UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

HOVNANIAN ENTERPRISES, INC.

(Exact Name of Registrant as Specified in Charter)

Delaware		1-8551		22-1851059
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)

110 West Front Street
P.O. Box 500
Red Bank, New Jersey 07701
(Address of Principal Executive Offices) (Zip Code)

(732) 747-7800
(Registrant’s telephone number, including area code)

Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

Item 2.02. Results of Operations and Financial Condition.

     On March 10, 2009, Hovnanian Enterprises, Inc. issued a press release announcing its preliminary financial results for the fiscal first quarter ended January 31, 2009. A copy of the press release is attached as Exhibit 99.

     The information in this Current Report on Form 8-K and the Exhibit attached hereto is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

     The Earnings Press Release contains information about EBITDA and Adjusted EBITDA, which are non-GAAP financial measures. The most directly comparable GAAP financial measure is net income (loss). The reconciliation of EBITDA and Adjusted EBITDA to net loss is contained in the Earnings Press Release. The Earnings Press Release contains information about (Loss) Income Before Income Taxes Excluding Land-Related Charges, Intangible Impairments and Gain on Extinguishment of Debt, which is a non-GAAP financial measure. The most directly comparable GAAP financial measure is Loss Before Income Taxes. The reconciliation of (Loss) Income Before Income Taxes Excluding Land-Related Charges, Intangible Impairments and Gain on Extinguishment of Debt to Loss Before Income Taxes is contained in the Earnings Press Release.

     Management believes EBITDA to be relevant and useful information as EBITDA is a standard measure commonly reported and widely used by analysts, investors and others to measure our financial performance and our ability to service our debt obligations. EBITDA is also one of several metrics used by our management to measure the cash generated from our operations. EBITDA does not take into account substantial costs of doing business, such as income taxes and interest expense. While many in the financial community consider EBITDA to be an important measure of comparative operating performance, it should be considered in addition to, but not as a substitute for, income before income taxes, net income, cash flow provided by operating activities and other measures of financial performance prepared in accordance with accounting principles generally accepted in the United States that are presented on the financial statements included in the Company’s reports filed with the Securities and Exchange Commission. Additionally, our calculation of EBITDA may be different than the calculation used by other companies, and, therefore, comparability may be affected.

     Management believes (Loss) Income Before Income Taxes Excluding Land-Related Charges, Intangible Impairments and Gain on Extinguishment of Debt to be relevant and useful information because it provides a better metric of the Company’s operating performance. (Loss) Income Before Income Taxes Excluding Land-Related Charges, Intangible Impairments and Gain on Extinguishment of Debt should be considered in addition to, but not as a substitute for, income before income taxes, net income and other measures of financial performance prepared in accordance with accounting principles generally accepted in the United States that are presented on the financial statements included in the Company’s reports filed with the Securities and Exchange Commission. Additionally, our calculation of (Loss) Income Before Income Taxes Excluding Land-Related Charges, Intangible Impairments and Gain on Extinguishment of Debt may be different than the calculation used by other companies, and, therefore, comparability may be affected.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit 99               Earnings Press Release — First Fiscal Quarter Ended January 31, 2009.

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: March 10, 2009

INDEX TO EXHIBITS

Exhibit Number		Exhibit
Exhibit 99		Earnings Press Release — First Fiscal Quarter Ended January 31, 2009.

Hovnanian Enterprises, Inc.		News Release

Contact:		J. Larry Sorsby		Jeffrey T. O’Keefe
		Executive Vice President & CFO		Director of Investor Relations
		732-747-7800		732-747-7800

HOVNANIAN ENTERPRISES REPORTS FIRST QUARTER FISCAL 2009 RESULTS

RED BANK, NJ, March 10, 2008 — Hovnanian Enterprises, Inc. (NYSE: HOV), a leading national homebuilder, reported results for its first quarter ended January 31, 2009.

