Business Identify and Define the Thesis

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Earlier, shares touched 79 cents" (Hovnanian sales hit 6-month high, 2009, Asbury Park Press). But Hovnanian has bent over backwards to offer low-cost housing to consumers, and this has paid off. Its free-fall seems to have bottomed out. The cancellation rate for current projects was 31% compared with 38% in the first fiscal quarter of 2008 and 42% in the fourth quarter of fiscal 2008. New sales rose 8.1% in February Hovnanian sales hit 6-month high, 2009, the Asbury Park Press). Sales are coming at the expense of profit margins, however -- the company is selling homes as low as possible, simply to generate demand and spread the name of the company. It hopes sales will disseminate positive buzz for the company that will pay off when the economy improves. Regardless, Hovnanian has at least mastered one KSF for the new market place.

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While K.B. Homes still only stress their unique prefabricated nature, now Hovnanian is simply focusing on its low, low prices and has humbled itself as a company, admitting its past mistakes publically.

Yet it is D.R. Horton who has done the most to capitalize upon the current economic environment, offering radically reduced cost homes, and specifically targeting new home buyers with strong credit ratings. "Horton lost $62.6 million, or 20 cents a share, in the period, better than the loss of $128.8 million, or 41 cents a share, a year earlier and the loss of 52 cents expected by analysts surveyed by Thomson Reuters" in February 2009 (Loss narrows for home builder D.R. Horton, 2009, the New York Times). New home buyers who have never been burned in the market are perhaps the best, perhaps the only market segment.....

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