Skip navigation
Watchlist Sponsored By :


Current DateTime: 09:50:52 10 Nov 2009
LinksList Documentid: 24355697

FEATURED QUIZZES


Current DateTime: 09:50:52 10 Nov 2009
LinksList Documentid: 33793611

Current DateTime: 09:50:52 10 Nov 2009
LinksList Documentid: 24890560
  • Winterizing Your Portfolio

      If 2009 was the winter of our discontent, will 2010 be a winter wonderland for investors? A lot depends on the recovery—or lack thereof.

  • Investor's Guide to Real Estate

      Some even say the long-awaited recovery is here. Regardless, buyers and sellers alike can profit from our guide.

  • Alternative Investing

      Stocks and bonds? Sure. But it's a big world out there for investors.

powered by digg
Hovnanian CEO Says Housing's Biggest Problem is Psychological
By: CNBC.com | 27 Jul 2007 | 12:16 PM ET
Text Size

Hovnanian Enterprises [HOV  Loading...      ()   ] 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."

Hovnanian doesn't expect a rapid recovery in the immediate future because the housing market remains "challenging."

He said the public home builders are a good barometer of the market's health.

"The group's sales have been down probably 20% to 25%, so (housing) starts should follow that kind of number, compared to last year," Hovnanian said.

Although Hovnanian expects credit-challenged would-be homebuyers are having a harder time getting a mortgage, that's only a small segment of the market, he said. For others, "it's business as usual."

"My guess is things will slowly start to stabilize soon…but stabilization doesn't mean recovery," he said.

© 2009 CNBC.com
Tools:
Print EmailAdd This share icon
  • digg share

CNBC HIGHLIGHTS

  • Vote and suggest your own, and remember--there's a fine line between a hero and a zero.
  • If you are lucky enough to have money and the time, this is a great time to see America, says CNBC's Jane Wells.
  • What’s powering your microwave, fridge and computer? Part of it is fuel from Russian nuclear weapons. The NYT reports.
  • Mickey Mouse
  • One author sees lessons for you in Disney’s recent Makeover of Mickey Mouse: “Nice” doesn’t always win.
  • With 123 years of history, slogans and commercials, Coca-Cola is the most recognized brand on earth.
  • The opening of a virtual pet store in “World of Warcraft” could prove a cash bonanza for Activision-Blizzard.
ADD COMMENTS
Remaining characters


Current DateTime: 02:47:39 10 Nov 2009
LinksList Documentid: 29778428

Current DateTime: 01:00:35 10 Nov 2009
LinksList Documentid: 29779196

Current DateTime: 04:56:52 10 Nov 2009
LinksList Documentid: 29779199

Current DateTime: 01:00:36 10 Nov 2009
LinksList Documentid: 29779198
  Data is a real-time snapshot  *Data is delayed at least 15 minutes
Global Business and Financial News, Stock Quotes, and Market Data and Analysis

© 2009 CNBC, Inc.  All Rights Reserved.
A Division of NBC Universal
Thomson ReutersThomson Reuters