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Keyword: housingglut

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  • Hovnanian cuts prices as home sales cool (20% or more discounts during weekend)

    09/14/2007 8:42:42 AM PDT · by 2ndDivisionVet · 59 replies · 1,442+ views
    Yahoo! Business News ^ | September 13, 2007 | Jeffrey Gold
    NEWARK, N.J. - Hovnanian Enterprises Inc., struggling like other home builders, is offering six-figure discounts on some of its properties this weekend as it attempts to draw interest in a slumping market. The sales blitz involves dropping prices by more 20 percent on some of its prime real estate. The largest discounts are on the most expensive homes, including a 3-bedroom condominium by the Hudson River in West New York, which has been reduced $240,000, or 22 percent, to $862,000 this weekend. A 25-percent discount is being offered on a 2-bedroom home in Jackson Township, N.J., which lowers its price...