1222 ET - Hovnanian Enterprises continues to operate in a challenging macro environment. "World events, as well as high mortgage rates, high gas prices, inflation and other factors have caused potential homebuyers to hesitate," CEO Ara Hovnanian says on a call with analysts. "While website traffic has remained strong, indicating long-term homebuyer interest, buyers remain slow to make the final decision to move forward." This hesitancy weighed on operations, as the homebuilder swings to a F3Q loss and posts lower revenue. Shares tumble 11%.
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