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To: yard_man who wrote (254404)	8/6/2003 2:56:28 PM
From: MythMan	Read Replies (1) \| Respond to of 436258

Hovnanian Enterprises Announces Entry Into Phoenix Market With Acquisition of Great Western Homes Wednesday August 6, 2:52 pm ET RED BANK, N.J., Aug. 6 /PRNewswire-FirstCall/ -- Hovnanian Enterprises, Inc. (NYSE: HOV - News), a leading national homebuilder, announced today that the Company has signed a definitive agreement to acquire the assets of Great Western Homes, headquartered in Mesa, Arizona, for an undisclosed purchase price paid in cash. The acquisition, which is expected to close later this month, marks Hovnanian's entry into the Phoenix marketplace and expands the Company's operations in the Southwestern United States. Great Western Homes designs, constructs, markets and sells affordably priced new homes for first- time and move-up homebuyers throughout the Phoenix metropolitan area. Great Western closed more than 700 homes with an average sales price of $129,000 during its latest fiscal year ended March 31, 2003. Great Western Homes currently controls over 3,500 lots in metropolitan Phoenix and is well positioned for continued growth over the next several years.