Results for the Three months ended January 31, 2009:

•		Total revenues were $373.8 million for the first three months of fiscal 2009 compared to $1.1 billion in the first quarter of the prior year.
•		Deliveries, excluding unconsolidated joint ventures, were 1,208 homes for the 2009 first quarter, a 66% decline from 3,604 homes in the 2008 first quarter, which included 1,345 homes in Fort Myers-Cape Coral during the first quarter of fiscal 2008. Excluding the Fort Myers-Cape Coral deliveries in last year’s first quarter, deliveries were down 47%.
•		The number of net contracts for the first quarter of fiscal 2009, excluding unconsolidated joint ventures, declined 36% to 961 homes compared with last year’s first quarter.
•		The cancellation rate, excluding unconsolidated joint ventures, for the first three months of fiscal 2009 was 31%, compared with the cancellation rate of 38% in the previous year’s first quarter and 42% in the fourth quarter of fiscal 2008.
•		During the first quarter of fiscal 2009, total debt was reduced by $94.7 million, net of discount amortization. Repurchases amounted to $53.2 million of notes at an average price of 27.6%. Exchanges amounted to $71.4 million of existing unsecured notes for $29.3 million of new secured notes maturing in 2017. As a result, a $79.5 million gain on extinguishment of debt was recorded during the first quarter of fiscal 2009.
•		Pre-tax land-related charges during the first quarter of fiscal 2009 were $132.0 million, including land impairments of $95.7 million, write-offs of predevelopment costs and land deposits of $14.5 million and $21.8 million representing the write down of our investments in certain unconsolidated joint ventures.
•		The pre-tax loss was $177.8 million for the 2009 first quarter. Excluding land-related charges and the gain from extinguishment of debt, the pre-tax loss was $125.3 million for the three months ended January 31, 2009.
•		The FAS 109 current and deferred tax valuation allowance charge to earnings was $79.4 million during the first quarter of 2009. This FAS 109 charge is a non-cash valuation allowance against

the tax assets for GAAP purposes. For tax purposes, the tax deductions associated with the tax assets may be carried forward for 20 years.

•

For the first quarter of fiscal 2009, the after tax loss was $178.4 million, or $2.29 per common share, compared with a net loss of $130.9 million, or $2.07 per common share, in the prior year’s first quarter.

Cash and Inventory as of January 31, 2009:

•		At January 31, 2009, homebuilding cash was $842.6 million and the balance on the revolving credit facility was zero. Cash flow during the first quarter of fiscal 2009 included a federal tax refund of $145.2 million.
•		The total land position, as of January 31, 2009, decreased by 21,501 lots compared to January 31, 2008, reflecting decreases of 4,414 owned lots and 17,087 optioned lots.
•		As of January 31, 2009, lots controlled under option contracts totaled 14,642 and owned lots totaled 22,958. The total land position of 37,600 lots represents a 69% decline from the peak total land position at April 30, 2006.
•		Started unsold homes and models declined 38%, to 1,445 at January 31, 2009 compared to 2,321 at January 31, 2008.

Other Key Operating Data:

•		Contract backlog, as of January 31, 2009, excluding unconsolidated joint ventures, was 1,660 homes with a sales value of $531.0 million, a decrease of 61% compared to January 31, 2008.
•		At January 31, 2009, there were 245 active selling communities, excluding unconsolidated joint ventures, a decline of 159 active communities, or 39%, from January 31, 2008.
•		Homebuilding gross margin, before interest expense included in cost of sales, was 5.7% for the first quarter of 2009, compared to 6.7% in the fiscal 2008 first quarter and 4.7% in the 2008 fourth quarter.
•		Pretax income from Financial Services declined 49% compared to the same period last year to $1.6 million in the first quarter of fiscal 2009.
•		During the first quarter of fiscal 2009, home deliveries through unconsolidated joint ventures were 75 homes, compared with 155 homes in the first quarter of fiscal 2008.

