The chief executive of struggling housing developer KB Home Corp., Jeffrey T. Mezger, received more than $9.6 million in compensation in fiscal 2008, the Westwood company said Friday.

KB Home, California’s largest home builder, lost nearly $1 billion last year as the industry was battered by a glut of foreclosed homes that undercut the prices of new residences and shrank demand. Buyers were also discouraged by the reeling economy and challenges finding loans.

Mezger’s compensation was a 41% cut from the nearly $16.4 million he was paid in fiscal 2007, according to a proxy filing with the Securities and Exchange Commission.

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