrant&#146;s Registration
Statement on Form&nbsp;S-1 (File No.&nbsp;33-6471)).</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment to the Certificate of Incorporation of the
Registrant (incorporated by reference to the Registrant&#146;s
Registration Statement on Form&nbsp;S-1 (File No.&nbsp;33-30140)).</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate of Designation of Series&nbsp;A Participating
Cumulative Preferred Stock of the Registrant (incorporated
by reference to the Registrant&#146;s Registration Statement on
Form&nbsp;S-1 (File No.&nbsp;33-30140)).</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment to Certificate of Designation of Series&nbsp;A
Participating Cumulative Preferred Stock of the Registrant
(incorporated by reference to Exhibit&nbsp;2.2 to the
Registrant&#146;s Registration Statement on Form&nbsp;8-A filed
February&nbsp;23, 1999 (File No.&nbsp;001-09195)).</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate of Ownership and Merger effective January&nbsp;17,
2001 merging KB Home, Inc. into Kaufman and Broad Home
Corporation (incorporated by reference to Exhibit&nbsp;3.7 to the
Registrant&#146;s Annual Report on Form&nbsp;10-K for the year ended
November&nbsp;30, 2000 (File No.&nbsp;001-09195)).</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.6
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By-Laws, as amended and restated on January&nbsp;17, 2001, of the
Registrant (incorporated by reference to Exhibit&nbsp;3.8 to the
Registrant&#146;s Annual Report on Form&nbsp;10-K for the year ended
November&nbsp;30, 2000 (File No.&nbsp;001-09195)).</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.7
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rights Agreement, dated as of February&nbsp;4, 1999, between the
Registrant and Mellon Investor Services LLC (formerly known
as ChaseMellon Shareholder Services, L.L.C.), as Rights
Agent (incorporated by reference to Exhibit&nbsp;4.1 to the
Registrant&#146;s Current Report on Form&nbsp;8-K filed February&nbsp;12,
1999 (File No.&nbsp;001-09195)).</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.8
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2001 Stock Incentive Plan of the Registrant (incorporated by
reference to Exhibit&nbsp;10.22 to the Registrant&#146;s Annual Report
on Form&nbsp;10-K for the year ended November&nbsp;30, 2001 (File No.
001-09195)).</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">-8-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center">Exhibit</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Number</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.9
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1999 Incentive Plan of the Registrant, as amended and
restated July&nbsp;11, 2002 (incorporated by reference to Exhibit
10.24 to the Registrant&#146;s Annual Report on Form&nbsp;10-K for the
year ended November&nbsp;30, 2002 (File No.&nbsp;001-09195)).</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Richard B. Hirst as to the legality of the
securities being offered hereunder.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Ernst &#038; Young LLP.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Richard B. Hirst (included in Exhibit&nbsp;5.1 hereto).</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney (included on the signature page).</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">-9-
</DIV>

</BODY>
</HTML>
[{"type": "S-8", "sequence": "1", "filename": "v04899sv8.htm", "description": "FORM S-8", "secsgml_size_bytes": 99803}]
{"company-data": {"conformed-name": "KB HOME", "cik": "0000795266", "assigned-sic": "1531", "irs-number": "953666267", "state-of-incorporation": "DE", "fiscal-year-end": "1130"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-122277", "film-number": "05547482"}, "business-address": {"street1": "10990 WILSHIRE BLVD", "city": "LOS ANGELES", "state": "CA", "zip": "90024", "phone": "3102314000"}, "mail-address": {"street1": "10990 WILSHIRE BLVD", "city": "LOS ANGELES", "state": "CA", "zip": "90024"}, "former-company": {"former-conformed-name": "KAUFMAN & BROAD HOME CORP", "date-changed": "19920703"}}
sv8
As filed with the Securities and Exchange Commission on January 25, 2005
Registration No. 333-_____
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
KB Home
(Exact Name of Registrant as Specified in Its Charter)
Delaware
95-3666267
(State or Other Jurisdiction of
(I.R.S. Employer
Incorporation or Organization)
Identification No.)
