Taking stock of the home building industry

Home builder Hovnanian Enterprises Inc. -- stock price hits lowest point since early 2003 on June 21 at $18.50.
Home builder Standard Pacific Corp. -- stock price hits lowest point since late 2003 on June 19 at $18.18.
Home builder Pulte Homes -- stock price hits lowest point since late 2004 at $23.92 on June 21.

Diana Olick, a CNBC correspondent, quotes Ara Hovnanian, CEO for builder Hovnanian Enterprises Inc., who said at a J.P. Morgan Basics and Industrials Conference last week that the recovery in the building industry will look more like a "boat hull" than a U-shaped or a V-shaped rebound. "In other words," she reports, "it will be slow and painful, and frankly we haven't even started yet."

Chad Dreier, chairman and CEO for builder Ryland Group Inc., said during the same conference, "We do think if you're dumb enough to buy a home builder (share), you ought to buy us," Olick reported.

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