Exhibit 99

Hovnanian Enterprises, Inc. News Release

Contact:	J. Larry Sorsby	Jeffrey T. O’Keefe
	Executive Vice President & CFO	Director of Investor Relations
	732-747-7800	732-747-7800

HOVNANIAN ENTERPRISES REPORTS FISCAL 2008 RESULTS

RED BANK, NJ, December 16, 2008 – Hovnanian Enterprises, Inc. (NYSE: HOV), a leading national homebuilder, reported results for its fourth quarter and fiscal year ended October 31, 2008.

Cash and Inventory as of October 31, 2008:

• Cash flow during the fourth quarter of fiscal 2008 was positive $175.1 million. At October 31, 2008, homebuilding cash was $838.2 million and the balance on the revolving credit facility was zero.

• The total land position, as of October 31, 2008, decreased by 24,881 lots compared to October 31, 2007, reflecting decreases of 5,241 owned lots and 19,640 optioned lots.

• As of October 31, 2008, lots controlled under option contracts totaled 16,464 and owned lots totaled 23,439. The total land position of 39,903 lots represents a 67% decline from the peak total land position at April 30, 2006.

• Started unsold homes and models declined 43%, from 2,822 at October 31, 2007 to 1,596 at October 31, 2008.

Results for the Twelve and Three month Periods ended October 31, 2008:

• Total revenues were $3.3 billion for fiscal 2008 compared to $4.8 billion in the previous year. Fourth quarter total revenues were $721.4 million, a decrease of 48% from last year’s fourth quarter.

• Deliveries, excluding unconsolidated joint ventures, were 10,577 homes for the full year, a 22% decline from 13,564 home deliveries last year. For the fourth quarter of 2008, deliveries were 2,294 homes, excluding unconsolidated joint ventures, a decrease of 42% from 3,969 home deliveries in the fiscal 2007 fourth quarter.

• The number of net contracts for fiscal 2008, excluding unconsolidated joint ventures, decreased 41% to 6,546 homes compared with the prior year.

• The number of net contracts for the fourth quarter of fiscal 2008, excluding unconsolidated joint ventures, declined 56% to 1,225 homes compared with last year’s fourth quarter. The fiscal 2007 fourth quarter is a difficult comparison because it includes approximately 1,500 “Deal of the Century” promotion net contracts. Excluding the “Deal of the Century” promotion net contracts

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from the fourth quarter of fiscal 2007, the number of net contracts for the fourth quarter of 2008 declined 4%.

• The cancellation rate, excluding unconsolidated joint ventures, for the fourth quarter of fiscal 2008 was 42%, compared with the rate of 40% in the previous year’s fourth quarter.

• Pre-tax land-related charges and intangible impairments during fiscal 2008 were $776.7 million, including land impairments of $596.0 million, write-offs of predevelopment costs and land deposits of $114.1 million, goodwill impairments of $32.7 million and intangible impairments of $2.7 million, as well as $31.2 million representing our equity portion of write-offs and impairment charges and the write down of our investments in certain unconsolidated joint ventures.

• Pre-tax land-related charges and intangible impairments during the fourth quarter of fiscal 2008 were $319.9 million, including land impairments of $215.6 million, write-offs of predevelopment costs and land deposits of $47.5 million, goodwill impairments of $32.7 million and intangible impairments of $2.7 million, as well as $21.4 million representing our equity portion of write-offs and impairment charges and the write down of our investments in certain unconsolidated joint ventures.

• Excluding land-related charges and intangible impairments, the pre-tax loss was $391.3 million and $136.6 million, respectively, for the twelve month and three month periods ended October 31, 2008. Including all land-related charges and intangible impairments, the pre-tax loss was $1.2 billion for all of fiscal 2008 and $456.5 million for the fiscal 2008 fourth quarter.

• The FAS 109 current and deferred tax valuation allowance charge to earnings was $409.6 million for the full year and $169.5 million during the fourth quarter of 2008. The FAS 109 charge was for GAAP purposes only and is a non-cash valuation allowance against the current and deferred tax asset. For tax purposes, the tax deductions associated with the tax assets may be carried forward for 20 years.

• For the twelve month period ended October 31, 2008, the net loss available to common stockholders was $1.1 billion, or $16.04 per common share, compared to a $637.8 million net loss, or $10.11 per common share, for the same period a year ago.

