MORE RED INK FOR RED BANK HOMEBUILDER

Hov_hq_81206Hovnanian’s Red Bank HQ, as seen from the foot of Maple Avenue.

Hovnanian Enterprise reported a $72.7 million loss as revenue fell in latest fiscal quarter. The deficit was worse than Wall Street analysts had anticipated, according to a Bloomberg News report in the New York Times.

The Red Bank-headquartered national homebuilding company reported that revenue fell 20 percent, to $255.1 million, from $318.6 million a year earlier, in the quarter ended April 30. Net orders dropped 17 percent.

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