By Angela Gonzales | Phoenix Business Journal
At a time when Hovnanian Enterprises Inc. (NYSE: HOV) is rightsizing its assets nationwide, the New Jersey-based homebuilder is bullish on metro Phoenix.
The company is phasing out of the Chicago market as it sells through its existing communities, according to a May 19 regulatory filing with the U.S. Securities and Exchange Commission. It also is working to reduce its annualized overhead expenses by $20 million via furloughs, layoffs and other cost-reductions.
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