The builder said on Nov. 6 that 40 percent of its customers canceled
contracts to buy homes in the fourth quarter as stricter lending
standards made it tougher to obtain mortgages.
The cancellation rate compared with 35 percent for the fourth quarter
of 2006. The company delivered 3,969 homes in the three months ended
Oct. 31, down 19 percent from a year ago, and net contracts fell 10
percent.
Hovnanian said last month that sales "seriously deteriorated'' in
October and blamed tighter home-loan underwriting. Today, he said
sales are improving.
"Things have definitely picked up in December,'' he said.
not so bad, is it? The company delivered 3,969 homes in the three
months ended Oct. 31.
PRICE it to the market and controls costs.
Hov stock down to under $8.00
1st fed cut a few months ago, shot to $15 before retreating. LAst cut,
shot to $10 then backed to $9/share.
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