Housing Gloom Continues for Hovnanian

Hovnanian (HOV Quote) reported a second-quarter loss and painted a bleak picture about the ongoing real estate slowdown, saying the housing market has gotten worse after showing signs of improvement earlier this year.

The Red Bank, N.J., homebuilder withdrew its full-year guidance because of the "increased uncertainty of housing market conditions."

For the quarter ended April 30, Hovnanian recorded a loss of $30.7 million, or 49 cents a share, compared with a year-earlier profit of $101 million, or $1.55 per share. The results were in line with management's previous guidance for a 50-cent loss. ...