Thursday, November 09, 2006

Another Builder Reports Decreased Earnings

Hovnanian Enterprises, Inc of Red Bank, New Jersey chimed in with its fourth quarter report of a decrease in contracts of 36% from last year’s totals with cancellations representing 35% of the total.
”Our financial results for the fourth quarter continued to be negatively impacted by high cancellation rates and increased use of concessions and incentives, particularly on the resale of those homes which experienced contract cancellations," said Chief Executive Ara Hovnanian.

Read John Spence’s story

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