Hovnanian has hit Hard Times
Wednesday, December 26, 2007
BY JEFF MAY
Star-Ledger Staff
The credit crunch and a glut of unsold homes has put an end to those glory days, however. And this time, it's the Red Bank company itself that's taking on water.
K. Hovnanian last week reported dismal results for the fourth quarter and fiscal 2007, which ended Oct. 31 for the company. Full-year sales fell 28 percent to $4.8 billion, with a loss of $638 million.
The builder is shutting down sales operations at several communities, and paying financial penalties to walk away from options to build elsewhere. And while the company has given no formal guidance for fiscal 2008, company officials acknowledge it will be another rough year.
Note: K. Hovnanian, who is having financial problems, is one of the builders mentioned in the future development of the South Port project in Gloucester City.
They should not be confused with J.S. Hovnanian the company that helped with building the new house for the Pennsauken family that was featured on the television show, Extreme Makeover recently.
Gloucester City Councilman Nick Marchese is employed by J.S. Hovnanian.
They should not be confused with J.S. Hovnanian the company that helped with building the new house for the Pennsauken family that was featured on the television show, Extreme Makeover recently.
Gloucester City Councilman Nick Marchese is employed by J.S. Hovnanian.
See article on Extreme Makeover
Concerned. Kan u reed?
Posted by: ingrateful1 | December 27, 2007 at 11:43 AM
Which Hovnanian employs our councilman?
Concerned
Posted by: | December 27, 2007 at 10:23 AM