Sec Form 4 Filing - GREENBAUM AUTHUR MARTIN @ HOVNANIAN ENTERPRISES INC - 2006-03-08

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person GREENBAUM AUTHUR MARTIN 2. Issuer Name and Ticker or Trading Symbol HOVNANIAN ENTERPRISES INC [ HOV] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X __ Director _____ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 10 HIGHWAY 35 3. Date of Earliest Transaction (MM/DD/YY) 03/08/2006 (Street) RED BANK, NJ07701 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Stock Option (right to buy) $ 5.575 03/08/2006 D( 1 ) 10,000 ( 2 ) 11/05/2011 Class A Common Stock 10,000 ( 3 ) 0 D Stock Option (right to buy) $ 5.575 03/08/2006 A( 1 ) 10,000 ( 4 ) 12/31/2006 Class A Common Stock 10,000 ( 3 ) 10,000 D Stock Opton (right to buy) $ 36.93 03/08/2006 D( 1 ) 15,000 ( 5 ) 01/12/2014 Class A Common Stock 15,000 ( 3 ) 0 D Stock Option (right to buy) $ 36.93 03/08/2006 A( 1 ) 15,000 ( 4 ) 12/31/2006 Class A Common Stock 15,000 ( 3 ) 15,000 D Stock Option (right to buy) $ 51.68 03/08/2006 D( 1 ) 5,000 ( 6 ) 01/17/2015 Class A Common Stock 5,000 ( 3 ) 0 D Stock Option (right to buy) $ 51.68 03/08/2006 A( 1 ) 5,000 ( 4 ) 12/31/2006 Class A Common Stock 5,000 ( 3 ) 5,000 D Stock Option (right to buy) $ 56.82 03/08/2006 D( 1 ) 2,500 ( 7 ) 05/19/2015 Class A Common Stock 2,500 ( 3 ) 0 D Stock Option (right to buy) $ 56.82 03/08/2006 A( 1 ) 2,500 ( 4 ) 12/31/2006 Class A Common Stock 2,500 ( 3 ) 2,500 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other GREENBAUM AUTHUR MARTIN 10 HIGHWAY 35 RED BANK, NJ07701 X Signatures Nancy A. Marrazzo Attorney-in-Fact 03/09/2006 Signature of Reporting Person Date

Explanation of Responses:

( 1 )In connection with the end of the Reporting Person's term as Director of the Issuer on March 8, 2006 following his decision not to stand for reelection to the Board of Directors, prior to the expiration of his term the Compensation Committee of the Board of Directors (i) accelerated the vesting of the Reporting Person's outstanding stock options so that they became fully vested on March 8, 2006 and (ii) extended the period during which his outstanding stock options may be exercised from a 60-day period following the end of his term to until December 31, 2006. The extension of the exercise period is reflected in this Statement as the deemed cancellation of "old" options and the deemed regrant of "new" options. ( 2 )The option vests in three equal annual installments beginning on November 6, 2002. ( 3 )N/A ( 4 )Immediate ( 5 )The option vests in three equal annual installments beginning on January 13, 2005. ( 6 )The option vests in three equal annual installments beginning on January 18, 2006. ( 7 )The option vests in three equal annual installments beginning on May 20, 2006.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

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