Love all the cute ways builders tried to protect their comps, and manipulate the new home sales report's median price.
Love all the sheeple who fell for it (ooh, look ma! we get a free TV if we buy this home today! ooh!!! who cares what the price is!! free TV! free TV!! now we can watch Dancing with the Stars and America's Top Model!!! oohhh!!!!)
One thing about Hovnanian, they have been able to lower their stock price pretty good - down 90% now from the peak.
Oh, remember this attempt by their CEO at illegal price fixing? Where he told his competitors to go out and RAISE the prices, right before he went out and slashed his.
Frog marches. We want frog marches. Or at least some tar and feathers. And for crying out loud, no more "free" stuff to con people into buying your overpriced debt-traps.
"Raise prices," he said. "Buyers aren't buying because they think you're going to lower prices again. There's interest but there's fear. Raise prices 3-4 percent. And quit giving discounts.''
- Ara Hovnanian, July 2007