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<SEC-DOCUMENT>0000950123-09-048394.txt : 20091005
<SEC-HEADER>0000950123-09-048394.hdr.sgml : 20091005
<ACCEPTANCE-DATETIME>20091005172622
ACCESSION NUMBER:		0000950123-09-048394
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20091005
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20091005
DATE AS OF CHANGE:		20091005

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HOVNANIAN ENTERPRISES INC
		CENTRAL INDEX KEY:			0000357294
		STANDARD INDUSTRIAL CLASSIFICATION:	OPERATIVE BUILDERS [1531]
		IRS NUMBER:				221851059
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08551
		FILM NUMBER:		091106457

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		7327477800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET PO BOX 500
		STREET 2:		110 WEST FRONT STREET  PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>y79620e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>e8vk</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
PURSUANT TO SECTION 13 OR 15(d) OF THE<BR>
SECURITIES EXCHANGE ACT OF 1934</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Date of Report (Date of earliest event reported): October&nbsp;5, 2009</B></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>HOVNANIAN ENTERPRISES, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact Name of Registrant as Specified in Charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD align="center" valign="top"><B>Delaware</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>1-8551</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>22-1851059</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or Other <BR>
Jurisdiction <BR>
of Incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Commission File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer<BR>
Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>110 West Front Street<BR>
P.O. Box 500<BR>
Red Bank, New Jersey 07701</B><BR>
(Address of Principal Executive Offices) (Zip Code)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>(732)&nbsp;747-7800</B><BR>
(Registrant&#146;s telephone number, including area code)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Not Applicable</B><BR>
(Former Name or Former Address, if Changed Since<BR>
Last Report)</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR
230.425)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR
240.14a-12)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">








<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Item&nbsp;8.01. <U>Other Events.</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;5, 2009, Hovnanian Enterprises, Inc. (&#147;Hovnanian&#148;) issued a press release
announcing that its wholly owned subsidiary, K. Hovnanian Enterprises, Inc. (&#147;K. Hovnanian&#148;),
priced $785&nbsp;million aggregate principal amount of 10.625%
senior secured notes due October&nbsp;15, 2016
(the &#147;Notes&#148;) in a private placement (the &#147;Notes Offering&#148;). The Notes and the guarantees thereof
by Hovnanian and certain of its subsidiaries will be secured on a first-priority lien basis on
substantially all the assets owned by K. Hovnanian and the guarantors, subject to permitted liens
and certain exceptions. A copy of the press release is attached hereto as Exhibit&nbsp;99.1 and is
incorporated herein by reference.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Notes Offering is being made within the United States only to &#147;qualified institutional
buyers&#148; pursuant to Rule&nbsp;144A under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;),
and outside the United States to non-U.S. investors. The Notes to be offered have not been and
will not be registered under the Securities Act and may not be offered or sold in the United States
absent registration or an applicable exemption from registration requirements. The information
contained in this report does not constitute an offer to sell or the solicitation of an offer to
buy Notes in any jurisdiction in which such an offer or sale would be unlawful.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All statements in this current report on Form 8-K that are not historical facts should be
considered as &#147;forward-looking statements&#148;. Such statements involve known and unknown risks,
uncertainties and other factors that may cause actual results, performance or achievements of
Hovnanian 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)&nbsp;changes in general and local economic and industry and business
conditions, (2)&nbsp;adverse weather conditions and natural disasters, (3)&nbsp;changes in market conditions
and seasonality of Hovnanian&#146;s business, (4)&nbsp;changes in home prices and sales activity in the
markets where Hovnanian builds homes, (5)&nbsp;government regulation, including regulations concerning
development of land, the home building, sales and customer financing processes, and the
environment, (6)&nbsp;fluctuations in interest rates and the availability of mortgage financing, (7)
shortages in, and price fluctuations of, raw materials and labor, (8)&nbsp;the availability and cost of
suitable land and improved lots, (9)&nbsp;levels of competition, (10)&nbsp;availability of financing to
Hovnanian in order to satisfy the financing condition for the Tender Offers, (11)&nbsp;utility shortages
and outages or rate fluctuations, (12)&nbsp;levels of indebtedness and restrictions on Hovnanian&#146;s
operations and activities imposed by the agreements governing Hovnanian&#146;s outstanding indebtedness,
(13)&nbsp;operations through joint ventures with third parties, (14)&nbsp;product liability litigation and
warranty claims, (15)&nbsp;successful identification and integration of acquisitions, (16)&nbsp;significant
influence of Hovnanian&#146;s controlling stockholders, (17)&nbsp;geopolitical risks, terrorist acts and
other acts of war and (18)&nbsp;other factors described in detail in Hovnanian&#146;s Annual Report on Form
10-K for the year ended October&nbsp;31, 2008 and Quarterly Reports on Form 10-Q for the quarters ended
January&nbsp;31, 2009, April&nbsp;30, 2009 and July&nbsp;31, 2009. In particular, Hovnanian typically records a
substantial number of home closing in the final month of its fourth quarter, so any significant
delays or cancellations in anticipated closings, due to changes in economic conditions, increased
difficulty in obtaining mortgage financing, inclement weather or other factors, could cause
Hovnanian&#146;s expectations as to cash balances to be materially incorrect. Except as otherwise
required by applicable securities laws, we undertake no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information, future events, changed
circumstances or any other reason.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Item&nbsp;9.01. <U>Financial Statements and Exhibits</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">(d) <I>Exhibits.</I>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">Exhibit&nbsp;99.1&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Press Release issued October&nbsp;5, 2009</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>SIGNATURES</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">HOVNANIAN ENTERPRISES, INC.<BR>
(Registrant)<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ J. Larry Sorsby
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">J. Larry Sorsby&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Executive Vice President, Chief Financial
Officer and Treasurer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Date: October&nbsp;5, 2009
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>INDEX TO EXHIBITS</U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="89%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit</B></TD>
</TR>

