NEPTUNE, NJ-Three experts offered their perspectives on NewJersey’s housing market at a breakfast meeting, hosted by the ShoreBuilders Association of Central New Jersey, at the Jumping BrookCounty Club here. The featured speakers were Joe Riggs, grouppresident of K. Hovnanian Homes; Ed Walters Jr., president andfounder of the Walters Group; and Arvo Prima, president of PrimaBuilders. Peter Reinhart of Hovnanian Enterprises moderated theevent.

The depth of the downturn in the housing industry has hitbuilders across the country, causing them to cut back on productionand reassess strategies. "This recession was far deeper than anyoneexpected," said Walters, who explained that his Barnegat-based firmhas survived over the years because it was able to diversify. Thedevelopment firm has expanded its scope to include single-family,multifamily and large-scale commercial projects. He laudedattendees for surviving in today’s housing market, stating that,"We should all be proud of the fact that we’re still inbusiness."

Walters gave a regional viewpoint, explaining that among thestruggles facing builders today is the lack of consumer confidence."People are still nervous about whether or not they’re buying in adeclining market," he said. "As a result, new construction salesare slightly behind where they were last year at this time.However, prices have stabilized, and our home values have increasedslightly from last year."