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For homebuilders like Hovnanian Enterprises Inc. (NYSE: HOV), Toll Brothers Inc. (NYSE: TOL) and D.R. Horton Inc. (NYSE: DHI), 2007 was a year to forget, and 2008 probably isn't going to be that great either.For Hovnanian, which today reported a fourfold increase in its fourth-quarter loss, times are going to be especially hard. The New Jersey company is selling off property at a furious pace, reducing its total land position by 47%, and will cut it further next year, according to Chief Financial Officer J. Larry Sorsby. During the fourth quarter, land sales rose to $64.15 million compared with $41.3 million a year earlier. Homebuilding revenue fell to $1.3 billion. Obviously, that's a not a situation that's sustainable for a company whose business is selling homes, not selling land. Shares of Hovnanian are down $2.09, or 24%, at last check to $6.45.
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