Comments From Management:

“The sales environment remained persistently challenging throughout the first quarter. While we have experienced a typical, seasonal pickup in traffic and sales since the middle of January, this increase is coming off of extremely low levels that have prevailed since mid-September,” commented Ara K. Hovnanian, President and Chief Executive Officer. “Much to our disappointment, there were no significant provisions designed to stimulate housing demand in the stimulus bill signed into law last

month or the subsequent plan to stem foreclosures. Given the lack of steps taken by the federal government to address housing demand, prospective homebuyers are still faced with making the decision to buy a home against an exceedingly difficult economic backdrop and we expect demand for all homes, both new and existing, to remain far below normalized levels.”

“Recent developments have only heightened our focus on cash flow generation and debt reduction,” continued Mr. Hovnanian. “In January, we received a $145 million federal income tax refund for fiscal 2008 and ended the first quarter with $843 million in cash. On the debt front, our near-term maturities are modest, consisting of $100 million original face value that comes due in January 2010 and no additional maturities until 2012. During the first quarter of 2009, we repurchased $53 million of face value of unsecured senior and senior subordinated notes for $15 million in cash.”

“Since the end of our first quarter, we purchased approximately $240 million of face value of unsecured senior notes and $75 million of face value of unsecured senior subordinated notes for approximately $105 million in cash, resulting in approximately a $210 million gain and a corresponding increase in stockholders’ equity. While we continue to explore debt exchanges and purchases, we remain committed to the preservation of our cash balances,” concluded Mr. Hovnanian.

Webcast Information:

Hovnanian Enterprises will webcast its fiscal 2009 first quarter financial results conference call at 11:00 a.m. E.T. on Wednesday, March 11, 2008. The webcast can be accessed live through the “Investor Relations” section of Hovnanian Enterprises’ Website at http://www.khov.com. For those who are not available to listen to the live webcast, an archive of the broadcast will be available under the “Audio Archives” section of the Investor Relations page on the Hovnanian Website at http://www.khov.com. The archive will be available for 12 months.

About Hovnanian Enterprises:

Hovnanian Enterprises, Inc., founded in 1959 by Kevork S. Hovnanian, Chairman, is headquartered in Red Bank, New Jersey. The Company is one of the nation’s largest homebuilders with operations in Arizona, California, Delaware, Florida, Georgia, Illinois, Kentucky, Maryland, Minnesota, New Jersey, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Texas, Virginia and West Virginia. The Company’s homes are marketed and sold under the trade names K. Hovnanian^Ò Homes^Ò, Matzel & Mumford, Brighton Homes, Parkwood Builders, Town & Country Homes, Oster Homes, First Home Builders of Florida and CraftBuilt Homes. As the developer of K. Hovnanian’s^Ò Four Seasons communities, the Company is also one of the nation’s largest builders of active adult homes.

Additional information on Hovnanian Enterprises, Inc., including a summary investment profile and the Company’s 2008 annual report, can be accessed through the “Investor Relations” section of the Hovnanian Enterprises’ website at http://www.khov.com. To be added to Hovnanian’s investor e-mail or fax lists, please send an e-mail to IR@khov.com or sign up at http://www.khov.com.

Non-GAAP Financial Measures:

Consolidated earnings before interest expense, income taxes, depreciation and amortization (“EBITDA”) and before inventory impairment loss and land option write-offs and gain on extinguishment of debt (“Adjusted EBITDA”) are not U.S. generally accepted accounting principle (GAAP) financial measures. The most directly comparable GAAP financial measure is net income (loss). The reconciliation of EBITDA and Adjusted EBITDA to net loss is presented in a table attached to this earnings release.

Loss Before Income Taxes Excluding Land-Related Charges, Intangible Impairments and Gain on Extinguishment of Debt is a non-GAAP financial measure. The most directly comparable GAAP financial measure is Loss Before Income Taxes. The reconciliation of Loss Before Income Taxes Excluding Land-Related Charges, Intangible Impairments and Gain on Extinguishment of Debt to Loss Before Income Taxes is presented in a table attached to this earnings release.

