Hovnanian Enterprises Chief Executive Ara Hovnanian told CNBC Friday that the housing market's biggest problem is pyschological.
"It's a psychological problem right now, more than anything else," Hovnanian said on CNBC's "Squawk Box." "Job growth is good. Interest rates are still really, really good. Demographics are good so it will come around."
"We've been through these cycles many, many times before," he continued. "When it's bad everybody thinks it's going to be bad forever, and that’s not the case. It is going to come around."