Housing Recovery Drops Below Projections

<img src='http://media.salon.com/2013/09/DSC_0049_BW-150×150.png&#039; width='200px' [link] style=’float:left;padding:5px’ />

Bernanke that month indicated the central bank may slow its purchases of government and mortgage bonds. BUILDERS OUTLOOK The advance in mortgage costs is unlikely to halt the nations housing recovery, Red Bank, New Jersey-based Hovnanian said. The company reported a profit for its fiscal third quarter as net contracts climbed 1.8 percent and the contract backlog, an indication of future sales, jumped 18 percent to 2,893 homes. The company is confident any hesitancy from its customers caused by the jump in borrowing costs will be a temporary bump in the road to housing recovery, Chief Executive Officer Ara Hovnanian said on a Sept. 9 conference call with analysts. Bloomfield Hills, Michigan-based PulteGroup Inc.
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