• For the fourth quarter of fiscal 2008, the after tax loss available to common stockholders was $450.5 million, or $5.79 per common share, compared with a net loss of $469.3 million, or $7.42 per common share, in the fourth quarter of fiscal 2007.

Other Key Operating Data:

• Contract backlog, as of October 31, 2008, excluding unconsolidated joint ventures, was 1,907 homes with a sales value of $646.2 million, a decrease of 68% compared to October 31, 2007.

• At October 31, 2008, there were 284 active selling communities, excluding unconsolidated joint ventures, a decline of 147 active communities, or 34%, from October 31, 2007.

• Homebuilding gross margin, before interest expense included in cost of sales, was 6.7% in fiscal 2008 and 4.7% for the fourth quarter of 2008, compared to 15.1% and 10.9%, respectively, in the same periods last year.

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• Pretax income from Financial Services declined 40% compared to the previous year to $16.7 million for fiscal 2008 and declined 49% compared to the same period last year to $3.6 million in the fourth quarter of fiscal 2008.

• For all of fiscal 2008, deliveries through unconsolidated joint ventures were 704 homes, compared with 1,364 homes during fiscal 2007. During the fourth quarter of fiscal 2008, home deliveries through unconsolidated joint ventures were 185 homes, compared with 471 homes in the fourth quarter of fiscal 2007.

Comments From Management:

“Since mid-September, the housing market has deteriorated in lock-step with the widening financial crisis and declines in broader economic conditions,” commented Ara K. Hovnanian, President and Chief Executive Officer of the Company. “Despite the headwinds we faced, we ended the year with $838 million in cash, slightly above the guidance we gave earlier in the fall before conditions worsened. During the first quarter of fiscal 2009, we reduced our debt by $42 million through an exchange offer in which $71 million of existing unsecured notes were exchanged for $29 million of new secured notes maturing in 2017. We will continue to explore additional debt exchanges, purchases and other opportunistic transactions to reduce our debt. As we look forward, our primary focus remains on cash flow, even at the expense of lower margins,” stated Mr. Hovnanian.

“After three years of an unprecedented housing downturn and the deteriorating state of the U.S. economy, we along with other public and private homebuilders, the National Association of Homebuilders, the Business Roundtable and the National Association of Manufacturers, among others, are seeking a housing stimulus package from the Federal Government to assist buyers of both existing and new homes. The housing industry typically leads the U.S economy into and out of recessions. It is important that a housing stimulus package is passed in order for a turnaround to occur in housing and the U.S. economy overall. More information about the coalition and its initiatives can be found at http://www.fixhousingfirst.com,” concluded Mr. Hovnanian.

Webcast Information:

Hovnanian Enterprises will webcast its fiscal 2008 fourth quarter financial results conference call at 11:00 a.m. E.T. on Wednesday, December 17, 2008. The webcast can be accessed live through the “Investor Relations” section of Hovnanian Enterprises’ Web site at http://www.khov.com. For those who are not available to listen to the live webcast, an archive of the broadcast will be available under the “Audio Archives” section of the Investor Relations page on the Hovnanian Web site at http://www.khov.com. The archive will be available for 12 months.

About Hovnanian Enterprises:

Hovnanian Enterprises, Inc., founded in 1959 by Kevork S. Hovnanian, Chairman, is headquartered in Red Bank, New Jersey. The Company is one of the nation’s largest homebuilders with operations in Arizona, California, Delaware, Florida, Georgia, Illinois, Kentucky, Maryland, Minnesota, New Jersey, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Texas, Virginia and West Virginia. The Company’s homes are marketed and sold under the trade names K. Hovnanian^Ò Homes^Ò, Matzel & Mumford, Brighton Homes, Parkwood Builders, Cambridge Homes, Town & Country Homes, Oster Homes, First Home Builders of Florida and CraftBuilt Homes. As the developer of K. Hovnanian’s^Ò

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Four Seasons communities, the Company is also one of the nation’s largest builders of active adult homes.

