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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Elroy Jetson who wrote (63486)	10/8/2006 12:15:47 AM
From: CalculatedRisk	Read Replies (1) \| Respond to of 306849

K. Hovnanian memo to employees MEMORANDUM TO: All Associates FROM: Ara K. Hovnanian DATE: October 3, 2006 paper-money.blogspot.com Excerpts: A few months ago I wrote to you about the changing market conditions in our industry and our concerns about how long the downturn in homebuilding may last. Since that time, the market has slowed further still, representing one of the steepest declines in new home sales in our memory. Most of our markets have been affected, some severely. At this point, we are preparing for a long period of slower sales, at least through 2007 and perhaps beyond. ... The most difficult adjustment we have had to make to the changing market is in the area of staffing. In many locations, including corporate headquarters, we have been forced to face the fact that we no longer have enough work for all of our Associates.