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Bad weather and Soaring housing prices derails Hovnanian Enterprises

Hovnanian Enterprises, Inc. (NYSE:HOV) shares are down over 5 percent in early trading after the homebuilder reported first quarter net losses that were wider than a year ago. The homebuilder had net losses of $24.5 million (17 cents a share) in the first quarter on revenues of $364 million. Street expectations were net losses of 2 cents a share on revenues of $406 million. Hovnanian cited a combination of bad weather and decreasing demand as housing prices soar for the expansion of net losses in the quarter.