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Home building giant posts loss

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Home builder Hovnanian Enterprises reported a second-quarter loss, saying trouble with the subprime lending market and a general housing market slump were to blame. “We are frustrated to report that the housing market has continued to slip further in many locations in terms of both sales pace and sales prices,” said the firm’s chief executive, Ara K. Hovnanian. The company delivered 31 percent fewer homes last quarter than it did a year earlier. more [WSJ]