LOS ANGELES (AP) -- KB Home is teaming up with Nationstar Mortgage LLC to create a new mortgage company as the real estate market makes a steady recovery.
Sales of previously occupied homes dipped in December, but partly because of a limited supply, the National Association of Realtors reported Tuesday. For all of 2012, sales rose to their highest level in five years.;
KB Home said Tuesday that Nationstar will continue to serve as its preferred mortgage lender until the new mortgage company, called Home Community Mortgage LLC, begins operations later this year.
Nationstar has a portfolio of about $425 billion and more than 2.5 million customers.
Shares of KB Home, based in Los Angeles, added 2 cents to $16.63 in midday trading Tuesday. Last month, Last month, the company topped Wall Street expectations for the final quarter of the year on strong pricing and demand.