Note: All statements in this Press Release that are not historical facts should be considered as “forward-looking statements” within the meaning of the “Safe Harbor” Provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks, uncertainties and other factors include, but are not limited to, (1) changes in general and local economic and industry and business conditions, (2) adverse weather conditions and natural disasters, (3) changes in market conditions and seasonality of the Company’s business, (4) changes in home prices and sales activity in the markets where the Company builds homes, (5) government regulation, including regulations concerning development of land, the home building, sales and customer financing processes, and the environment, (6) fluctuations in interest rates and the availability of mortgage financing, (7) shortages in, and price fluctuations of, raw materials and labor, (8) the availability and cost of suitable land and improved lots, (9) levels of competition, (10) availability of financing to the Company, (11) utility shortages and outages or rate fluctuations, (12) levels of indebtedness and restrictions on the Company’s operations and activities imposed by the agreements governing the Company’s outstanding indebtedness, (13) operations through joint ventures with third parties, (14) product liability litigation and warranty claims, (15) successful identification and integration of acquisitions, (16) significant influence of the Company’s controlling stockholders, (17) geopolitical risks, terrorist acts and other acts of war and (18) other factors described in detail in the Company’s Form 10-K for the year ended October 31, 2008.

(Financial Tables Follow)

Hovnanian Enterprises, Inc.
January 31, 2009
Statements of Consolidated Operations
(Dollars in Thousands, Except Per Share)

		Three Months Ended
		January 31,
		2009				2008
		(Unaudited)
Total Revenues		$	373,784			$	1,093,701
Costs and Expenses (a)			608,541				1,257,456
Gain on Extinguishment of Debt			79,520				—
Loss from Unconsolidated Joint Ventures			(22,589	)			(5,039	)
Loss Before Income Taxes			(177,826	)			(168,794	)
Income Tax Provision (Benefit)			584				(37,851	)
Net Loss Attributable to Common Stockholders		$	(178,410	)		$	(130,943	)
Per Share Data:
Basic:
Loss Per Common Share		$	(2.29	)		$	(2.07	)
Weighted Average Number of Common Shares Outstanding			78,043				63,358
Assuming Dilution:
Loss Per Common Share		$	(2.29	)		$	(2.07	)
Weighted Average Number of Common Shares Outstanding (b)			78,043				63,358

Hovnanian Enterprises, Inc.
January 31, 2009
Reconciliation of Loss Before Income Taxes Excluding Land-Related
Charges, Intangible Impairments and Gain on Extinguishment of Debt to Loss Before Income Taxes
(Dollars in Thousands)

		Three Months Ended
		January 31,
		2009				2008
		(Unaudited)
Loss Before Income Taxes		$	(177,826	)		$	(168,794	)
Inventory Impairment Loss and Land Option Write-Offs			110,181				90,168
Unconsolidated Joint Venture Investment, Intangible and Land-Related Charges			21,824				4,007
Gain on Extinguishment of Debt			(79,520	)			—
Loss Before Income Taxes Excluding
Land-Related Charges, Intangible Impairments and Gain on Extinguishment of Debt (a)		$	(125,341	)		$	(74,619	)

Hovnanian Enterprises, Inc.
January 31, 2009
Gross Margin
(Dollars in Thousands)

		Homebuilding Gross Margin
		Three Months Ended
		January 31,
		2009				2008
		(Unaudited)
Sale of Homes		$	359,052			$	1,051,818
Cost of Sales, Excluding Interest (a)			338,430				981,568
Homebuilding Gross Margin, Excluding Interest			20,622				70,250
Homebuilding Cost of Sales Interest			22,604				27,963
Homebuilding Gross Margin, Including Interest		$	(1,982	)		$	42,287
Gross Margin Percentage, Excluding Interest			5.7	%			6.7	%
Gross Margin Percentage, Including Interest			(0.6	)%			4.0	%

