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. Thanks for speaking out.
Extra, Extra: Negative Press Sinking Housing Market?
Fundamentals Fundamentals Fundamentals Fundamentals!!!!!
The wheels is coming off fast! For the last 5 years, you couldn’t talk to these people (bubble heads). These asshats guzzled the Kool-Aid hard. And now our financial system is fucked.
Things will get worse, 4.00 Gas and high heating bills are coming your way. Lets see of Mr. Homedebter can pay the Mortgage and high commodities prices. Fuck housing, our BANKING system is in big time trouble!
Reality will take it from here.
Read this
“Worst banks crisis” says Deutsche CEO
http://www.reuters.com/article/Finance07/idUSL0839785220071108
The What
Someday this war is gonna end…..
Agreed, 11:04. People need to stop obsessing and competing over the values of their property as if they’re going to flip and sell tomorrow. Which most people who bought a brownstone aren’t planning to do, they’re here long term. Why not act like it? Also stop pouring tons of money into renovations that are way beyond what you can afford or what your house is worth today if you had to sell it. Overspending on renovations is something that’s been done here and all over the country, encouraged by the industries (and this blog) that all made money hand over fist by making people feel insecure if they didn’t have a total top of the line gut-job luxury renovation. People should do only the renovations they can afford then simply enjoy living in their house, focusing on the important things in life.
the dollar will come back – after the democrats get elected, raise taxes and end the war. things will work themselves out.
Everyone just needs to buy themselves a roof over their heads (or not) and shut the hell up and concentrate on more important things.
During the past 7 years, everyone has been so freakin preoccupied with how much their house is worth that the rest of the country is going to hell.
Seriously…I’m not saying this to be funny. Look around. During the past decade America has lost its prominence in the world.
Part of that is to blame on all of the greedy people that only think about how much their house is worth, or taking out home equity loans to buy 500 dollar cell phones.
It’s absurd. And now we’re in trouble.
The dollar is going to be worth nothing in another couple years. There is talk now of having the Euro take the place of the dollar for monetary tracking.
The only way to rectify this is for us all to start paying off our debts and SAVE SOME MONEY.
Did you notice that Bernanke is proposing having the federal government guarantee jumbo mortgages, putting taxpayers on the hook?
This from a generation that was outraged at poor people on welfare, cut funds from the New York City Housing Authority and allowed the projects to go to pot.
Yeah, and I guess the media is making this up too, right:
http://www.nytimes.com/2007/11/09/business/09fed.html?_r=1&oref=slogin
Well this is meta. Getting the Brownstoner commenters to opine on the merits of haterz.
9:50 – – every single newspaper in this country has a real estate section which was essentially non stop advertising for the real estate industry, constant coverage of ‘up and coming’ areas; price increases. Tabloid shows and magazines cover the real estate purchases of the rich and famous. TV shows like Flip This House, etc…..
These and many other examples exist that perpetuate the myth that you “can’t lose in RE” – and guys like Toll profited from that.
– Which is fine BTW, its just silly to complain when the pendulum swings the other way.
FSRG