Hovnanian predicts return to profit; analysts see big problems
#1 Dec 20, 2007
I love how KHOV blames the subprime mortgage crisis on their problems. Yeah, it is their problem - they shouldn't have been selling $750,000. homes to people who couldn't afford their mortgage. I mean let's be realistic. When in the world did you ever hear of someone taking out a SUBPRIME MORTGAGE for $500,000. AND GETTING IT ?!?!?! KHOV dug their own hole with lackluster building quality and the fact that they gave anyone a mortgage who asked. I can't feel bad for this company - Ara Hovnanian started digging this hole as soon as he left the "affordable housing market" that his father gained fame from.
#2 Dec 20, 2007
#3 Dec 21, 2007
The sub-prime fiasco affects the general liquidity of the mortgage market. This in turn affects all mortgages, whether subprime or not. Hovnanian is not saying HIS buyers have been getting subprime loans. However, the entire buyer population is adversely affected by this mess. Worse, it affects the entire economy when the value of housing tanks. Remember, builders were building what buyers were demanding.
#4 Dec 22, 2007
they made one error selling a property in silverton nj what a mess no peace there ever since.
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