		Land Sales Gross Margin
		Three Months Ended
		January 31,
		2009				2008
		(Unaudited)
Land Sales		$	2,799			$	22,753
Cost of Sales, Excluding Interest (a)			2,245				21,996
Land Sales Gross Margin, Excluding Interest			554				757
Land Sales Interest			525				625
Land Sales Gross Margin, Including Interest		$	29			$	132

Hovnanian Enterprises, Inc.
January 31, 2009
Reconciliation of Adjusted EBITDA to Net Loss
(Dollars in Thousands)

		Three Months Ended
		January 31,
		2009				2008
		(Unaudited)
Net Loss		$	(178,410	)		$	(130,943	)
Income Tax Provision (Benefit)			584				(37,851	)
Interest Expense			47,359				29,128
EBIT (a)			(130,467	)			(139,666	)
Depreciation			5,298				4,597
Amortization of Debt Costs			1,660				593
Amortization of Intangibles			—				935
EBITDA (b)			(123,509	)			(133,541	)
Inventory Impairment Loss and Land Option Write-offs			110,181				90,168
Gain on Extinguishment of Debt			(79,520	)			—
Adjusted EBITDA (c)		$	(92,848	)		$	(43,373	)
Interest Incurred		$	53,510			$	44,916
Adjusted EBITDA to Interest Incurred			(1.74	)			(0.97	)

Hovnanian Enterprises, Inc.
January 31, 2009
Interest Incurred, Expensed and Capitalized
(Dollars in Thousands)

		Three Months Ended
		January 31,
		2009				2008
		(Unaudited)
Interest Capitalized at Beginning of Period		$	170,107			$	155,642
Plus Interest Incurred			53,510				44,916
Less Interest Expensed			47,359				29,128
Interest Capitalized at End of Period (a)		$	176,258			$	171,430

HOVNANIAN ENTERPRISES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands Except Share Amounts)

		January 31,				October 31,
		2009				2008
		(unaudited)				(1)
ASSETS
Homebuilding:
Cash and cash equivalents		$	842,586			$	838,207
Restricted cash			3,454				4,324
Inventories — at the lower of cost or fair value:
Sold and unsold homes and lots under development			1,105,466				1,342,584
Land and land options held for future development or sale			672,615				644,067
Consolidated inventory not owned:
Specific performance options			10,035				10,610
Variable interest entities			71,327				77,022
Other options			59,882				84,799
Total consolidated inventory not owned			141,244				172,431
Total inventories			1,919,325				2,159,082
Investments in and advances to unconsolidated joint ventures			49,498				71,097
Receivables, deposits, and notes			61,463				78,766
Property, plant, and equipment — net			88,048				92,817
Prepaid expenses and other assets			149,628				156,595
Total homebuilding			3,114,002				3,400,888
Financial services:
Cash and cash equivalents			6,607				9,849
Restricted cash			4,361				4,005
Mortgage loans held for sale or investment			83,665				90,729
Other assets			2,845				5,025
Total financial services			97,478				109,608
Income taxes receivable — including net deferred tax benefits			—				126,826
Total assets		$	3,211,480			$	3,637,322

HOVNANIAN ENTERPRISES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands Except Share Amounts)