10990 Wilshire Boulevard
Los Angeles, California 90024
(Address of Principal Executive Offices)
KB Home 1999 Incentive Plan
KB Home 2001 Stock Incentive Plan
Stock Grants
(Full Title of the Plans)
Kimberly N. King
Vice President, Associate General Counsel and Corporate Secretary
KB HOME
10990 Wilshire Boulevard
Los Angeles, CA 90024
(310) 231-4000
(Name, address and telephone number, including area code, of agent for service)
Copies to:
Francis J. Aquila
Steven B. Stokdyk
Sullivan & Cromwell LLP
1888 Century Park East
Los Angeles, CA 90067
(310) 712-6600
CALCULATION OF REGISTRATION FEE
Amount
Proposed Maximum
Proposed Maximum
Amount of
Title of Securities
to be
Offering Price
Aggregate
Registration
to be Registered
Registered(1)
Per Share(2)
Offering Price
Fee
Common Stock, par value $1.00 per share
Rights to Purchase Series A
Participating Cumulative Preferred Stock(3)
10,000,000 shares
$105.69
$1,056,900,000
$124,397.13
(1)
Pursuant to Rule 416 under the Securities Act of 1933, as amended, this Registration
Statement shall also cover additional shares of Common Stock which may become issuable by
reason of any stock split, stock dividend, recapitalization or other similar transactions
effected without consideration which results in an increase in the
number of the Registrant's shares of outstanding Common Stock. This Registration Statement also
registers resales of 5,183,587 shares of Common Stock which may be offered and sold from
time to time by certain stockholders of the Registrant.
(2)
Estimated solely for purposes of computing the amount of the registration fee. Pursuant to
Rule 457(c) and Rule 457(h) under the Securities Act of 1933, the proposed maximum offering
price per share is based on the reported average of the high and low prices for the
Registrant's Common Stock on the NYSE on January 21, 2005.
(3)
Each share of Common Stock includes one preferred stock purchase right issued pursuant to a
Rights Agreement, dated as of February 4, 1999, between the Registrant (formerly known as
Kaufman and Broad Home Corporation) and Mellon Investor Services LLC (formerly known as
ChaseMellon Shareholder Services, L.L.C.), as Rights Agent. The preferred stock purchase
rights are not presently exercisable and do not trade separately from the Common Stock.
REOFFER PROSPECTUS
KB Home
5,183,587 Shares of Common Stock
Acquired by the Selling Stockholders Under
Stock Grants
and
KB Home 1999 Incentive Plan
and
KB Home 2001 Stock Incentive Plan
This Prospectus relates to shares (the "Shares") of Common Stock, par value $1.00 per share
(together with the Preferred Stock Purchase Rights associated therewith, the "Common Stock"), of KB
Home, a Delaware corporation (the "Company") which may be offered and sold from time to time by
certain stockholders of the Company (the "Selling Stockholders") who have acquired or will acquire
such Shares pursuant to stock grants and the Company's 1999 Incentive Plan or the
Company's 2001 Stock Incentive Plan. See "Selling Stockholders." The Company's Common Stock is
traded on the New York Stock Exchange ("NYSE") under the
symbol "KBH." On January 21, 2005, the
closing price of the Common Stock, as reported in the consolidated
reporting system, was $105.90
per share.
The Company will not receive any of the proceeds from sales of the Shares by any of the
Selling Stockholders. The Shares may be offered from time to time by any or all of the Selling
Stockholders (and their donees and pledgees) through ordinary brokerage transactions, in negotiated
transactions or in other transactions, at such prices as he or she may determine, which may relate
to market prices prevailing at the time of sale or be a negotiated price. See "Plan of
Distribution." All costs, expenses and fees in connection with the registration of the Shares will
be borne by the Company. Brokerage commissions and similar selling expenses, if any, attributable
to the offer or sale of the Shares will be borne by the Selling Stockholder (or their donees and
pledgees).
Each Selling Stockholder and any broker executing selling orders on behalf of a Selling
Stockholder may be deemed to be an "underwriter" as defined in the Securities Act of 1933, as
amended (the "Securities Act"). If any broker-dealers are used to effect sales, any commissions
paid to broker-dealers and, if broker-dealers purchase any of the Shares as principals, any profits
received by such broker-dealers on the resale of the Shares, may be deemed to be underwriting
discounts or commissions under the Securities Act. In addition, any profits realized by the
Selling Stockholders may be deemed to be underwriting commissions.
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION OR
ANY STATE SECURITIES COMMISSION NOR HAS THE SECURITIES AND EXCHANGE COMMISSION OR ANY STATE
SECURITIES COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION
TO THE CONTRARY IS A CRIMINAL OFFENSE.
The date of this Prospectus is January 25, 2005
AVAILABLE INFORMATION
The Company is subject to the information requirements of the Securities Exchange Act of 1934,
as amended (the "Exchange Act"), and, in accordance therewith, files reports, proxy statements and
other information with the Securities and Exchange Commission (the "Commission"). The reports,
proxy statements and other information filed by the Company with the Commission can be inspected
and copied at the Public Reference Room of the Commission at 450 Fifth Street, N.W., Washington,
D.C. 20549. Copies of such material also may be obtained by mail from the Public Reference Room of
the Commission, 450 Fifth Street, N.W., Washington, D.C. 20549, at prescribed rates. Information
regarding the operation of the Public Reference Room may be obtained by calling the Commission at
1-800-SEC-0330. In addition, reports, proxy materials and other information concerning the Company
may be inspected at the offices of the NYSE, 20 Broad Street, New York, New York 10005.