Additional information on Hovnanian Enterprises, Inc., including a summary investment profile and the Company’s 2007 annual report, can be accessed through the “Investor Relations” section of the Hovnanian Enterprises’ website at http://www.khov.com. To be added to Hovnanian’s investor e-mail or fax lists, please send an e-mail to IR@khov.com or sign up at http://www.khov.com.

Non-GAAP Financial Measures:

Consolidated earnings before interest expense, income taxes, depreciation and amortization (“EBITDA”) and before inventory impairment loss and land option write-offs (“Adjusted EBITDA”) are not U.S. generally accepted accounting principle (GAAP) financial measures. The most directly comparable GAAP financial measure is net income (loss). The reconciliation of EBITDA and Adjusted EBITDA to net income (loss) is presented in a table attached to this earnings release.

Cash flow is a non-GAAP financial measure. The most directly comparable GAAP financial measure is Net Cash provided by (or used in) Operating Activities. The Company uses cash flow to mean the amount of Net Cash provided by (or used in) Operating Activities for the period, as reported on the Consolidated Statement of Cash Flows, excluding changes in mortgage notes receivable at the mortgage company, plus (or minus) the amount of Net Cash provided by (or used in) Investing Activities. For the fourth quarter of 2008, cash flow was $175.1 million of net cash provided by operating activities excluding the change in mortgage notes receivable ($174.7 million from cash flow provided by operating activities less the change in mortgage notes receivable of $0.4 million) plus $0.8 million of net cash provided by investing activities. For the full 2008 fiscal year, cash flow was $368.5 million of net cash provided by operating activities excluding the change in mortgage notes receivable ($462.1 million from cash flow provided by operating activities less the change in mortgage notes receivable of $92.0 million) less $1.6 million of net cash used in investing activities.

(Loss) Income Before Income Taxes Excluding Land Related Charges and Intangible Impairments is a non-GAAP financial measure. The most directly comparable GAAP financial measure is Loss Before Income Taxes. The reconciliation of (Loss) Income Before Income Taxes Excluding Land Related Charges and Intangible Impairments to Loss Before Income Taxes is presented in a table attached to this earnings release.

Note: All statements in this Press Release that are not historical facts should be considered as “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks, uncertainties and other factors include, but are not limited to, (1) changes in general and local economic and industry and business conditions, (2) adverse weather conditions and natural disasters, (3) changes in market conditions and seasonality of the Company’s business, (4) changes in home prices and sales activity in the markets where the Company builds homes, (5) government regulation, including regulations concerning development of land, the home building, sales and customer financing processes, and the environment, (6) fluctuations in interest rates and the availability of mortgage financing, (7) shortages in, and price fluctuations of, raw materials and labor, (8) the availability and cost of suitable land and improved lots, (9) levels of competition, (10)

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availability of financing to the Company, (11) utility shortages and outages or rate fluctuations, (12) levels of indebtedness and restrictions on the Company’s operations and activities imposed by the agreements governing the Company’s outstanding indebtedness, (13) operations through joint ventures with third parties, (14) product liability litigation and warranty claims, (15) successful identification and integration of acquisitions, (16) significant influence of the Company’s controlling stockholders, (17) geopolitical risks, terrorist acts and other acts of war and (18) other factors described in detail in the Company’s Form 10-K for the year ended October 31, 2007 and Form 10Q per the quarter ended July 31, 2008.

(Financial Tables Follow)

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Hovnanian Enterprises, Inc.
October 31, 2008
Statements of Consolidated Operations
(Dollars in Thousands, Except Per Share)

	Three Months Ended						Twelve Months Ended
	October 31,						October 31,
	2008			2007			2008			2007
	(Unaudited)						(Unaudited)
Total Revenues	$	721,430		$	1,391,869		$	3,308,111		$	4,798,921
Costs and Expenses (a)		1,150,649			1,779,351			4,439,559			5,417,664
Loss from Unconsolidated Joint Ventures		(27,244	)		(25,289	)		(36,600	)		(28,223	)
Loss Before Income Taxes		(456,463	)		(412,771	)		(1,168,048	)		(646,966	)
Income Tax (Benefit) Provision		(6,004	)		53,822			(43,458	)		(19,847	)
Net Loss		(450,459	)		(466,593	)		(1,124,590	)		(627,119	)
Less: Preferred Stock Dividends		—			2,668			—			10,674
Net Loss Available to Common Stockholders	$	(450,459	)	$	(469,261	)	$	(1,124,590	)	$	(637,793	)
Per Share Data:
Basic:
Loss Per Common Share	$	(5.79	)	$	(7.42	)	$	(16.04	)	$	(10.11	)
Weighted Average Number of Common Shares Outstanding		77,747			63,207			70,131			63,079
Assuming Dilution:
Loss Per Common Share	$	(5.79	)	$	(7.42	)	$	(16.04	)	$	(10.11	)
Weighted Average Number of Common Shares Outstanding (b)		77,747			63,207			70,131			63,079

