Hovnanian Enterprises Inc was incorporated in New Jersey in 1967 and reincorporated in Delaware in 1983. The Company is engaged in designing, constructing, marketing, and selling single-family detached homes, attached townhomes and condominiums, urban infill, and active lifestyle homes in planned residential developments and are one of the nation's largest builders of residential homes. The Company has two distinct operations: homebuilding and financial services. The homebuilding operations consist of six segments: Northeast: New Jersey and Pennsylvania; Mid-Atlantic: Delaware, Maryland, Virginia, Washington, D.C. and West Virginia; Midwest: Illinois, Minnesota and Ohio; Southeast: Florida, Georgia, North Carolina and South Carolina; Southwest: Arizona and Texas; and West: California. The financial services operations provide mortgage loans and title services to the customers of the Company's homebuilding operations. The Company is currently, excluding unconsolidated joint ventures, offering homes for sale in 219 communities in 34 markets in 16 states throughout the United States. It markets and builds homes for first-time buyers, first-time and second-time move-up buyers, luxury buyers, active lifestyle buyers and empty nesters. The Company's diverse product array includes single-family detached homes, attached townhomes and condominiums, urban infill and active lifestyle homes. The residential development activities include site planning and engineering, obtaining environmental and other regulatory approvals and constructing roads, sewer, water, and drainage facilities, recreational facilities, and other amenities and marketing and selling homes. These activities are performed by the Company's associates, together with independent architects, consultants and contractors. Its associates also carry out long-term planning of communities. A residential development generally includes single-family detached homes and/or a number of residential buildings containing from 2 to 24 individual homes per building, together with amenities, such as club houses, swimming pools, tennis courts, tot lots and open areas. The financial services segment originates mortgages, for homebuilding customers. The Company competes with numerous real estate developers in each of the geographic areas in which it operates. Its competition ranges from small local builders to larger regional builders to publicly owned builders and developers, some of which have greater sales and financial resources.