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>



Reply With Quote


Bookmarks