Additionally, the Commission maintains an Internet site that contains reports, proxy and
information statements and other information regarding registrants that file electronically with
the Commission and that is located at http://www.sec.gov.
This Prospectus constitutes part of a Registration Statement on Form S-8 filed on the date
hereof (herein, together with all amendments and exhibits, referred to as the "Registration
Statement") by the Company with the Commission under the Securities Act. This Prospectus does not
contain all of the information set forth in the Registration Statement, certain parts of which are
omitted in accordance with the rules and regulations of the Commission. For further information
with respect to the Company and the Common Stock, reference is hereby made to the Registration
Statement. Statements contained herein concerning the provisions of any contract, agreement or
other document are not necessarily complete, and in each instance reference is made to the copy of
such contract, agreement or other document filed as an exhibit to the Registration Statements or
otherwise filed with the Commission. Each such statement is qualified in its entirety by such
reference. Copies of the Registration Statement together with exhibits may be inspected at the
offices of the Commission as indicated above without charge and copies thereof may be obtained
therefrom upon payment of a prescribed fee.
No person is authorized to give any information or to make any representations, other than
those contained in this Prospectus, in connection with the offering described herein, and, if given
or made, such information or representations must not be relied upon as having been authorized by
the Company or any Selling Stockholder. This Prospectus does not constitute an offer to sell, or a
solicitation of an offer to buy, nor shall there by any sale of these securities by any person in
any jurisdiction in which it is unlawful for such person to make such offer, solicitation or sale.
Neither the delivery of this Prospectus nor any sale made hereunder shall under any circumstances
create an implication that the information contained herein is correct as of any time subsequent to
the date hereto.
2
PRIVATE SECURITIES LITIGATION REFORM ACT SAFE HARBOR STATEMENT
You are cautioned that certain statements contained or incorporated or deemed to be
incorporated by reference in this prospectus are "forward-looking statements" as defined in the
Private Securities Litigation Reform Act of 1995. Statements which are predictive in nature, which
depend upon or refer to future events or conditions, or which include words such as "expects,"
"anticipates," "intends," "plans," "believes," "estimates," "hopes," and similar expressions
constitute forward-looking statements. In addition, any statements concerning future financial or
operating performance (including future revenues, unit deliveries, expenses, margins, earnings or
earnings per share, or growth or growth rates), future market conditions, future interest rates and
other economic conditions, ongoing business strategies or prospects, future dividends and changes
in dividend levels, the value of backlog, including amounts that we expect to realize upon delivery
of units included in backlog and the timing of those deliveries, potential future acquisitions and
the impact of completed acquisitions, future share repurchases and possible future actions by the
Company, which may be included in this prospectus or the documents incorporated or deemed to be
incorporated by reference herein are also forward-looking statements as defined by the Act.
Forward-looking statements are based on expectations and projections about future events at the
time such statements were made and are subject to risks, uncertainties, and assumptions about the
Company, economic and market factors and the homebuilding industry, among other things. These
statements are not guaranties of the future performance, and the Company has no specific intention
to update these statements.
Actual events and results may differ materially from those expressed or forecasted in the
forward-looking statements made by the Company due to a number of factors. The principal important
risk factors that could cause the Company's performance and future events and actions to differ
materially from such forward-looking statements include, but are not limited to, the impact of
terrorist activities and the U.S. response, the U.S. military commitment in the Middle East,
recessionary trends and other adverse changes in general economic conditions, material prices,
labor costs, interest rates, the secondary market for loans, consumer confidence, competition,
currency exchange rates insofar as they affect the Company's operations in France, environmental
factors, government regulations affecting the Company's operations, the availability and cost of
land in desirable areas, unanticipated violations of the Company's policies, unanticipated legal
proceedings, and conditions in the capital, credit and homebuilding markets. See the Company's
Annual Report on Form 10-K for the year ended November 30, 2003, the Company's Quarterly Reports on
Form 10-Q for the quarters ended February 29, 2004, May 31, 2004 and August 31, 2004, and the
Company's other filings with the Commission for a further discussion of these and other risks and
uncertainties applicable to the Company's business.
