Hipwaders Necessary for Ara Hovnanian
I used to think this guy was a straight shooter. He's on my liar list now. Look at this crock o' crispy:
The deal is "good for the housing sector," Hovnanian CEO Ara Hovnanian commented to CNBC. Saying that housing was going to come back, Hovnanian said he thought BofA was buying the company at the market bottom.
Maybe Ara's too busy to take a look at the reality for the Fed Funds rate as it relates to mortgage rates and home prices. Luckily for Ara, we've got some handy charts in this blog that will explain it all for him.