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.
Hi. I am a bitter renter. I have a crappy job so I can get on this site and write non-sensical comments all day. That is why I can’t afford to own, even in this, supposedly, soft market. I think renting is great. That is why I picked the most expensive city in the country to live and rent. I could have moved back to Ohio and rented an entire town for a year for the same price as what I pay in a month to live in the center of it all, but my unique filing skills would be underutilized back home. So here I am. Renting for the rest of my life and going to a web site and posting how I don’t like brownstones and how the economy is in the toilet and why I am so smart for being the total loser that I am.
Sound familiar, idiots? It should because it is you.
If you don’t own a home or ever want to own a home, why in god’s name do you actually make the effort to display your lack of knowledge on this site?
The t’What is a moron who has been claiming that the end of the world is upon us yet we are all still here. the t’What does not speak the trbuth. (s)he cuts and pastes articles that fit her warped world view.
As for you renters who think the world would end if you just stopped paying your rent, go ahead. Stop paying your rent. Please. Stop. Then you will be evicted and be forced to live in a place you can afford, like ENY or Nebraska. Then, and only then, will you understand that you know nothing, you add no value to this site, and you don’t belong here.
Bye.
.
With all this heat, the smell of park slopers smelling their own farts was unbearable.
12:22- can I, bitter renter that I am, take that as a compliment?
OK, t’What, when does the bubble end? Give me a date you ghetto ass punk bitch. All you say is that things are getting bad and it is all about to end. You are so tired. Go back to being a trannie hooker on Classon and Fulton and stay off this site.
Thw war is over. You lost. Get out.
11:45- my own fave theory is that nothing affects one group without affecting everything else. I think too many people think every aspect of society is insulated from every other except in the most obvious ways (like don’t go to Wal-mart and Sam will be poor), but society and the economy are 3-d models and effects go up, down,forwards, back and pretty much in every diagonal you can imagine.
My other fave theory is that as a whole, we have no plan b. Our economy is less flexible than it should be and that all goes back to the fact that our manufacturing base is toast. Almost everything we do today is in service industries (although we’ve lost hugely in IT to overseas), or retail (which unfortunately heavily depends on things manufactured overseas). Even our agricultural industry, which is booming, is owned by foreign investors. We’re known as a consumer society, as in buy another bedspread and granite counter top. Just seems to me its all standing on a very thin floor.But i also don’t look at things from an economic standpoint, but an anthropological one. Just my own opinions.
i think we have hit capitulation. the what is on a roll and no one even tries to dispute him. the underwater buyers want to change the subject, and the renters just moved up a notch in status. this site is dead to me.
Bold type guest, I heard Bruce Ratner might consider running for mayor. I think it’s a great idea and I would fully support it, especially if Tony Avella doesn’t run. And have you noticed all the high end shops opening in Fulton Mall? It’s really shaping up. And why didn’t the Real World choose Brooklyn Heights as their spot? It’s got quite a lively nightlife and young, hipster vibe to it.
You can make a lot of money by following bob Toll’s advice? Just ask anyone who listened to him in 2004-2006 when his market outlook was nothing but sunshine. Bet they’re happy.