BUSINESS
The Company is one of America's leading homebuilders with domestic operating divisions in the
following regions and states: West Coast — California; Southwest — Arizona, Nevada and New Mexico;
Central — Colorado, Illinois, Indiana and Texas; and Southeast —
3
Florida, Georgia, North Carolina and South Carolina. Kaufman & Broad S.A., the Company's
majority-owned publicly-traded subsidiary, is one of the largest homebuilders in France based on revenues. In
fiscal 2003, the Company delivered 27,331 homes in the United States and France. It also operates
KB Home Mortgage Company, a full-service mortgage company for the convenience of its buyers.
Founded in 1957, the Company is a Fortune 500 company listed on the NYSE under the ticker symbol
"KBH."
The Company is a Delaware corporation and maintains its principal executive offices at 10990
Wilshire Boulevard, Los Angeles, California 90024. Its telephone number is (310) 231-4000.
INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE
The following documents of the Company heretofore filed with the Commission are hereby
incorporated in this Prospectus by reference:
(a) The Company's Annual Report on Form 10-K for the year ended November 30,
2003;
(b) The Company's Quarterly Reports on Form 10-Q for the quarters ended
February 29, 2004, May 31, 2004 and August 31, 2004;
(c) The Company's Current Reports on Form 8-K filed December 23, 2003,
January 15, 2004, June 14, 2004, June 24, 2004 and December 15, 2004; and
(d) The description of the Common Stock, par value $1.00 per share, in the
Company's Registration Statement on Form 8-A filed June 30, 1986 pursuant to
Section 12(b) of the Exchange Act, and the description of the Company's
Rights to Purchase Series A Participating Cumulative Preferred Stock in the
Company's Registration Statement on Form 8-A filed February 23, 1999
pursuant to Section 12(b) of the Exchange Act, together with any amendment
or report filed with the Commission for the purpose of updating such
descriptions.
All reports and other documents subsequently filed by the Company pursuant to Sections 13(a),
13(c), 14 and 15(d) of the Exchange Act prior to the filing of a post-effective amendment to this
registration statement which indicates that all securities offered have been sold or which
deregisters all securities then remaining unsold shall be deemed to be incorporated by reference in
this registration statement and to be a part hereof from their respective dates of filing.
Any statement contained herein or in a document incorporated or deemed to be incorporated by
reference herein shall be deemed to be modified or superseded for purposes of this Prospectus to
the extent that a statement contained herein or in any other subsequently filed document which also
is or is deemed to be incorporated by reference herein modifies or supersedes such earlier
statement. Any statement so modified or superseded shall not be deemed, except as so modified or
superseded, to constitute a part of this Prospectus.
4
The information relating to the Company contained in this Prospectus should be read together
with the information in the documents incorporated by reference.
This Prospectus incorporates by reference documents which are not presented herein or
delivered herewith. Such documents (other than exhibits to such documents unless such exhibits are
specifically incorporated by reference) are available without charge to any person to whom this
Prospectus is delivered, upon written or oral request. Requests for such documents should be
directed to KB Home, 10990 Wilshire Boulevard, Los Angeles, California 90024, Attention: Corporate
Secretary, Telephone: (310) 231-4000.
USE OF PROCEEDS
The Company will not receive any proceeds from the sale of the Shares by the Selling
Stockholders.
SELLING STOCKHOLDERS
The following table sets forth (a) the name and position or positions with the Company of each
Selling Stockholder; (b) the number of shares of Common Stock beneficially owned (as such term is
defined in Rule 13d-3 under the Exchange Act) by each Selling Stockholder as of the date of this
Prospectus; (c) the number of shares of Common Stock that each Selling Stockholder may offer for
sale from time to time pursuant to this Prospectus, whether or not such Selling Stockholder has a
present intention to do so; and (d) the number of shares of Common Stock to be beneficially owned
by each Selling Stockholder following the sale of all shares that may be so offered, assuming no
other change in the beneficial ownership of the Company's Common Stock by such Selling Stockholder
after the date of this Prospectus. Unless otherwise indicated, beneficial ownership is direct and
the person indicated has sole voting and investment power. No Selling Stockholder owns more than
1% of the Company's Common Stock, other than Bruce Karatz, who
owns 5.3%, and Jeffrey T. Mezger, who owns 2.1%.
