Toll Bros. 4Q Home Building Revenue Dips
"We continue to look for signs that a recovery is imminent but can't yet say that one is in sight," Chairman and Chief Executive Robert I. Toll said in a statement.
posted by bourgeois at 7:42 AM
2 Comments:
Hi. I’m 27 years old. I graduated from college and did the right things. Now my reward is that I cannot afford a house. I still rent I’m worried that these prices will not come down enough. I’m worried that I’ll be priced out.
Every realtor I talk to is really mean when I mention the price is over inflated. It’s like they really think it’s worth it. This is becoming really annoying. I get the impression that they seriously do control the market. They do set the prices from their buyers and exert control over their appraisers (using the ones that give the highest numbers etc).
My question is. What if nobody lowers their price? Even a return to 2004 prices is insanely over inflated.
Great question, 'anonymous'. We are just a few years older than you and find ourselves asking the same questions. I think greed and corruption are rampant in this business. Forget about Washington DC, Jack Abramaoff and the like... the next area that needs to be cleaned and fumigated in this country is the area that encompasses realtors, agents, mortgage lenders, brokers and the rest. I don't think this is a conspiracy theory... this is reality.
People are starting to lower their prices. I'm seeing that here in San Francisco. And buyers still aren't buying. This is a great sign because San Francisco is supposed to be "bubble-proof". I am confident that things are just getting started and prices will roll back much further over the next year.
You won't hear about it much in the media because the people that are in a position to report on these issues are largely homeowners themselves and have a vested interest in real estate prices staying high. This will make the fall that much more painful. And I think the big issue in the 2008 elections will be dealing with the economic ramifications of the massive housing collapse.
Getting back to your question... I would say just hang in there, keep monitoring and have faith. Yes, 2004 was insane. It seemed to start in late 2003. Do keep talking to realtors and telling them honestly what you think about the market. It pisses them off but they deserve it. They have been in control for too long and it's time we make our anger heard.
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