Homebuilder Hovnanian Enterprises Inc. said Tuesday a change in tax law would now allow it to spread its 2009 operating loss over five previously profitable years and give it a tax benefit and gain in the first half of fiscal 2010.

The housing bust left homebuilders with plenty of red ink on their books as they walked away from swaths of land they no longer needed.

Homebuilder Hovnanian Enterprises Inc. on Wednesday said its board gave President and CEO Ara K. Hovnanian the additional title of chairman.

New home sales rose a tepid 0.7 percent last month, missing Wall Street expectations and providing more evidence the housing market recovery remains tentative.

Stocks fell for a second day Thursday after the Federal Reserve announced plans to start unwinding some stimulus measures and a report showed existing-home sales fell last month.

Stocks retreated Thursday after the Federal Reserve announced plans to start unwinding some stimulus measures and a report showed existing-home sales fell last month.

An opening pop fizzled Thursday after the Federal Reserve announced plans to start unwinding some stimulus measures and a report showed existing-home sales fell last month. Stocks had opened higher after a report showed an unexpected drop in jobless claims last week.

Stocks snapped their winning streak Thursday after soaring this week to new highs for the year.

Shares of homebuilders slid Wednesday as new home sales dropped for the first time in five months.

Fresh signs that the economy is stabilizing  emerged Tuesday in reports that home construction rose more than expected last month and wholesale prices remain in check.

Housing construction fell to a record low in April as a steep drop in apartment building offset a rebound in single-family construction.