RED BANK, N.J. (Hanley-Wood News Service) - Hovnanian Enterprises, Inc. (NYSE: HOV), a leading national homebuilder, announced today preliminary new home orders for the month of November 2001. Nov. 2001 Nov. 2000 Nov. 01/00
Net New Net New Net New Home
Home Orders Home Orders Orders % Change
Northeast Region 133 184 -27.7%
North Carolina 130 44 195.5%
Metro DC 88 14 528.6%
Mid South 18 0 N/A
California 35 59 -40.7%
Texas 55 44 25.0%
Other 1 6 -83.3%
Total: 460 351 31.1%
The decline in new home orders in both the Northeast Region and in California in November 2001 was largely the result of a fall off in the number of communities in which the Company was actively selling homes. The Company believes this decline is an indication of market constraints on obtaining development approvals for new communities rather than an indication of slowing demand for housing. The Company is slated to open a significant number of communities in these two markets in fiscal year 2002 and anticipates that the number of active selling communities in these two markets will increase more than 25% during the fiscal year, while the total number of active selling communities Company-wide will increase approximately 10%.
Hovnanian Enterprises, Inc., founded in 1959, is headquartered in Red Bank, New Jersey. The Company is one of the nation's largest homebuilders with operations in New Jersey, New York, Pennsylvania, Maryland, Virginia, North Carolina, Tennessee, Mississippi, Alabama, Texas and California in the United States and in Poland. The Company's homes are marketed and sold under the trade names K. Hovnanian, Washington Homes, Goodman Homes, Matzel & Mumford, Diamond Homes, Westminster Homes, and Fortis Homes. The Company also develops K. Hovnanian's Four Seasons communities for active adults.