During a conference call with Wall Street analysts : errxdamerh

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15.06.2009

During a conference call with Wall Street analysts

During a conference call with Wall Street analysts, Ara Hovnanian said homebuyer tax credits are stoking sales and noted home price declines have slowed in some hard-hit markets.

But the builder said there's still some pain ahead for the housing market if foreclosures continue to climb.

The Red Bank, N.J.-based company reported late Tuesday it cut its second-quarter loss to $118.6 million from a loss of $340.7 million in the prior year period.

Hovnanian shares tumbled 41 cents, or 13.6 percent, to $2.61 in afternoon trading.

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15.06.2009

During a conference call with Wall Street analysts

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