(a)	Includes inventory impairment loss and land option write-offs.
(b)	For periods with a net loss, basic shares are used in accordance with GAAP rules.

Hovnanian Enterprises, Inc.
October 31, 2008
Reconciliation of (Loss) Income Before Income Taxes Excluding Land-Related
Charges and Intangible Impairments to Loss Before Income Taxes
(Dollars in Thousands)

	Three Months Ended						Twelve Months Ended
	October 31,						October 31,
	2008			2007			2008			2007
	(Unaudited)						(Unaudited)
Loss Before Income Taxes	$	(456,463	)	$	(412,771	)	$	(1,168,048	)	$	(646,966	)
Inventory Impairment Loss and Land Option Write-Offs		263,159			273,353			710,120			457,773
Goodwill and Definite Life Intangible Impairments		35,363			77,556			35,363			135,206
Unconsolidated Joint Venture Investment, Intangible and Land-Related Charges		21,365			31,800			31,242			33,100
(Loss) Income Before Income Taxes Excluding
Land-Related Charges and Intangible Impairments	$	(136,576	)	$	(30,062	)	$	(391,323	)	$	(20,887	)

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Hovnanian Enterprises, Inc.
October 31, 2008
Gross Margin
(Dollars in Thousands)

	Homebuilding Gross Margin						Homebuilding Gross Margin
	Three Months Ended						Twelve Months Ended
	October 31,						October 31,
	2008			2007			2008			2007
	(Unaudited)						(Unaudited)
Sale of Homes	$	677,661		$	1,308,219		$	3,177,853		$	4,581,375
Cost of Sales, Excluding Interest (a)		645,690			1,165,509			2,965,886			3,890,474
Homebuilding Gross Margin, Excluding Interest		31,971			142,710			211,967			690,901
Homebuilding Cost of Sales Interest		41,192			45,598			136,439			130,825
Homebuilding Gross Margin, Including Interest	$	(9,221	)	$	97,112		$	75,528		$	560,076
Gross Margin Percentage, Excluding Interest		4.7	%		10.9	%		6.7	%		15.1	%
Gross Margin Percentage, Including Interest		(1.4	%)		7.4	%		2.4	%		12.2	%

	Land Sales Gross Margin				Land Sales Gross Margin
	Three Months Ended				Twelve Months Ended
	October 31,				October 31,
	2008		2007		2008		2007
	(Unaudited)				(Unaudited)
Land Sales	$	26,333	$	42,107	$	57,776	$	107,955
Cost of Sales, Excluding Interest (a)		19,270		36,094		45,016		87,179
Land Sales Gross Margin, Excluding Interest		7,063		6,013		12,760		20,776
Land Sales Interest		6,136		874		9,522		1,132
Land Sales Gross Margin, Including Interest	$	927	$	5,139	$	3,238	$	19,644

^(a) Does not include cost associated with walking away from land options or inventory impairment losses which are recorded as Inventory impairment loss and land option write-offs in the Consolidated Statements of Operations.

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Hovnanian Enterprises, Inc.
October 31, 2008
Reconciliation of Adjusted EBITDA to Net Loss
(Dollars in Thousands)

