Extra, Extra: Negative Press Sinking Housing Market?
As Toll Brothers prepares to take a write-down of between $250 million and $450 million for the quarter that ended October 31, the luxury home builder’s chief executive says the media is aiding and abetting the national housing market meltdown. Perhaps as the presidential campaign heats up and moves to the front page, negative articles…
As Toll Brothers prepares to take a write-down of between $250 million and $450 million for the quarter that ended October 31, the luxury home builder’s chief executive says the media is aiding and abetting the national housing market meltdown. Perhaps as the presidential campaign heats up and moves to the front page, negative articles about housing will move off the front page, said Robert Toll. Then, hopefully, the positive underpinnings of low interest rates, low unemployment and a decent economy will raise new-home-buyer confidence. Toll also gave out letter grades for the markets it operates in and found the New York City area is performing better than just about anywhere else in the country: The company’s city living projects in suburban New York and New Jersey got grades of B or B-plus, while the majority of Toll’s markets got grades of F or F-minus.
Blame for Poor Home Sales? It’s the Press, a Builder Says [NY Times]
Photo by Neubie
TheWhat rocks. Keep sticking it………
The What was once a real estate broker? Like Saul on the road to Damascus.
2:51 – Exaggerates a “little”? The catastrophe that The What is predicting would make ’00 and ’87 look like absolutely nothing and substantially exceed the Great Depression.
If you have huge Banks and Financial Institutions like Citi and Merrill completely failing your only protection will be diamonds and a gun – seriously
Now maybe that will happen but since there is nothing anyone will be able to do (except mabe stock up on can foods and put cinderblocks in the windows) The What’s screaming is stupid; especially since the underlying world economy is strong in many areas and while panic can destroy virtually everything – even in the worst place – subprime – more than 75% of the loans are still preforming.
Wait a second. Let me get this straight…You’ve been saying this for 5 years? Since 2002 you’ve been predicting the fall of the real estate market? Hmm. Do me a favor: Check back in with us on this date next year. Let’s see if you’re right…Then you will have been saying it for 6 years. When do you admit you were wrong? After 10? Can you really say you were right if you’ve been predicting this for 5 years? Weren’t you wrong 3 years ago?
The Why Are We Listening to You
I became a real state agent in 2002. I thought housing supposed to rise will inflation. In 2004 things just went parabolic. I couldn’t believe prices could rise so fast. I 2005 I knew we was in a asset bubble and prices topped out. The funny money came along and the party got second legs. When in 2005 I would tell people this can’t last, they would laugh at me. That year I became a Broker and went on my own. The times where rough, no one listened to me. most of these people are now underwater. They call me from time to time to see I can help them. I’m not talking out of my ass folks, I used to eat, drink and breathe Real estate. 7 day a week 14 house a day. I quit real estate in 2007. I’s was to much for me (Mental and Physical). We can’t undo the damage, our system is fucked. Plus don’t get mad at ‘The What” , just listen.
The What
Someday this war is gonna end…
“How was the dotcom bust a catastrophe?”
Because it drove the economy. The economy was saved by the housing market (low rates, easy money). That’s why the 2001 recession was short-lived and barely felt. Tell me, what’s gonna save us now?
How was the dotcom bust a catastrophe? Imean,m if that’s your measure of a “crash” we don’t really have much to worry about. Morons who bit off more than they can chew will have their asses handed to them, like always. Big deal.
People cried wolf on dot com too, 2:53. Should we have ignored them?
Wait a second. Let me get this straight…You’ve been saying this for 5 years? Since 2002 you’ve been predicting the fall of the real estate market? Hmm. Do me a favor: Check back in with us on this date next year. Let’s see if you’re right…Then you will have been saying it for 6 years. When do you admit you were wrong? After 10? Can you really say you were right if you’ve been predicting this for 5 years? Weren’t you wrong 3 years ago?
The Why Are We Listening to You
With respect to the market, ‘The What’ is the only one on this blog who makes any sense. Yeah, he excaggerates (so does Corcoran). But few people saw ’29, ’87 and ’00 coming and most were suprised. I bet there was a ‘The What’ during each of those eras running around warning people like the old man from ‘Friday the 13th’, “Your dooomed!” (I guess Robert Shiller for ’00 as he is now). Things are never what they seem (on the upside). Better safe than sorry.