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— Hovnanian Enterprises' CEO says recent trends in sales and home prices indicate the housing market is improving despite the uncertainty over the U.S. economy.
In remarks to analysts on Wednesday, Ara Hovnanian said homebuyer tax credits are stoking sales and noted home price declines have slowed in some hard-hit markets.
The builder's new home orders per community jumped 25 percent in its fiscal second quarter, although new home contracts were down 29 percent overall from a year earlier.
Hovnanian said there's still some pain ahead for the housing market if foreclosures continue to climb.
The Red Bank, N.J.-based builder reported Tuesday it cut its second-quarter loss to $118.6 million from a loss of $340.7 million in the prior year period.
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