	Three Months Ended						Twelve Months Ended
	October 31,						October 31,
	2008			2007			2008			2007
	(Unaudited)						(Unaudited)
Net Loss	$	(450,459	)	$	(466,593	)	$	(1,124,590	)	$	(627,119	)
Income Tax (Benefit) Provision		(6,004	)		53,822			(43,458	)		(19,847	)
Interest Expense		66,046			47,223			176,336			141,754
EBIT (a)		(390,417	)		(365,548	)		(991,712	)		(505,212	)
Depreciation		4,823			4,754			18,426			18,283
Amortization of Debt Costs		1,643			503			3,963			2,576
Amortization and Impairment of Intangibles and Goodwill		35,363			83,700			36,883			162,124
EBITDA (b)		(348,588	)		(276,591	)		(932,440	)		(322,229	)
Inventory Impairment Loss and Land Option Write-offs		263,159			273,353			710,120			457,773
Adjusted EBITDA (c)	$	(85,429	)	$	(3,238	)	$	(222,320	)	$	135,544
Interest Incurred	$	53,411		$	46,262		$	190,801		$	194,547
Adjusted EBITDA to Interest Incurred		(1.60	)		(0.07	)		(1.17	)		0.70

(a)	EBIT is a non-GAAP financial measure. The comparable GAAP financial measure is net income (loss). EBIT represents earnings before interest expense and income taxes.
(b)	EBITDA is a non-GAAP financial measure. The comparable GAAP financial measure is net income (loss). EBITDA represents earnings before interest expense, income taxes, depreciation and amortization.
(c)	Adjusted EBITDA is a non-GAAP financial measure. The comparable GAAP financial measure is net income (loss). Adjusted EBITDA represents earnings before interest expense, income taxes, depreciation, amortization and inventory impairment loss and land option write-offs.

Hovnanian Enterprises, Inc.
October 31, 2008
Interest Incurred, Expensed and Capitalized
(Dollars in Thousands)

	Three Months Ended				Twelve Months Ended
	October 31,				October 31,
	2008		2007		2008		2007
	(Unaudited)				(Unaudited)
Interest Capitalized at Beginning of Period	$	182,742	$	156,603	$	155,642	$	102,849
Plus Interest Incurred		53,411		46,262		190,801		194,547
Less Interest Expensed		66,046		47,223		176,336		141,754
Interest Capitalized at End of Period (a)	$	170,107	$	155,642	$	170,107	$	155,642

(a) The Company incurred significant inventory impairments in recent quarters, which are determined based on total inventory including capitalized interest. However, the capitalized interest amounts are shown gross before allocating any portion of the impairments to capitalized interest.

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HOVNANIAN ENTERPRISES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In Thousands Except Share Amounts)

	October 31, 2008		October 31, 2007
ASSETS
Homebuilding:
Cash and cash equivalents	$	838,207	$	12,275
Restricted cash		4,324		6,594
Inventories—at the lower of cost or fair value:
Sold and unsold homes and lots under development		1,342,584		2,792,436
Land and land options held for future development or sale		644,067		446,135
Consolidated inventory not owned:
Specific performance options		10,610		12,123
Variable interest entities		77,022		139,914
Other options		84,799		127,726
Total consolidated inventory not owned		172,431		279,763
Total inventories		2,159,082		3,518,334
Investments in and advances to unconsolidated joint ventures		71,097		176,365
Receivables, deposits, and notes		78,766		109,856
Property, plant, and equipment—net		92,817		106,792
Prepaid expenses and other assets		156,595		174,032
Goodwill		—		32,658
Definite life intangibles		—		4,224
Total homebuilding		3,400,888		4,141,130
Financial services:
Cash and cash equivalents		9,849		3,958
Restricted cash		4,005		11,572
Mortgage loans held for sale or investment		90,729		182,627
Other assets		5,025		6,851
Total financial services		109,608		205,008
Income taxes receivable—including net deferred tax benefits		126,826		194,410
Total assets	$	3,637,322	$	4,540,548

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HOVNANIAN ENTERPRISES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In Thousands Except Share Amounts)

