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March 5, 2010

Hovnanian CEO: Glut of unsold homes easing

LOS ANGELES (AP) — The CEO of Hovnanian Enterprises said a modest surge in foreclosures this year wouldn't have a devastating effect on the home builder's sales.

Ara Hovnanian said new construction and the inventory of homes for sale have fallen well below normal levels in many cities. So the addition of more homes on the market shouldn't hurt builders.


 
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