Hovnanian shares are down 13% this morning (the most since 2011) after a worse than expected loss and drop in margins stunned shareholders. In a 2007-esque reflection, Hovnanian's CEO appears to be admitting things are not as rosy as homebuilders have all been projecting:
- *HOVNANIAN "TOO AGGRESSIVE" IN PRODUCING HOMES ON SPEC, CEO SAYS
- *HOVNANIAN CONCESSIONS ON SPEC HOMES CUT MARGINS: CEO
- *HOUSING MARKET FEELS A "BIT TENTATIVE," HOVNANIAN'S SORSBY SAYS
However, the CEO added 2016 will be the breakout year... so that's nice.
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Is this the first chink in the armor of Homebuilder optimism?
