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Homebuilder Hovnanian is stepping out of the Bay Area market due to the inherent frothiness seen in skyrocketing home prices. The company called area land prices "lofty, almost speculative" and is withdrawing from the market to concentrate its efforts elsewhere.
San Francisco's home prices have risen by double digits over last year for the past six months, according to MarketWatch. Reports put the area in a bubble with prices near record highs and low affordability.
Hovnanian also announced it will quit Raleigh, NC; Tampa; and Minneapolis. [MW]
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