		January 31,				October 31,
		2009				2008
		(unaudited)				(1)
LIABILITIES AND STOCKHOLDERS’ EQUITY
Homebuilding:
Nonrecourse land mortgages		$	820			$	820
Accounts payable and other liabilities			315,194				420,695
Customers’ deposits			23,912				28,676
Nonrecourse mortgages secured by operating properties			22,108				22,302
Liabilities from inventory not owned			110,465				135,077
Total homebuilding			472,499				607,570
Financial services:
Accounts payable and other liabilities			8,840				10,559
Mortgage warehouse line of credit			75,446				84,791
Total financial services			84,286				95,350
Notes payable:
Senior secured notes			624,251				594,734
Senior notes			1,410,758				1,511,071
Senior subordinated notes			376,135				400,000
Accrued interest			36,051				72,477
Total notes payable			2,447,195				2,578,282
Income tax payable			18,954				—
Total liabilities			3,022,934				3,281,202
Minority interest related to inventory not owned			19,860				24,880
Minority interest in consolidated joint ventures			736				976
Stockholders’ equity:
Preferred stock, $.01 par value — authorized 100,000 shares; issued 5,600 shares at January 31, 2009 and at October 31, 2008 with a liquidation preference of $140,000			135,299				135,299
Common stock, Class A, $.01 par value — authorized 200,000,000 shares; issued 74,220,991 shares at January 31, 2009 and 73,803,879 shares at October 31, 2008 (including 11,694,720 shares at January 31, 2009 and October 31, 2008 held in Treasury)			742				738
Common stock, Class B, $.01 par value (convertible to Class A at time of sale) — authorized 30,000,000 shares; issued 15,331,494 shares at January 31, 2009 and 15,331,494 shares at October 31, 2008 (including 691,748 shares at January 31, 2009 and October 31, 2008 held in Treasury)			153				153
Paid in capital — common stock			434,718				418,626
Accumulated deficit			(287,705	)			(109,295	)
Treasury stock — at cost			(115,257	)			(115,257	)
Total stockholders’ equity			167,950				330,264
Total liabilities and stockholders’ equity		$	3,211,480			$	3,637,322

HOVNANIAN ENTERPRISES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(In Thousands Except Share Amounts)
(Unaudited)

		Three Months Ended
		January 31,
		2009				2008
Revenues:
Homebuilding:
Sale of homes		$	359,052			$	1,051,818
Land sales and other revenues			6,413				27,910
Total homebuilding			365,465				1,079,728
Financial services			8,319				13,973
Total revenues			373,784				1,093,701
Expenses:
Homebuilding:
Cost of sales, excluding interest			340,675				1,003,564
Cost of sales interest			23,129				28,588
Inventory impairment loss and land option write-offs			110,181				90,168
Total cost of sales			473,985				1,122,320
Selling, general and administrative			71,044				100,169
Total homebuilding			545,029				1,222,489
Financial services			6,748				10,870
Corporate general and administrative			30,910				21,155
Other interest			24,230				540
Other operations			1,624				1,467
Intangible amortization			—				935
Total expenses			608,541				1,257,456
Gain on extinguishment of debt			79,520				—
Loss from unconsolidated joint ventures			(22,589	)			(5,039	)
Loss before income taxes			(177,826	)			(168,794	)
State and federal income tax provision (benefit):
State			555				2,283
Federal			29				(40,134	)
Total taxes			584				(37,851	)
Net loss attributable to common stockholders		$	(178,410	)		$	(130,943	)
Per share data:
Basic:
Loss per common share		$	(2.29	)		$	(2.07	)
Weighted average number of common shares outstanding			78,043				63,358
Assuming dilution:
Loss per common share		$	(2.29	)		$	(2.07	)
Weighted average number of common shares outstanding			78,043				63,358

HOVNANIAN ENTERPRISES, INC.
(DOLLARS IN THOUSANDS EXCEPT AVG. PRICE)
(UNAUDITED)