Shares
Principal
Shares
Number of
Beneficially
Position(s)(1) with
Beneficially
Shares Offered
Owned After the
Selling Stockholder
the Company
Owned (2-4)
for Resale (5)
Resale (2)
Bruce Karatz
Chairman and Chief
Executive Officer
2,157,328
2,398,147
347,294
Jeffrey
T. Mezger
Executive
Vice President and Chief Operating Officer
840,716
803,002
525,191
Richard
B. Hirst
Executive
Vice President and Chief Legal Officer
7,600
89,000
3,600
Domenico Cecere
Senior Vice
President and Chief
Financial Officer
76,720
131,262
390
William
R. Hollinger
Senior Vice
President and
Controller
96,309
160,094
39,913
Albert
Z. Praw
Senior
Vice President, Asset Management and Acquisitions
120,797
182,137
96,964
Gary
A. Ray
Senior
Vice President, Human Resources
118,208
192,367
35,802
Kelly
Masuda
Vice
President, Capital Markets and Treasurer
5,370
21,036
1,000
Glen
Barnard
Regional
General Manager
7,753
61,046
253
Leah
S.W. Bryant
Regional
General Manager
80,915
162,388
16,294
Steven
M. Davis
Regional
General Manager
74,203
142,770
23,949
Robert
Freed
Regional
General Manager
48,974
225,990
24,276
John
E. "Buddy" Goodwin
Regional
General Manager
155,393
233,604
75,733
Jay
L. Moss
Regional
General Manager
81,944
203,383
33,554
Larry
E. Oglesby
Regional
General Manager
55,774
177,361
52,974
Total
3,928,004
5,183,587
1,277,187
5
(1) All positions described are with the Company, unless otherwise indicated.
(2) Beneficial ownership is determined pursuant to Regulation 13D/G under the Exchange Act.
Shares underlying option are reflected only to the extent that the option is exercisable as
of, or within 60 days after, the date of this Prospectus.
(3) Includes
a total of 2,414,567 shares of Common Stock subject to acquisition within 60
days of the date of this Prospectus through the exercise of stock options granted under the
Company's employee stock plans.
(4) Includes
shares of Common Stock held in certain trusts as follows:
Mr. Karatz holds 844,936 shares in trust; Mr. Praw holds
8,522 shares in trust; Mr. Moss holds 55,677 shares in trust;
and Ms. Bryant holds 34,375 shares in trust.
(5) Includes
shares issued or issuable upon exercise of options (including options
that are not exercisable as of, or within 60 days after, the
date of this Prospectus) and shares granted to such employees. Some of
these shares may have been sold prior to the date of this Prospectus.
* * *
The Company will supplement this Prospectus from time to time as required by the rules of the
Commission to include certain information concerning the security ownership of the Selling
Stockholders or any new Selling Stockholders, the number of shares offered for resale and the
position, office or other material relationship which a Selling Stockholder has had within the past
three years with the Company or any of its predecessors or affiliates.
PLAN OF DISTRIBUTION
The Company is registering the Shares on behalf of the Selling Stockholders. All costs,
expenses and fees in connection with the registration of the Shares offered hereby will be borne by
the Company. Brokerage commissions and similar selling expenses, if any, attributable to the sale
of Shares will be borne by the Selling Stockholders (or their donees or pledgees).
The purpose of the Prospectus is to permit the Selling Stockholders, if they desire, to offer
for sale and sell the Shares they acquired or will
acquire pursuant to stock grants and the
6
Company's 1999 Incentive Plan or 2001 Stock Incentive Plan at such times and at such places as the
Selling Stockholders choose.
The decision to exercise options for Shares, or to sell any Shares, is within the discretion
of the holders thereof, subject generally to the Company's policies affecting the timing and manner
of sale of Common Stock by its affiliates. There can be no assurance that any of the options will
be exercised or any Shares will be sold by the Selling Stockholders.
Subsequent to exercise, if any, each Selling Stockholder is free to offer and sell his or her
Shares at such times, in such manner and at such prices as he or she shall determine. The Selling
Stockholders have advised the Company that sales of Shares may be effected from time to time in one
or more types of transactions (which may include block transactions) on the NYSE, in the
over-the-counter market, in negotiated transactions, through the writing of options on the Shares,
through settlement of short sales of Shares, or a combination of such methods of sale, at market
prices prevailing at the time of sale, or at negotiated prices. Such transactions may or may not
involve brokers or dealers. The Selling Stockholders have advised the Company that they have not
entered into any agreements, understandings or arrangements with any underwriters or broker-dealers
regarding the sale of their Shares, nor is there an underwriter or coordinating broker acting
in connection with the proposed sale of the Shares by the Selling Stockholders.
The
Selling Stockholders may effect such transactions by selling Shares directly to purchasers
or to or through broker-dealers, which may act as agents or principals. Such broker-dealers may
receive compensation in the form of discounts, concessions, or commissions from the Selling Stockholders and/or the purchasers of Shares for whom such broker-dealers may act as agents or to whom
they sell as principal, or both (which compensation as to a particular broker-dealer might be in
excess of customary commissions).
