Daily Real Estate News February 28, 2008
Too Much Recession Talk, Big Builder Says“Ceaseless talk” about recession is driving the housing market into a hole, says Robert Toll, chairman and CEO of luxury home builder Toll Brothers Inc.“For home buyers, we believe this drumbeat, coupled with concerns over mortgages, the direction of home prices, and foreclosures, has kept pent-up demand on the sidelines," Toll complained in a statement.Toll noted "glimmers of hope" in a few markets, including Naples, Fla., and the Washington, D.C., suburbs. The company also reported a decline in cancellations so far this year. It had 257 cancellations so far during the current quarter, down from 436 a year ago and 417 in the fourth quarter of fiscal 2007. But signed contracts dropped 37 percent from a year earlier to 647.The average price of a home sold in the latest quarter amounted to $634,000, down from $646,000 in the fourth quarter and $730,000 in the year-ago period. Toll blamed the decline on a shift in the product mix and more incentives.Source: Dow Jones Business News, John Spence (02/27/2008)
www.InvestSmarter.com
www.RandBCoastalRealEstate.com
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment