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                                   EXHIBIT 13
 
        KAUFMAN AND BROAD HOME CORPORATION AND CONSOLIDATED SUBSIDIARIES
 
         PAGES 26 THROUGH 49 AND THE INSIDE BACK COVER OF THE COMPANY'S
                       1996 ANNUAL REPORT TO STOCKHOLDERS
 
     This exhibit is incorporated in this Annual Report on Form 10-K between
page F-1 and the List of Exhibits Filed.