The Selling Stockholders and any broker-dealers that act in connection with the sale of Shares
might be deemed to be "underwriters" within the meaning of Section 2(11) of the Securities Act, and
any commissions received by such broker-dealers and any profit on the resale of the Shares sold by
them while acting as principals might be deemed to be underwriting discounts or commissions under
the Securities Act. The Selling Stockholders may agree to indemnify any agent, dealer or
broker-dealer that participates in transactions involving sales of the Shares against certain
liabilities including liabilities arising under the Securities Act.
Because the Selling Stockholders may be deemed to be "underwriters" within the meaning of
Section 2(11) of the Securities Act, the Selling Stockholders will be subject to the prospectus
delivery requirements of the Securities Act, which may include delivery through the facilities of
the NYSE pursuant to Rule 153 under the Securities Act.
The Company has informed the Selling Stockholders that the anti-manipulative provisions of
Regulation M promulgated under the Exchange Act may apply to their sales in the market.
7
The Selling Stockholders also may resell all or a portion of the Shares in open market
transactions in reliance upon Rule 144 under the Securities Act, provided they meet the criteria
and conform to the requirements of such Rule.
EXPERTS
The
consolidated financial statements of KB Home appearing in
KB Home's Annual Report (Form 10-K) for the year ended
November 30, 2003, have been audited by Ernst & Young LLP,
independent registered public accounting firm, as set forth in their
report  thereon included therein and incorporated herein by
reference. Such financial statements are, and audited financial
statements to be included in subsequently filed documents will be,
incorporated herein in reliance upon the reports of Ernst & Young LLP pertaining to such financial statements (to the extent
covered by consents filed with the Securities and Exchange
Commission) given on the authority of such firm as experts in
accounting and auditing.
8
NO DEALER, SALESMAN OR ANY
OTHER PERSON HAS BEEN AUTHORIZED
TO GIVE ANY INFORMATION OR TO
MAKE ANY REPRESENTATIONS OTHER
THAN THOSE CONTAINED IN THIS
PROSPECTUS, AND, IF GIVEN OR
MADE, SUCH INFORMATION OR
REPRESENTATIONS MUST NOT BE
RELIED UPON AS HAVING BEEN
AUTHORIZED BY THE COMPANY OR ANY
SELLING STOCKHOLDER. NEITHER
THE DELIVERY OF THIS PROSPECTUS
NOR ANY SALE MADE HEREUNDER
SHALL, UNDER ANY CIRCUMSTANCES,
IMPLY THAT THERE HAS BEEN NO
CHANGE IN THE AFFAIRS OF THE
COMPANY OR THAT THE INFORMATION
HEREIN IS CORRECT AS OF ANY TIME
SUBSEQUENT TO THE DATE AS OF
WHICH SUCH INFORMATION IS
GIVEN. THIS PROSPECTUS DOES NOT
CONSTITUTE AN OFFER TO SELL OR
THE SOLICITATION OF ANY OFFER TO
BUY ANY OF THE SECURITIES
OFFERED HEREBY TO ANYONE IN ANY
JURISDICTION IN WHICH SUCH OFFER
OR SOLICITATION IS NOT
AUTHORIZED OR IN WHICH THE
PERSON MAKING SUCH OFFER OR
SOLICITATION IS NOT QUALIFIED TO
DO SO OR TO ANYONE TO WHOM IT IS
UNLAWFUL TO MAKE SUCH OFFER OR
SOLICITATION.
5,183,587 SHARES
KB HOME
COMMON STOCK
PROSPECTUS
January 25, 2005
TABLE OF CONTENTS
Page
Available Information
2
Private Securities Litigation
Reform Act Safe
Harbor Statement
3
Business
3
Incorporation of Certain
Documents by Reference
4
Use of Proceeds
5
Selling Stockholders
5
Plan of Distribution
6
Experts
8
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
The information required in Part I of this Registration Statement is included in the
prospectus for the Plans, which the Registrant has excluded from this Registration Statement in
accordance with the instructions to Form S-8.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
KB Home (the "Registrant") incorporates herein by reference the following documents filed with
the Securities and Exchange Commission (the "Commission") (File No. 001-09195):
(a) The Registrant's Annual Report on Form 10-K for the year ended November
30, 2003;
(b) The Registrant's Quarterly Reports on Form 10-Q for the quarters ended
February 29, 2004, May 31, 2004 and August 31, 2004;
(c) The Registrant's Current Reports on Form 8-K filed December 23, 2003,
January 15, 2004, June 14, 2004, June 24, 2004 and December 15, 2004; and
(d) The description of the Registrant's common stock, par value $1.00 per
share, in the Registrant's Registration Statement on Form 8-A filed June 30,
1986 pursuant to Section 12(b) of the Exchange Act, and the description of
the Registrant's Rights to Purchase Series A Participating Cumulative
Preferred Stock in the Registrant's Registration Statement on Form 8-A filed
February 23, 1999 pursuant to Section 12(b) of the Exchange Act, together
with any amendment or report filed with the Commission for the purpose of
updating such descriptions.
