Tuesday, December 19, 2006

Quote of the Day

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....

1 comment:

Anonymous said...

I find his name rather amusing, as anyone with it in a Slavic country would likely ask for a name change for decency reasons...