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HOV - Hovnanian: A Risky Homebuilder Changing Its Ways
Hovnanian Enterprises Inc. Class A
I first wrote about the homebuilding industry in November of 2018 in an article about the Pulte Group (PHM). There was widespread worries about a prolonged slowdown in the housing market, as prices had gotten expensive across the country. But, unlike in 2008, housing starts were at alarmingly low levels when adjusted for population growth. After a brief slowdown, the housing market quickly stabilized and a number of homebuilders have outperformed. PulteGroup, in particular, has outperformed the S&P 500 by over 20% since my article.
But one homebuilder I've invested in hasn't worked