No Summer of Love

Hovnanian Enterprises, a big national homebuilder headquartered in New Jersey, reported disppointing results yesterday for its second quarter. Sales, at $1.1 billion, came in $100 million less than what Wall Street was expecting and 29% below the same period last year. Cash flow fell 80% to $40 million. Contracts for new homes slid 24%. Management again lowered its sales estimate for the year. The forecast, joked Gimmie Credit analyst Vicki Bryan, calls for “six more weeks of winter for homebuilders and no summer of love.”

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