	October 31, 2008			October 31, 2007
LIABILITIES AND STOCKHOLDERS’ EQUITY
Homebuilding:
Nonrecourse land mortgages	$	820		$	9,430
Accounts payable and other liabilities		420,695			515,422
Customers’ deposits		28,676			65,221
Nonrecourse mortgages secured by operating properties		22,302			22,985
Liabilities from inventory not owned		135,077			189,935
Total homebuilding		607,570			802,993
Financial services:
Accounts payable and other liabilities		10,559			19,597
Mortgage warehouse line of credit		84,791			171,133
Total financial services		95,350			190,730
Notes payable:
Revolving credit agreements		—			206,750
Senior secured notes		594,734			—
Senior notes		1,511,071			1,510,600
Senior subordinated notes		400,000			400,000
Accrued interest		72,477			43,944
Total notes payable		2,578,282			2,161,294
Total liabilities		3,281,202			3,155,017
Minority interest from inventory not owned		24,880			62,238
Minority interest from consolidated joint ventures		976			1,490
Stockholders’ equity:
Preferred stock, $.01 par value—authorized 100,000 shares; issued 5,600 shares with a liquidation preference of $140,000, at October 31, 2008 and October 31, 2007		135,299			135,299
Common stock, Class A, $.01 par value—authorized 200,000,000 shares; issued 73,803,879 shares at October 31, 2008; and 59,263,887 shares at October 31, 2007 (including 11,694,720 shares at October 31, 2008 and October 31, 2007 held in Treasury)		738			593
Common stock, Class B, $.01 par value (convertible to Class A at time of sale)—authorized 30,000,000 shares; issued 15,331,494 shares at October 31, 2008; and issued 15,338,840 shares at October 31, 2007 (including 691,748 shares at October 31, 2008 and October 31, 2007 held in Treasury)		153			153
Paid in capital—common stock		418,626			276,998
(Accumulated deficit)/retained earnings		(109,295	)		1,024,017
Treasury stock—at cost		(115,257	)		(115,257	)
Total stockholders’ equity		330,264			1,321,803
Total liabilities and stockholders’ equity	$	3,637,322		$	4,540,548

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HOVNANIAN ENTERPRISES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands Except Share Amounts)

	Three Months Ended						Year Ended
	October 31, 2008			October 31, 2007			October 31, 2008			October 31, 2007
Revenues:
Homebuilding:
Sale of homes	$	677,661		$	1,308,219		$	3,177,853		$	4,581,375
Land sales and other revenues		32,176			64,150			78,039			141,355
Total homebuilding		709,837			1,372,369			3,255,892			4,722,730
Financial services		11,593			19,500			52,219			76,191
Total revenues		721,430			1,391,869			3,308,111			4,798,921
Expenses:
Homebuilding:
Cost of sales, excluding interest		664,960			1,201,603			3,010,902			3,977,653
Cost of sales interest		47,328			46,472			145,961			131,957
Inventory impairment loss and land option write-offs		263,159			273,353			710,120			457,773
Total cost of sales		975,447			1,521,428			3,866,983			4,567,383
Selling, general and administrative		89,249			137,558			377,068			539,362
Total homebuilding expenses		1,064,696			1,658,986			4,244,051			5,106,745
Financial services		8,013			12,444			35,567			48,321
Corporate general and administrative		20,680			21,559			82,846			85,878
Other interest		18,718			751			30,375			9,797
Other operations		3,179			1,911			9,837			4,799
Goodwill and intangible amortization and impairment		35,363			83,700			36,883			162,124
Total expenses		1,150,649			1,779,351			4,439,559			5,417,664
Loss from unconsolidated joint ventures		(27,244	)		(25,289	)		(36,600	)		(28,223	)
Loss before income taxes		(456,463	)		(412,771	)		(1,168,048	)		(646,966	)
State and federal income tax(benefit)/provision:
State		(1,940	)		6,970			13,760			7,088
Federal		(4,064	)		46,852			(57,218	)		(26,935	)
Total taxes		(6,004	)		53,822			(43,458	)		(19,847	)
Net loss		(450,459	)		(466,593	)		(1,124,590	)		(627,119	)
Less: preferred stock dividends		—			2,668			—			10,674
Net loss available to common stockholders	$	(450,459	)	$	(469,261	)	$	(1,124,590	)	$	(637,793	)
Per share data:
Basic:
Loss per common share	$	(5.79	)	$	(7.42	)	$	(16.04	)	$	(10.11	)
Weighted average number of common shares outstanding		77,747			63,207			70,131			63,079
Assuming dilution:
Loss per common share	$	(5.79	)	$	(7.42	)	$	(16.04	)	$	(10.11	)
Weighted average number of common shares outstanding		77,747			63,207			70,131			63,079

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HOVNANIAN ENTERPRISES, INC.
(DOLLARS IN THOUSANDS EXCEPT AVG. PRICE)
(UNAUDITED)

