Homebuilding executive Ara Hovnanian says his industry is not yet getting better, but it's not getting much worse.
Hovnanian Enterprises said on Tuesday its fiscal second quarter loss ballooned more than 10 times from a year earlier, as credit concerns and a weaker economy hit housing sales.
But the company said it had ample liquidity to weather the slowdown and expects to stay cash-flow positive for the full fiscal year.
"The housing environment is difficult," the firm's president and chief executive told CNBC. "All public builders are having challenges. The focus is on liquidity, it's on cash flow, both for our company and the industry...and we just have to weather through it."