8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934

Date of Report: November 6, 2007
(Date of earliest event reported)

KB HOME

(Exact name of registrant as specified in charter)

Delaware
(State or other jurisdiction
of incorporation) 1-9195
(Commission File Number) 95-3666267
(IRS Employer Identification No.)

10990 Wilshire Boulevard, Los Angeles, California
(Address of principal executive offices) 90024
(Zip Code)

Registrant’s telephone number, including area code: (310) 231-4000

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

(e)     On November 6, 2007, KB Home (the “Company”) sent a letter to Robert Freed, the Company’s former Senior Vice President, Investment Strategy, regarding the amount and timing of payment of certain incentive compensation awards owed to him. The form of the letter is filed as Exhibit 99.1 to this report.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

99.1 Form of letter to Robert Freed from KB Home, dated November 6, 2007.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: November 9, 2007

KB Home
By:	/s/ Wendy C. Shiba
	Wendy C. Shiba
	Executive Vice President, General Counsel and Secretary

EXHIBIT INDEX

Exhibit No.	Description
99.1	Form of letter to Robert Freed from KB Home, dated November 6, 2007.

EX-99.1

Exhibit 99.1

November 6, 2007

Dear Robert:

I am writing to confirm the remaining payments owed to you by KB Home as a result of your resignation from the Company effective July 15, 2007. These payments will be made in compliance with Section 409A of the Internal Revenue Code (the “Code”).

Payments of the awards described below are subject to the Code and would have been due to you within the 6-month period following your separation from service (within the meaning of Section 409A(a)(2)(A)(i) of the Code and the Treasury Regulations promulgated there under). In order to comply with Section 409A and avoid potential adverse tax consequences to you, however, payments of these awards will be delayed during such 6-month period and will become payable in a lump sum payment on the first day of the seventh month following such separation from service, or February 1, 2008.

In full satisfaction of all amounts remaining to be paid under your FY04 and FY05 incentive compensation awards, KB Home will pay you in cash $1,469,125.12 (less applicable taxes). This amount has been calculated as follows: 38,404 shares at $37.43 per share (KBH stock price on 7/15/07) or $1,437,461.72 plus interest from 7/15/07 to 1/31/08 at an annualized rate of 4% or $31,663.40. In addition, KB Home will pay you $1,233,359 (less applicable taxes) in full satisfaction of all amounts remaining to be paid under your FY06 incentive compensation award.

Should you have any questions, please do not hesitate to call me.

Sincerely,

/s/ John Staines

John M. Staines
Senior Vice President, Human Resources
KB Home