		Communities Under Development
		Three Months - 10/31/2008
		Net Contracts(1)							Deliveries
		Three Months Ended							Three Months Ended							Contract Backlog
		October 31, 2008							October 31, 2008							October 31, 2008
		2008		2007		% Change			2008		2007		% Change			2008		2007		% Change
Northeast
	Home		168		554		(69.68	%)		404		645		(37.36	%)		497		975		(49.03	%)
	Dollars		66,381		218,424		(69.61	%)		181,158		298,039		(39.22	%)		215,604		503,445		(57.17	%)
	Avg. Price		395,137		394,268		0.22	%		448,411		462,076		(2.96	%)		433,811		516,354		(15.99	%)
Mid-Atlantic
	Home		157		333		(52.85	%)		342		595		(42.52	%)		385		753		(48.87	%)
	Dollars		50,477		119,188		(57.65	%)		133,121		258,178		(48.44	%)		165,871		358,778		(53.77	%)
	Avg. Price		321,510		357,920		(10.17	%)		389,243		433,913		(10.29	%)		430,834		476,465		(9.58	%)
Southeast
	Home		91		308		(70.45	%)		228		594		(61.62	%)		163		2,151		(92.42	%)
	Dollars		13,314		76,451		(82.59	%)		51,979		155,560		(66.59	%)		45,657		614,575		(92.57	%)
	Avg. Price		146,308		248,216		(41.06	%)		227,978		261,886		(12.95	%)		280,104		285,716		(1.96	%)
Midwest
	Home		84		355		(76.34	%)		267		358		(25.42	%)		291		759		(61.66	%)
	Dollars		18,866		71,678		(73.68	%)		57,084		81,138		(29.65	%)		61,108		153,171		(60.10	%)
	Avg. Price		224,583		201,910		11.23	%		213,798		226,642		(5.67	%)		209,993		201,806		4.06	%
West
	Home		257		480		(46.46	%)		369		648		(43.06	%)		151		549		(72.50	%)
	Dollars		66,032		165,023		(59.99	%)		100,609		259,634		(61.25	%)		57,642		205,716		(71.98	%)
	Avg. Price		256,930		343,798		(25.27	%)		272,653		400,670		(31.95	%)		381,735		374,710		1.87	%
Southwest
	Home		468		751		(37.68	%)		684		1,129		(39.42	%)		420		751		(44.07	%)
	Dollars		103,626		168,440		(38.48	%)		153,710		255,670		(39.88	%)		100,305		174,206		(42.42	%)
	Avg. Price		221,425		224,288		(1.28	%)		224,722		226,457		(0.77	%)		238,819		231,966		2.95	%
Consolidated Total
	Home		1,225		2,781		(55.95	%)		2,294		3,969		(42.20	%)		1,907		5,938		(67.88	%)
	Dollars		318,696		819,204		(61.10	%)		677,661		1,308,219		(48.20	%)		646,187		2,009,891		(67.85	%)
	Avg. Price		260,161		294,572		(11.68	%)		295,406		329,609		(10.38	%)		338,850		338,479		0.11	%
Unconsolidated Joint Ventures
	Home		122		161		(24.22	%)		185		471		(60.72	%)		263		427		(38.41	%)
	Dollars		44,770		55,750		(19.70	%)		66,217		205,416		(67.76	%)		157,167		202,422		(22.36	%)
	Avg. Price		366,959		346,273		5.97	%		357,932		436,128		(17.93	%)		597,593		474,056		26.06	%
Total
	Home		1,347		2,942		(54.21	%)		2,479		4,440		(44.17	%)		2,170		6,365		(65.91	%)
	Dollars		363,466		874,954		(58.46	%)		743,878		1,513,635		(50.85	%)		803,354		2,212,313		(63.69	%)
	Avg. Price		269,834		297,401		(9.27	%)		300,072		340,909		(11.98	%)		370,209		347,575		6.51	%

DELIVERIES INCLUDE EXTRAS

Notes:
(1)	Net contracts are defined as new contracts signed during the period for the purchase of homes, less cancellations of prior contracts.

