2008-09-05 — thestreet.com
For the third quarter ended July 31, Hovnanian's revenue of $716.5 million dropped from $1.1 billion in the same quarter a year ago. The New Jersey-based homebuilder lost $202.5 million, or $2.67 a share, compared with a loss of $80.5 million, or $1.27 a share, in the year-earlier period.
...
"As we continue to compete against record foreclosures, higher than normal levels of resale listings and poor consumer confidence, the housing market remains challenging," said Ara Hovnanian, president and CEO of the company, in a statement.
This doesn't sound like things are getting better. Looks like the foreclosure situation was the "wildcard" (which nevertheless I warned of).
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