I'm at a Hovnanian community in Woodbridge, VA today, covering the story of an incredible three-day sale, where the beleaguered builder is slashing prices over 100 thousand dollars. This area is new home central; bulldozers on steroids and the sound of nail guns coming at you like a bad day in Iraq.
The folks at 'Hovnaniana' are all excited that we're covering the big sale, but one of their customers is less than thrilled. Gregg Aldana took his life savings two years ago to buy a Hovnanian home here that he thought he could live in forever. He thought it would be the greatest investment of his life. Now, with the builder lowering prices on the homes all around him, he's not so sure. I assumed it was because even one house sold at a lower price lowers the value of all the homes around it. But he told me about a trend here that I had never heard of before.