In an interview with Bloomberg, Ara Hovnanian CEO President of the company bearing his name said:
"We really didn't see it [the housing slowdown] coming...."
He added (scratching his head):
"What's unusual [about the slowdown] this time, is that interest rates are low." "It's unprecendented!"
"Demand has slackened most in areas where prices had gone up the most" (strange, that!! -ed.)
-- Ara Hovnanian, President/CEO Hovnanian Enterprises
My comment: That would be fine if Mr Hovnanian was, say, perhaps a "Boulanger", an Elementary School Arts Teacher, or a Juggler in "Le Cirque du Soleil". But as the President & CEO of one of America's, (and the world's, I might add) largest residential homebuilders, his foresight is rather deficient....
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1 comment:
I find his name rather amusing, as anyone with it in a Slavic country would likely ask for a name change for decency reasons...
V.
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