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Hovnanian:  Recovery Coming, Not Sure When

Published: Wednesday, 6 Aug 2008 | 8:45 AM ET
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Hovnanian Enterprises Chief Executive Ara Hovnanian says recovery is coming to the housing market, but next year will be a wild card.

"I don't think you can quite declare a bottom of the market yet," he said in an exclusive interview on CNBC.  "There's a lot of volatility." (For the full interview, watch the video to the left.)

He hinted that recently-passed legislation may be nudging sales higher.

"I can just tell you, anecdotally, the last couple of weeks have been a little bit stronger," he said.  "Now, is part of that related to the housing stimulus bill that was recently passed, and buyers are feeling a little bit more optimistic, because they stand to get a $7,500 tax credit?  That could be.  It's hard to tell right now."

Hovnanian [HOV  Loading...      ()   ] indicated that when things do turn around, they could be better than ever.

"Housing demand is there long-term," he said.  "Actually, the demographers say it's going to be better than ever, so it will come back, once psychology changes, once we burn though a little excess inventory."

© 2012 CNBC.com

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