Tags: US | Hovnanian | CEO

Hovnanian CEO: Glut of Unsold Homes Easing

Wednesday, 03 Mar 2010 01:31 PM

The chief executive of homebuilder Hovnanian Enterprises Inc. says that even if efforts to modify at-risk mortgages fail to stem foreclosures, that won't completely devastate the housing market.

Ara Hovnanian made the remarks Wednesday during a conference call with analysts.

The executive argues new construction and the supply of unsold homes have fallen well below normal levels in many metropolitian areas.

That means homebuilders are in a better position to compete than years ago when markets were flooded with unsold homes.

The Red Bank, N.J., company reported Tuesday its first quarterly profit since 2006, thanks to a hefty tax gain.

Excluding the $291.3 million tax gain, Hovnanian lost about $55.1 million, or 69 cents a share.

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The chief executive of homebuilder Hovnanian Enterprises Inc. says that even if efforts to modify at-risk mortgages fail to stem foreclosures, that won't completely devastate the housing market.Ara Hovnanian made the remarks Wednesday during a conference call with...
US,Hovnanian,CEO
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2010-31-03
Wednesday, 03 Mar 2010 01:31 PM
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