Builder Cuts Prices in Half in NC Neighborhood

Hillsborough, NC, May 14, 2009--The state of the homebuilding market is causing some companies to take drastic action.

The Raleight News & Observer reported Thursday that KB Homes has been advertising homes in a Hillsborough neighborhood for about $150,000.

That upsets people in Kenion Grove who bought some of the first homes in the neighborhood three years ago for more than $300,000.

The more than 20 residents in the subdivision put up "For Sale By Owner" signs in their yards earlier this month to protest the lower prices for newer homes.

KB spokeswoman Cara Kane says her company is trying to respond to the market, offering something people can afford.