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Thread: Hovnanian Gives Homes Away!!!

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    Moderator Optimist's Avatar
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    Default Hovnanian Gives Homes Away!!!

    If you're looking for a home you can get it at fire sale prices. As much as $100,000 off!!!


    http://biz.yahoo.com/ap/070907/earns...nian.html?.v=3
    Friday September 7, 5:26 pm ET
    By Janet Frankston Lorin, Associated Press Writer

    <snip>To try to boost sales, the company is offering a nationwide three-day sale beginning Sept. 14. Hovnanian will offer deep discounts in each of its 449 communities.
    Alex Barron, senior research analyst at Agency Trading Group in Wayzata, Minn., said slashing prices to reduce high inventory should help the company improve its cash flow.
    "Right now the game is who can cut the prices the most," he said. "They have a lot of debt that they need to service and in order to service that debt they need to have some cash coming in the door."
    While the long-term housing market looks bleak, Barron said he doesn't see Hovnanian going into bankruptcy.
    "They'll probably end up being a smaller company than they currently are, but at this point I don't think there's any indication that they're in trouble."
    Hovnanian also blamed the tightening of lending standards in the mortgage market beyond those made to subprime lenders.
    "This is leading to a further reduction in the universe of qualified buyers for our homes," he said.

    <snip>
    “What a caterpillar calls the end of the world we call a butterfly.” - ECKHART TOLLE

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    Senior Member ITgirl's Avatar
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    Default Re: Hovnanian Gives Homes Away!!!

    wow. I own a Hovnanian home. I should buy another one now that they're on sale!

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    Default Re: Hovnanian Gives Homes Away!!!

    Their website is slow as hell right now, probably because of the 3 day sale going on. Anyone have any info on the prices of their West Sac housing developments?

    ITgirl.. do u own one in the Los Angeles area? I always love 'steals' within the real estate market!

  4. #4
    BrunetteGoddess
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    Default Re: Hovnanian Gives Homes Away!!!

    There's a community that still has construction with K Hovnanian homes. Prices were already cut to low 100s, and now they're even offering to pay the first 6 months of mortgage!

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    Default Re: Hovnanian Gives Homes Away!!!

    the only possible explanation is that HOV is being pushed to the wall for cash ... that if they fail to raise sufficient cash they are history ... thus they are willing to 'liquidate' their inventory for any price that reasonably approaches a 'break even' position.

    However, keep in mind that these 'fire sales' of brand new homes will also have a depressing effect on the assessed values of similar 1-2-3 year old homes, and also on homes held in inventory by banks and other homebuilders. This is the first leg of a 'race to the exit' ...

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    God/dess Deogol's Avatar
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    Default Re: Hovnanian Gives Homes Away!!!

    I would make sure the house is actually built and in functional order before buying it!

    There is word three home builders are on the verge of bankruptcy. Apparently this is one of them.

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    God/dess Bridgette's Avatar
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    Default Re: Hovnanian Gives Homes Away!!!

    I'm reminded of the builders I read about not long ago who have been accepting people's old homes as trade-ins for new-builds. LOL

    Quote Originally Posted by pheno View Post
    When you lead a nontraditional life don't try to measure it with traditional milestones.

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