Losses Narrow for Red Bank's K. Hovnanian

An increase in sales and reduced writedowns lead to narrower first-quarter losses for K. Hovnanian Enterprises Inc., New Jersey's largest homebuilder, the Star Ledger reported Wednesday.

According to the Ledger, the net loss for the Red Bank-based builder in the first quarter was $18.3 million compared to $64.1 million a year ago.

New home orders increaed 27 percent in the first quarter from a year ago to 1,079, Hovnanian officials said in a statement. February orders alone rose 38 percent when compared to February 2010. During the housing depression, Hovnanian has purchased land at distressed prices, the Ledger reports, in an effort to better position itself when the housing market fully recovers.

Hovnanian's revenue rose to $269.6 million, an increase of $17 million from a year early. Read the full report here.