<!-- End Table Head -->
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<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit&nbsp;99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press Release issued October&nbsp;5, 2009</TD>
</TR>
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</TABLE>
</DIV>


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<SEQUENCE>2
<FILENAME>y79620exv99w1.htm
<DESCRIPTION>EX-99.1
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;99.1</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">HOVNANIAN ENTERPRISES, INC.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B> For Immediate Release</B>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Contact:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">J. Larry Sorsby <br>
Executive Vice President &#038; CFO <br>
732-747-7800
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Jeffrey T. O&#146;Keefe <br>

Director of Investor Relations <br>

732-747-7800</TD>
</TR>
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</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>HOVNANIAN ANNOUNCES PRICING OF SENIOR SECURED FIRST-LIEN NOTES</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">RED BANK, N.J., October&nbsp;5, 2009 &#151; Hovnanian Enterprises, Inc. (NYSE: HOV) (the &#147;Company&#148;)
announced today that its wholly owned subsidiary, K. Hovnanian Enterprises, Inc. (&#147;K. Hovnanian&#148;),
priced $785&nbsp;million aggregate principal amount of 10.625% senior secured notes due October&nbsp;15, 2016
(the &#147;Notes&#148;) in a private placement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Notes and the guarantees thereof by the Company and certain of its subsidiaries will be secured
on a first-priority lien basis on substantially all the assets owned by K. Hovnanian and the
guarantors, subject to permitted liens and certain exceptions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">K. Hovnanian intends to use the net proceeds from the offering of the Notes together with cash on
hand to fund its previously announced tender offers and consent solicitations (the &#147;Tender Offers&#148;)
for its outstanding second and third lien senior secured notes and certain series of senior
unsecured notes commenced pursuant to the Offer to Purchase and Consent Solicitation Statement
dated September&nbsp;21, 2009, as amended, and to pay related fees and expenses. In conjunction with the
closing of the Notes offering, K. Hovnanian expects to consummate the Tender Offers and to
terminate its existing revolving credit facility and enter into certain letter of credit
agreements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Notes have not been registered under the Securities Act of 1933, as amended (the &#147;Securities
Act&#148;). The Notes may not be offered or sold within the United States or to U.S. persons, except to
&#147;qualified institutional buyers&#148; in reliance on the exemption from registration provided by Rule
144A and to certain persons in offshore transactions in reliance on Regulation&nbsp;S. You are hereby
notified that sellers of the Notes may be relying on the exemption from the provisions of Section&nbsp;5
of the Securities Act provided by Rule&nbsp;144A. This announcement does not constitute an offer to sell
or the solicitation of an offer to buy Notes in any jurisdiction in which such an offer or sale
would be unlawful.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>About Hovnanian Enterprises</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Hovnanian Enterprises, Inc., founded in 1959 by Kevork S. Hovnanian, is headquartered in Red Bank,
New Jersey. The Company is one of the nation&#146;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&#146;s homes are marketed and sold under the trade names K. Hovnanian<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>
Homes<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>, Matzel &#038; Mumford, Brighton Homes, Parkwood Builders, Town &#038; Country Homes, Oster
Homes, First Home Builders of Florida and CraftBuilt Homes. As the developer of K.
Hovnanian&#146;s<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP> Four Seasons communities, the Company is also one of the nation&#146;s largest
builders of active adult homes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Forward-Looking Statements</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All statements in this press release that are not historical facts should be considered as
&#147;forward-looking statements&#148;. 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)&nbsp;adverse weather
conditions and natural disasters, (3)&nbsp;changes in market conditions and seasonality of the Company&#146;s
business, (4)
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> changes in home prices and sales activity in the markets where the Company builds
homes, (5)&nbsp;government regulation, including regulations concerning development of land, the home
building, sales and customer financing processes, and the environment, (6)&nbsp;fluctuations in interest
rates and the availability of mortgage financing, (7)&nbsp;shortages in, and price fluctuations of, raw
materials and labor, (8)&nbsp;the availability and cost of suitable land and improved lots, (9)&nbsp;levels
of competition, (10)&nbsp;utility shortages and outages or rate fluctuations, (11)&nbsp;levels of
indebtedness and restrictions on the Company&#146;s operations and activities imposed by the agreements
governing the Company&#146;s outstanding indebtedness, (12)&nbsp;operations through joint ventures with third
parties, (13)&nbsp;product liability litigation and warranty claims, (14)&nbsp;successful identification and
integration of acquisitions, (15)&nbsp;significant influence of the Company&#146;s controlling stockholders,
(16)&nbsp;geopolitical risks, terrorist acts and other acts of war and (17)&nbsp;other factors described in
detail in the Company&#146;s Annual Report on Form 10-K for the year ended October&nbsp;31, 2008 and
Quarterly Reports on Form 10-Q for the quarters ended January&nbsp;31, 2009, April&nbsp;30, 2009 and July&nbsp;31,
2009. Except as otherwise required by applicable securities laws, we undertake no obligation to
publicly update or revise any forward-looking statements, whether as a result of new information,
future events, changed circumstances or any other reason.
</DIV>



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