12

HOVNANIAN ENTERPRISES, INC.
(DOLLARS IN THOUSANDS EXCEPT AVG. PRICE)
(UNAUDITED)

		Communities Under Development
		Twelve Months - 10/31/2008
		Net Contracts(1)							Deliveries
		Twelve Months Ended							Twelve Months Ended							Contract Backlog
		October 31, 2008							October 31, 2008							October 31, 2008
		2008		2007		% Change			2008		2007		% Change			2008		2007		% Change
Northeast
	Home		934		1,756		(46.8	%)		1,412		1,999		(29.4	%)		497		975		(49.0	%)
	Dollars		381,401		802,459		(52.5	%)		679,488		935,476		(27.4	%)		215,604		503,445		(57.2	%)
	Avg. Price		408,352		456,981		(10.6	%)		481,224		467,972		2.8	%		433,811		516,354		(16.0	%)
Mid-Atlantic
	Home		880		1,545		(43.0	%)		1,248		1,926		(35.2	%)		385		753		(48.9	%)
	Dollars		313,405		677,581		(53.8	%)		509,009		885,599		(42.5	%)		165,871		358,778		(53.8	%)
	Avg. Price		356,142		438,564		(18.8	%)		407,860		459,813		(11.3	%)		430,834		476,465		(9.6	%)
Southeast
	Home		584		1,109		(47.3	%)		2,572		2,771		(7.2	%)		163		2,151		(92.4	%)
	Dollars		132,245		312,070		(57.6	%)		624,106		745,240		(16.3	%)		45,657		614,575		(92.6	%)
	Avg. Price		226,447		281,397		(19.5	%)		242,654		268,943		(9.8	%)		280,104		285,716		(2.0	%)
Midwest
	Home		497		1,134		(56.2	%)		965		1,043		(7.5	%)		291		759		(61.7	%)
	Dollars		106,887		248,744		(57.0	%)		209,759		226,804		(7.5	%)		61,108		153,171		(60.1	%)
	Avg. Price		215,064		219,351		(2.0	%)		217,367		217,453		(0.0	%)		209,993		201,806		4.1	%
West
	Home		1,366		2,067		(33.9	%)		1,764		2,182		(19.2	%)		151		549		(72.5	%)
	Dollars		421,292		833,986		(49.5	%)		551,978		959,682		(42.5	%)		57,642		205,716		(72.0	%)
	Avg. Price		308,413		403,476		(23.6	%)		312,913		439,818		(28.9	%)		381,735		374,710		1.9	%
Southwest
	Home		2,285		3,395		(32.7	%)		2,616		3,643		(28.2	%)		420		751		(44.1	%)
	Dollars		518,565		758,340		(31.6	%)		603,513		828,574		(27.2	%)		100,305		174,206		(42.4	%)
	Avg. Price		226,944		223,370		1.6	%		230,701		227,443		1.4	%		238,819		231,966		3.0	%
Consolidated Total
	Home		6,546		11,006		(40.5	%)		10,577		13,564		(22.0	%)		1,907		5,938		(67.9	%)
	Dollars		1,873,795		3,633,180		(48.4	%)		3,177,853		4,581,375		(30.6	%)		646,187		2,009,891		(67.9	%)
	Avg. Price		286,251		330,109		(13.3	%)		300,449		337,760		(11.0	%)		338,850		338,479		0.1	%
Unconsolidated Joint Ventures
	Home		540		661		(18.3	%)		704		1,364		(48.4	%)		263		427		(38.4	%)
	Dollars		221,858		211,797		4.8	%		262,605		535,051		(50.9	%)		157,167		202,422		(22.4	%)
	Avg. Price		410,848		320,418		28.2	%		373,018		392,266		(4.9	%)		597,593		474,056		26.1	%
Total
	Home		7,086		11,667		(39.3	%)		11,281		14,928		(24.4	%)		2,170		6,365		(65.9	%)
	Dollars		2,095,653		3,844,977		(45.5	%)		3,440,458		5,116,426		(32.8	%)		803,354		2,212,313		(63.7	%)
	Avg. Price		295,746		329,560		(10.3	%)		304,978		342,740		(11.0	%)		370,209		347,575		6.5	%

DELIVERIES INCLUDE EXTRAS

Notes:

(1) Net contracts are defined as new contracts signed during the period for the purchase of homes, less cancellations of prior contracts.