Homebuilders Want Bailout:
U.S. home prices continue to plunge, and builders want more help.


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Hovnanian (HOV) upgraded to neutral from underperform at Credit Suisse and price target reduced to $6 from $6.40. 2009 EPS estimate reduced to ($4.50) from ($3.30). Analyst stress test, which includes higher impairment charges and weak orders, yields 15% upside to shares.

6

7-8-08 5.64

They Just Don't Get Housing!:Marek Fuchs lambastes the AP for putting the government's day's old real estate plan to the long-term test, and with only a few anecdotes and faulty comparisons.

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Feds Take Aim at Naked Shorts: Alix Steel and Managing Editor Chris Nichols discuss the latest attempt by the government to curb abusive short-selling.

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Cramer: Housing's Bottom Is Near:
With Bob Toll changing his tune on housing, he signals to the market housing isn't as bad as mainstream media thinks, says Jim Cramer.

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I still see people believing that this is the right level to take a stab at Hovnanian (HOV).

Cramer: Housing Relief Is in Sight
Jim Cramer expects housing to turn a corner and says oil's surge won't damage the economy too badly as long as people don't lose their homes.

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In a recent Real Money post, Cramer railed against the company.

“I can't think of a reason to own Hovnanian, but I haven't been able to think of a reason to own any homebuilder for years. My point is that they have become crummy shorts because something happened this cycle that I didn't expect: The banks just didn't pull the plugs on these guys, even though they had every right to do so. That decision by the banks, collectively, has been dreadful -- suicidal, in fact. Had they bitten the bullet and crushed these guys, the houses would no longer be pumped out and the decline in home pricings would have largely run its course.

What's interesting is that the shorts just pounded out the syndicate biz, broke the print and are now causing fear among all of those who bought on the deal.

The brain-dead value players don't know the difference, but this block is in many ways more indicative of the true feeling of the market toward this group than the major bounce it has had for the past six months.”

poor profits, beaten down

will go bankrupt

discounting in progress