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N.J. Homebuilder Reports 400 Billion+ Loss in Fiscal Fourth Quarter
Published: December 19, 2007
Red Bank, N.J.--Home builder Hovnanian Enterprises, based in Red Bank, N.J., said it will see a quarterly net loss of $469 million Tuesday, The New York Times reports.
Hovnanian reported a net loss of $7.42 a share for the fiscal fourth quarter, compared with a net loss of $1.88 a share in the same quarter in 2006.
The company said that the fourth quarter included pretax charges of $383 million for land and inventory that had been valued lower.
As potential buyers pulled out of contracts at a 40 percent rate--up from 35 percent in the previous quarter--net sales contracts dropped 10 percent to 2,781 homes and sales were down 19 percent to 3,969 homes.
Luxury home builder Toll Brothers also reported its first quarterly loss in 21 years during December.
