A newspaper article in the fall of 2007 reported stated that: "The luxury-home builder Hovnanian Enterprises reported its fourth consecutive quarterly loss on Thursday, citing continuing problems of credit availability and high inventory." Source: "New Loss for Home Builder," Associated Press, September 7, 2007. Hovnanian was suffering losses becauseA. they were cited for using faulty building materials from China. B. the CEO unwisely expanded into metals which reduced the profits of Hovnanian Enterprises. C. the economy was slowing down and about to head into a severe recession. D. the cost of production skyrocketed as more buyers were flipping houses for a quick profit.
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