Ara Hovnanian, the chief executive officer of Hovnanian Enterprises Inc., New Jersey's biggest home builder, called on the U.S. government to provide further economic stimulus for the housing industry.

"Buyers are sitting on the sidelines," Mr. Hovnanian said in a conference call Wednesday. "There isn't a bridge or a tunnel or an infrastructure crisis right now. If government wants to get to the root of the problem they need to fix housing first."

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