Full Description

Hovnanian Enterprises, Inc., incorporated in 1967, designs, constructs, markets and sells single-family detached homes, attached townhomes and condominiums, mid-rise and high-rise condominiums, urban infill and active adult homes in planned residential developments. The Company has delivered in excess of 280,000 homes, including 11,281 homes, as of October 31, 2008. The Company consists of two operations: homebuilding and financial services. Its homebuilding operations consist of six segments: Northeast, Mid-Atlantic, Midwest, Southeast, Southwest and West. Its financial services operations provide mortgage loans and title services to the customers of its homebuilding operations. As of October 31, 2008, the Company offered homes for sale in 284 communities in 44 markets in 18 states throughout the United States. It markets and builds homes for first-time buyers, first-time and second-time move-up buyers, luxury buyers, active adult buyers and empty nesters.

The Company markets and builds homes that are constructed in 23 of the 50 housing markets. It segregates its homebuilding operations geographically into six segments: Northeast, which includes New Jersey, New York and Pennsylvania; Mid-Atlantic, which includes Delaware, Maryland, Virginia, West Virginia and Washington, D.C.; Midwest, which includes Illinois, Kentucky, Minnesota and Ohio; Southeast, which includes Florida, Georgia, North Carolina, South Carolina, Southwest, which includes Arizona, Texas, and West, which includes California.

The Company’s residential development activities include site planning and engineering, obtaining environmental and other regulatory approvals and constructing roads, sewer, water and drainage facilities, recreational facilities and other amenities and marketing and selling homes. These activities are performed by the Company’s associates, together with independent architects, consultants and contractors. Its associates also carry out long-term planning of communities. A residential development generally includes single family detached homes and/or a number of residential buildings containing from 2 to 24 individual homes per building, together with amenities, such as club houses, swimming pools, tennis courts, tot lots and open areas. It also develops mid-rise and high-rise buildings, including some that contain over 300 homes per building.

The Company’s financial services segment provides its customers with financing, and coordinates and expedites the loan origination transaction through the steps of loan application, loan approval and closing and title services. It originates loans in New Jersey, New York, Pennsylvania, Delaware, Maryland, Washington, D.C., Virginia, West Virginia, North Carolina, South Carolina, Georgia, Texas, Arizona, Illinois, Ohio, Minnesota, Florida, and California.