There is currently no indication of the end of the housing crunch, the chief executive of home builder Hovnanian Enterprises told CNBC Tuesday.
"I can't say that we're at the bottom, and that it's over and ready for recovery," Ara Hovnanian told "Squawk Box."
"I can say that I've been through this many times, and many cycles -- our company is almost 50 years old -- and I've been through a big chunk of it myself," Hovnanian said. "We just have to get through this period as an industry, and it will end. The sky's not falling. It'll come, but it's just not here at the moment yet."
After the bell Monday, the company said its first-quarter loss more than doubled from the same period a year ago.