Summary Box: Homebuilder Hovnanian cuts loss in fiscal 3rd-qtr, but new home orders slowed

Summary Box: Hovnanian Enterprises 3rd-qtr results

SMALLER LOSS: Hovnanian Enterprises Inc. cut its fiscal third-quarter loss as the homebuilder booked fewer land-related write-downs.

WEAKER ORDERS: Net contracts on new homes tumbled 37 percent versus the prior-year quarter as demand slowed in the absence of the incentives provided by federal homebuyer tax credits earlier this year.

SALES OUTLOOK: Management says the pace of sales improved throughout the quarter and into August, and is hopeful the trend will continue into September — but noted the pace of sales remains far from normal.