2007-11-06cnbc.com

"[Hovnanian] company said cancellations for the quarter that ended Oct. 31, were 40 percent of gross contracts, up from 35 percent in the previous quarter as well as the year-ago quarter. Hovnanian blamed the higher cancellation rate on the inability of some customers to obtain loans due to the tightening of mortgage underwriting standards."



Comments: Be the first to add a comment

add a comment | go to forum thread