Hovnanian cuts prices of homes

Hovnanian cuts prices of homes.
NEWARK, N.J. - Hovnanian Enterprises Inc., struggling like other home builders, is offering six-figure discounts on some of its properties this weekend as it tries to draw interest in a slumping market. The sales blitz involves dropping prices more than 20 percent on some of its prime real estate. The largest discounts are on the most expensive homes, including a three-bedroom condominium by the Hudson River in West New York, which has been reduced $240,000, or 22 percent, to $862,000 this weekend. A 25 percent discount is being offered on a two-bedroom home in Jackson Township, N.J., which lowers its price tag to $300,501. Hovnanian"s discounts come during the worst housing downturn in 16 years, which has slashed earnings for the Red Bank, N.J.-based company and other national home builders.