Hovnavian Enterprises on Wednesday reported a deeper quarterly loss that lagged Wall Street's estimates, hurt by record foreclosures and poor consumer confidence.
The No. 6 U.S. builder reported a loss of $202.5 million, or $2.67 per share, compared with a loss of $80.5 million, or $1.27 per share in the year-ago third quarter.
Analysts had predicted a loss of $1.68 per share, according to Reuters Estimates.
As the worst U.S. housing slump in decades grinds on into its third year, homes for sale continue to accumulate despite falling prices.
Builders such as Tousa, Levitt & Sons and WCI Communities have declared bankruptcy while the survivors have had to mark down the value of their assets.