All reports and other documents subsequently filed by the Registrant pursuant to Sections
13(a), 13(c), 14 and 15(d) of the Exchange Act prior to the filing of a post-effective amendment to
this registration statement which indicates that all securities offered have been sold or which
deregisters all securities then remaining unsold shall be deemed to be incorporated by reference in
this registration statement and to be a part hereof from their respective dates of filing (such
documents, and the documents enumerated above, being hereinafter referred to as "Incorporated
Documents").
Any statement contained in an Incorporated Document shall be deemed to be modified or
superseded for purposes of this registration statement to the extent that a statement contained
herein or in any other subsequently filed Incorporated Document modifies or supersedes such
statement. Any such statement so modified or superseded shall not be deemed, except as so
modified or superseded, to constitute a part of this registration statement.
Item 4. Description of Securities.
Not applicable.
Item 5. Interests of Named Experts and Counsel.
Not applicable.
Item 6. Indemnification of Directors and Officers.
Section 145 of the Delaware General Corporation Law provides that a corporation may indemnify
directors and officers as well as other employees and individuals against expenses (including
attorneys' fees), judgments, fines and amounts paid in settlement in connection with specified
actions, suits or proceedings, whether civil, criminal, administrative or investigative (other than
an action by or in the right of the corporation — a "derivative action"), if they acted in good
faith and in a manner they reasonably believed to be in or not opposed to the best interests of the
corporation and, with respect to any criminal action or proceeding, had no reasonable cause to
believe their conduct was unlawful. A similar standard is applicable in the case of derivative
actions, except that indemnification only extends to expenses (including attorneys' fees) actually
and reasonably incurred in connection with the defense or settlement of such action, and the
statute requires court approval before there can be any indemnification where the person seeking
indemnification has been found liable to the corporation. The statute provides that it is not
exclusive of other indemnification that may be granted by a corporation's by-laws, disinterested
director vote, stockholder vote, agreement or otherwise.
Article 6(d) of the Registrant's certificate of incorporation provides that the Registrant
will indemnify its directors and officers and may indemnify any other employees or agents to the
full extent permitted by the Delaware General Corporation Law.
Article 6(c) of the Registrant's certificate of incorporation provides that its directors will
not be personally liable to the Registrant or its stockholders for monetary damages resulting from
breaches of their fiduciary duty as directors to the full extent permitted by the Delaware General
Corporation Law.
The Registrant has purchased directors' and officers' liability insurance policies which
insure against certain liabilities incurred by its directors and officers.
Item 7. Exemption from Registration Claimed.
Not applicable.
Item 8. Exhibits.
See the Index to Exhibits attached hereto.
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Item 9. Undertakings.
(a) The undersigned Registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:
(i) To include any prospectus required by Section 10(a)(3) of the Securities
Act;
(ii) To reflect in the prospectus any facts or events arising after the
effective date of the registration statement (or the most recent
post-effective amendment thereto) which, individually or in the aggregate,
represent a fundamental change in the information set forth in the
registration statement; and
(iii) To include any material information with respect to the plan of
distribution not previously disclosed in the registration statement or any
material change to such information in the registration statement;
provided
,
however
, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if
the information required to be included in a post-effective amendment by
those paragraphs is contained in periodic reports filed with the Commission
by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange
Act that are incorporated by reference in this registration statement.
(2) That, for the purpose of determining any liability under the Securities Act,
each such post-effective amendment shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial
bona fide
offering
thereof.
(3) To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.
(b) The undersigned Registrant hereby undertakes that, for purposes of determining any liability
under the Securities Act, each filing of the Registrant's annual report pursuant to Section 13(a)
or Section 15(d) of the Exchange Act that is incorporated by reference in this registration
statement shall be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be the initial
bona
fide
offering thereof.
(c) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to
directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions,
or otherwise, the Registrant has been advised that in the opinion of the Commission such
indemnification is against public policy as expressed in the Securities Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such liabilities (other than
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the payment by the Registrant of expenses incurred or paid by a director, officer or controlling
person of the Registrant in the successful defense of any action, suit or proceeding) is asserted
by such director, officer or controlling person in connection with the securities being registered,
the Registrant will, unless in the opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Securities Act and will be
governed by the final adjudication of such issue.
