Los Angeles-based KB Home, one of the nation’s largest homebuilders, today reported a net loss of $78.4 million, or $1.03 per diluted share, for its second quarter ended May 31.

In the year-ago period, KB Home’s net loss was $255.9 million, or $3.30 per diluted share.

Revenues totaled $384.5 million in the 2009 second quarter, down 40 percent from $639.1 million in the year-earlier quarter. The company attributed the decline to lower housing revenues of $380.8 million, compared to $636.7 million in the year-earlier quarter, reflecting a 37 percent decrease in homes delivered and a 5 percent decline in the average selling price.

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