A rumor that billionaire investor Warren Buffett was buying shares of Hovnanian Enterprises lifted the Red Bank-based homebuilder’s shares 12 percent last Friday.

But so far today, the shares, while up, aren’t going nuts.

According to BigCharts, the shares were at $18.70 in early trading, up 17 cents.

Even Friday, there was some discounting of the rumor, as reflected in an article on TheStreet.com.

From that story:

Two sources who closely follow the homebuilding industry said they would be surprised if the rumor turned out to be true.

” [Buffett] was never involved in past. I don’t think he would get involved now,” says one sell-side analyst.

A hedge fund source also expressed skepticism. “Housing has not bottomed yet, so why would he buy now?” he says.

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