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What's Normal for Hovnanian?
By Stephen D. Simpson, CFA
December 8, 2005

Can you have a bubble when everybody is openly talking about whether or not there's a bubble? I am, of course, talking about the housing market, where speculation and commentary ranges from "we're in a unprecedented bubble that will end in doom" to "what bubble?"

Whatever the fate of the housing market as a whole, the stock market has already taken some of the steam out of many homebuilding stocks. Whether you look at KB Home (NYSE: KBH), Toll Brothers (NYSE: TOL), Lennar (NYSE: LEN), or today's topic, Hovnanian (NYSE: HOV), you see stocks below their mid-summer peaks......
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