Bearish Bob Toll: No One Wants to Look 'Like a Schmuck'
Well, leave it to Bob Toll to cast storm clouds over a Bloomberg news article that contains a slightly positive piece of news—the index of pending home sales rose 6.3 percent in April—about the national housing market. “What people are most scared of is looking like a schmuck,” said Toll, who believes the housing slump…
Well, leave it to Bob Toll to cast storm clouds over a Bloomberg news article that contains a slightly positive piece of news—the index of pending home sales rose 6.3 percent in April—about the national housing market. “What people are most scared of is looking like a schmuck,” said Toll, who believes the housing slump will last another two to three years, at a conference in New York last week. “What do I want to buy a home for and next year be looking at 10 percent less asset?” Economists, meanwhile, incorrectly predicted that the index of pending home sales would actually fall slightly in April. Either way, no one’s taking the news as a sure sign that housing is on the rebound, or that there’s going to be a substantial dent in the 5 million or so unsold homes on the market, or that the foreclosure rate is going to take a nosedive anytime soon.
U.S. Economy: Pending Sales of Existing Homes Unexpectedly Rise [Bloomberg]
Photo by david.
3:17 – 3:10 here.
i would, but your mom would get lonely and you know how psycho she gets when she stops taking her meds.
bold type guest: during japan’s property boom, people became so desperate to own something affordable that they would buy something so far out that they had to take a bullet train to work (not cheap). since the collapse, tokyo prices have continued to trend down, even today. so, no, not buyers for brooklyn. plus, most “suburbs” for nyc are on train lines with < 1 hour commutes. this just doesn't apply here. your article is more about inland empire and central valley, ca. nice try though. keep searching google news and bbg, i'm sure you'll find the answer somewhere...
3:10: The supply of people comes from the same little town you came from. Go back to Nebraska while you can, idiot.
From Bloomberg News yesterday….
“The lifestyle of the exurban commuter may be one casualty.
Emerging suburbs and exurbs — commuter towns that lie beyond cities and their traditional suburbs — grew about 15
percent from 2000 to 2006, nearly three times as fast as the U.S. population, as Americans moved further out in search of
more affordable houses or the bigger ones that are sometimes derided as McMansions.
Nationwide, home prices in neighborhoods with long commutes and no public transportation are falling faster than
prices in communities closer to cities, according to a study by Joseph Cortright, an economist at Impresa Consulting. For
example, his study found that prices in distant suburbs of Tampa fell 14 percent in the last 12 months, versus a 9 percent drop
in areas nearer the city.
Suburbs, Exurbs
“The decline in almost every case is worse in the suburbs and exurbs than it is in close-in neighborhoods because
transportation costs are so much more of a factor,” says Cortright, whose Portland, Oregon, firm studies regional economies.”
More buyers for Brooklyn properties!!!!!!!!
the baby boomers will start dying off en masse in the next 10-15 years. so how is that going to prop up demand long-term? especially when many own multiple homes but have only 1-2 children…
yes, you should buy immediately on some vague perceived long-term trend when the market is tanking right now and over the next 2-3 years. brilliant move!
Wow a whole hour and no replies.. I think the Asshats are losing steam! What no “tWhat you are a Ghetto punk bitch” or “The Fake What”, come on ya’ll.. Oh well I guess the war is (maybe) over. I think not!
The What (Blow me)
Someday this war is gonna end…
bxgirl: I lived here all my life and I own. You are WRONG again. A typical day on Brownstoner.
Just because you attended a few classes at a local, second-rate community college don’t think you even come across as intelligent.
You rent. You are an idiot. It is that simple.
And you live in the Bronx?! How dumb are you.
And who will cater to me? You dear. You will cater to me. I will get second-class service because you are a moron, but you will serve me and know your place on the social ladder – at the very bottom.
Now go clean my toilets you piece of ignorant trash.
If you don’t like it, go to Zimbabwe with the t’What.
The Where, I imagine you’ve factored in the cost of pensions in NYC into your simplistic theory. For example, the police can retire after just 20 years on the job at half pay – half of what they made on their last year on the job so if they happen to pull a shit load of overtime the pension payout goes way up for life. The cost of union pensions will start becoming astronomical in about 10 years for NYC because of union contracts.
I got under YOUR skin, t’What. It is obvious from your need to respond to my posts.
There are fewer and fewer blacks in Bed-Stuy as they are selling to non-blacks or priced out of their rentals. Nice try though, t’What.
I have no kids and I am certainly not scared of you. Your sad threats make me laugh. You are so dumb. You think you know me? Come and get me then.
Still no date of the end of the war, t’What. Why not? Because is it is already over and you just can’t admit it so you try to scare people with your fake-ghetto posing? So sad little t’What.
btw: you can be ghetto and not be black. You can be black and not be ghetto. Nice attempt at race baiting. If you are black and ghetto, then YOU are black and ghetto. Don’t sully the good name of all the hard-working black people who live in Brooklyn. You do them a disservice.