You could also you use something like this also if you wanted:
<?
$myString = "My New House";
echo substr_replace($myString,"...",7);
?>
The code above will display as My New ...
The 1st argument tells what string to manipulate. In this case "My New House"
The 2nd argument tells what is to be used instead of what is there. In this case "..."
The 3rd argument tells at what charcter in the given string to start.
There is a 4th option argument. Which you can set the length of characters to get rid of.