Communities Under Development
Three Months — 01/31/2009

				Net Contracts(1)												Deliveries
				Three Months Ended												Three Months Ended												Contract Backlog
				January 31,												January 31,												January 31,
				2009				2008				% Change				2009				2008				% Change				2009				2008				% Change
Northeast		Home			139				198				(29.8	)%			194				314				(38.2	)%			442				859				(48.5	)%
		Dollars		$	65,345			$	83,416				(21.7	)%		$	86,236			$	160,346				(46.2	)%		$	193,533			$	431,517				(55.2	)%
		Avg.Price		$	470,108			$	421,295				11.6	%		$	444,515			$	510,656				(13.0	)%		$	437,857			$	502,348				(12.8	)%
Mid-Atlantic		Home			136				201				(32.3	)%			183				297				(38.4	)%			338				657				(48.6	)%
		Dollars		$	42,259			$	73,424				(42.5	)%		$	68,995			$	125,558				(45.0	)%		$	139,210			$	308,344				(54.9	)%
		Avg.Price		$	310,728			$	365,294				(14.9	)%		$	377,022			$	422,754				(10.8	)%		$	411,864			$	469,321				(12.2	)%
Midwest		Home			104				102				2.0	%			113				211				(46.4	)%			282				650				(56.6	)%
		Dollars		$	18,836			$	18,737				0.5	%		$	26,872			$	46,580				(42.3	)%		$	54,552			$	126,937				(57.0	)%
		Avg.Price		$	181,115			$	183,693				(1.4	)%		$	237,805			$	220,758				7.7	%		$	193,447			$	195,288				(0.9	)%
Southeast		Home			117				155				(24.5	)%			157				1,629				(90.4	)%			123				677				(81.8	)%
		Dollars		$	20,063			$	42,423				(52.7	)%		$	34,015			$	393,182				(91.3	)%		$	31,896			$	195,367				(83.7	)%
		Avg.Price		$	171,479			$	273,699				(37.4	)%		$	216,656			$	241,364				(10.2	)%		$	259,317			$	288,578				(10.1	)%
Southwest		Home			282				545				(48.3	)%			370				691				(46.5	)%			332				605				(45.1	)%
		Dollars		$	60,497			$	124,385				(51.4	)%		$	86,605			$	164,184				(47.3	)%		$	75,797			$	136,931				(44.7	)%
		Avg.Price		$	214,528			$	228,229				(6.0	)%		$	234,068			$	237,603				(1.5	)%		$	228,304			$	226,333				0.9	%
West		Home			183				310				(41.0	)%			191				462				(58.7	)%			143				397				(64.0	)%
		Dollars		$	30,519			$	115,405				(73.6	)%		$	56,329			$	161,968				(65.2	)%		$	36,043			$	149,539				(75.9	)%
		Avg.Price		$	166,770			$	372,273				(55.2	)%		$	294,916			$	350,580				(15.9	)%		$	252,049			$	376,674				(33.1	)%
Consolidated Total		Home			961				1,511				(36.4	)%			1,208				3,604				(66.5	)%			1,660				3,845				(56.8	)%
		Dollars		$	237,519			$	457,790				(48.1	)%		$	359,052			$	1,051,818				(65.9	)%		$	531,031			$	1,348,635				(60.6	)%
		Avg.Price		$	247,158			$	302,971				(18.4	)%		$	297,228			$	291,847				1.8	%		$	319,898			$	350,750				(8.8	)%
Unconsolidated Joint Ventures		Home			43				108				(60.2	)%			75				155				(51.6	)%			231				380				(39.2	)%
		Dollars		$	14,122			$	52,747				(73.2	)%		$	24,512			$	66,568				(63.2	)%		$	146,330			$	187,417				(21.9	)%
		Avg.Price		$	328,442			$	488,397				(32.8	)%		$	326,827			$	429,469				(23.9	)%		$	633,463			$	493,203				28.4	%
Total		Home			1,004				1,619				(38.0	)%			1,283				3,759				(65.9	)%			1,891				4,225				(55.2	)%
		Dollars		$	251,641			$	510,537				(50.7	)%		$	383,564			$	1,118,386				(65.7	)%		$	677,361			$	1,536,052				(55.9	)%
		Avg.Price		$	250,638			$	315,341				(20.5	)%		$	298,959			$	297,522				0.5	%		$	358,203			$	363,563				(1.5	)%

DELIVERIES INCLUDE EXTRAS