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Hovnanian Enterprises is offering six-figure discounts on some of its properties this weekend as it attempts to draw interest in a slumping market.
We reported some pretty nasty numbers from the Mortgage Bankers Association yesterday: A 51% rise in new foreclosures nationwide to the highest rate in the history of the MBA survey. And it’s a big bad number like that that is going to add more fuel to the fire in Washington among all those folks who have been bandying about the idea of some kind of government...
Hovnanian Enterprises reported its fourth consecutive quarterly loss after markets closed Thursday, as the luxury homebuilder cited continuing problems of credit availability and high inventory.
Housing stocks were mostly lower Thursday after data showed new home foreclosures hit a record high in spring, giving the sector its third consecutive day of declines.
I couldn’t have been less welcome if I were a subprime borrower begging a bank for a jumbo loan. There I stood, in the early September heat, smack in front of the visitor's entrance of the Federal Reserve, as the CEOs of the nation’s very top home builders filed out of a meeting with the Fed Chairman. They may not have marched in lock step, but their refusal to talk to me was in dead-bolt lock step.
Stocks rallied after President Bush outlined his plan to help distressed homeowners, and Federal Reserve Chairman Ben Bernanke said the Fed will act as needed to address credit concerns.
On Friday, Federal Reserve Chairman Ben Bernanke will address the annual monetary conference held in Jackson Hole, Wyo. Amid the U.S. subprime mortgage mess, tightening global credit and a volatile market, everyone is waiting on what Bernanke will say -- and do.
Inflation numbers are good for those who want a rate cut. The PCE deflator shows moderating inflation. U.S. futures--as well as European bourses--are also rallying because of President Bush's proposal to help homeowners who cannot pay their mortgages.
Stocks are striking a sour note before the open, with market talk focused full force on the Fed.Traders are also watching a Fed report, due at 10 a.m. New York time on the amount of commercial paper outstanding. Second quarter GDP, released this morning, was revised to 4% from 3.4%.
Tomorrow is the end of the month, significant for several reasons, including: 1) end of the quarter for a number of brokerages, including Morgan Stanley, Bear Stearns, and Lehman Brothers, and 2) a large amount of asset-backed commercial paper (ABCP) will be rolling over.
Hovnanian Enterprises Chief Executive Ara Hovnanian said Thursday the risk of a recession is heightened and called for a rate cut by the Federal Reserve.
From commodities and construction materials to interest rates and mortgage lenders, the state of real estate is at the forefront of most business and financial debates. But some say opportunities still exist -- if you know where to look. CNBC's crack team of reporters dug into the real estate market from every angle. Here is a sampling of what they found.
Facing a continued slump in the U.S. housing market, luxury home builder Hovnanian Enterprises said Monday it expects to take a charge of $90 million to $110 million related to land impairments and write-offs.
Don't worry, I'm not quarterbacking the mortgage market, but I am checking the rates, and calling around. I just ran a Bankrate.com search on a 30-year jumbo fixed rate and localized it to Richmond, VA. I came up with rates anywhere from 6.750 with Amerisave to 7.515 with Countrywide to 8.200 with Bank of America.
Financial stocks got hammered again on Thursday as renewed credit worries scared investors away from the sector. Housing stocks, however, showed surprising strength even with the growing problems in the subprime mortgage market.
Another day of big volume and big volatility. Why the late-day turnaround? With volatility like this, it's no wonder traders are lost and confused; the momentum guys are not sure if they should be buying or selling.
Speculators in homebuilder stock options had a volatile day as they chased rumors that Beazer Homes was about to file for bankruptcy, only to hear the company deny the rumors.As one trader said: "It's a chiropractors' market as we whip up and down".
Beazer Homes USA said Wednesday that rumors that sent down its stock down nearly 40% are "unfounded."
Bad news in the housing market this week was enough to rock the stock market right off its foundations. Existing home sales, new home sales, homebuilder earnings reports, no one expected them to be bright, but the numbers cast a heavy shadow on any optimism for a quick recovery in housing.
Hovnanian Enterprises Chief Executive Ara Hovnanian told CNBC Friday that the housing market's biggest problem is pyschological.