(Read more on the multifamily market.)
RED BANK, NJ-Citing weakening residential market conditions,homebuilder Hovnanian Enterprises said yesterday that it would takea pretax charge of at least $90 million and as much as $110 millionfor its Q3 ended July 31, 2007. The charge is tied to landimpairment and write-offs of predevelopment costs and land depositsin Q3, company officials say.
The charge comes "as a result of continued deterioration insales pace and pricing in certain communities since the end of thecompany's second fiscal quarter," says a spokesman, in a preparedstatement.
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