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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
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] 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."
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