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SIGNATURES
Pursuant to the requirements of the Securities Act, the Registrant certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has
duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Los Angeles, State of California, on the 25th day of January, 2005.
KB HOME
By
/s/ Domenico Cecere
Name: Domenico Cecere
Title: Senior Vice President and Chief Financial Officer
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POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes
and appoints Bruce Karatz, Richard B. Hirst and Kimberly N. King, and each of them, his or her true
and lawful attorney-in-fact and agents with full and several power of substitution, for him or her
and in his or her name, place and stead, in any and all capacities, to sign any and all amendments
(including post-effective amendments) to this Registration Statement, and to file the same, with
all exhibits thereto, and all documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorneys-in-fact and agents, and each of them full power and
authority to do and perform each and every act and thing requisite and necessary to be done in and
about the premises, as fully to all intents and purposes as he or she might or could do in person,
hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them, or their
substitutes, may lawfully do or cause to be done.
Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has
been signed below by the following persons in the capacities indicated on the 25th day of January,
2005:
Signature
Title
/s/ Bruce Karatz
Bruce Karatz
Chairman and Chief Executive Officer
(Principal
Executive Officer)
/s/ Domenico Cecere
Domenico Cecere
Senior Vice President and Chief Financial
Officer (Principal Financial Officer and Principal Accounting Officer)
/s/ Ronald W. Burkle
Ronald W. Burkle
Director
Dr. Ray R. Irani
Director
/s/ Kenneth M. Jastrow, II
Kenneth M. Jastrow, II
Director
James A. Johnson
Director
/s/ J. Terrence Lanni
J. Terrence Lanni
Director
/s/ Melissa Lora
Melissa Lora
Director
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Signature
Title
/s/ Michael G. McCaffery
Michael G. McCaffery
Director
/s/ Leslie Moonves
Leslie Moonves
Director
/s/ Dr. Barry Munitz
Dr. Barry Munitz
Director
/s/ Luis G. Nogales
Luis G. Nogales
Director
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INDEX TO EXHIBITS
Exhibit
Number
Description
4.1
Amended Certificate of Incorporation of the Registrant
(incorporated by reference to the Registrant's Registration
Statement on Form S-1 (File No. 33-6471)).
4.2
Amendment to the Certificate of Incorporation of the
Registrant (incorporated by reference to the Registrant's
Registration Statement on Form S-1 (File No. 33-30140)).
4.3
Certificate of Designation of Series A Participating
Cumulative Preferred Stock of the Registrant (incorporated
by reference to the Registrant's Registration Statement on
Form S-1 (File No. 33-30140)).
4.4
Amendment to Certificate of Designation of Series A
Participating Cumulative Preferred Stock of the Registrant
(incorporated by reference to Exhibit 2.2 to the
Registrant's Registration Statement on Form 8-A filed
February 23, 1999 (File No. 001-09195)).
4.5
Certificate of Ownership and Merger effective January 17,
2001 merging KB Home, Inc. into Kaufman and Broad Home
Corporation (incorporated by reference to Exhibit 3.7 to the
Registrant's Annual Report on Form 10-K for the year ended
November 30, 2000 (File No. 001-09195)).
4.6
By-Laws, as amended and restated on January 17, 2001, of the
Registrant (incorporated by reference to Exhibit 3.8 to the
Registrant's Annual Report on Form 10-K for the year ended
November 30, 2000 (File No. 001-09195)).
4.7
Rights Agreement, dated as of February 4, 1999, between the
Registrant and Mellon Investor Services LLC (formerly known
as ChaseMellon Shareholder Services, L.L.C.), as Rights
Agent (incorporated by reference to Exhibit 4.1 to the
Registrant's Current Report on Form 8-K filed February 12,
1999 (File No. 001-09195)).
4.8
2001 Stock Incentive Plan of the Registrant (incorporated by
reference to Exhibit 10.22 to the Registrant's Annual Report
on Form 10-K for the year ended November 30, 2001 (File No.
001-09195)).
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Exhibit
Number
Description
4.9
1999 Incentive Plan of the Registrant, as amended and
restated July 11, 2002 (incorporated by reference to Exhibit
10.24 to the Registrant's Annual Report on Form 10-K for the
year ended November 30, 2002 (File No. 001-09195)).
5.1
Opinion of Richard B. Hirst as to the legality of the
securities being offered hereunder.
23.1
Consent of Ernst & Young LLP.
23.2
Consent of Richard B. Hirst (included in Exhibit 5.1 hereto).
24.1
Power of Attorney (included on the signature page).
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