Builder Hovnanian Narrows Loss

Red Bank, NJ, Sept. 8, 2011 -- Homebuilder Hovnanian Enterprises said it lost $50.9 million, or $0.47 a share, for the three months ended July 31.

That compares with a loss of $72.9 million, or $0.92 a share, in the same period last year.

Lower land-related charges helped to offset a drop in revenue.

New home orders rose 33% over last year. Home closings in the latest quarter fell 20%.

"We see very few indicators that any recovery in the housing market has begun," said Ara K. Hovnanian, the builder's chairman, president and chief executive.

Sales in the latest quarter fell to $285.6 million from $380.6 million a year ago.