from one of the top in the biz:
Feb. 6 (Bloomberg) -- Toll Brothers Inc., the largest U.S. luxury homebuilder,
reported its
seventh consecutive quarterly decline in revenue as demand for new homes
dropped.
Homebuilding revenue fell to $842.7 million in the fiscal first quarter ended
Jan. 31 from
$1.09 billion a year earlier, Horsham, Pennsylvania-based Toll said today in a
statement.
That beat analysts' estimates.
``We are not yet seeing much light at the end of the tunnel,'' Chief Executive
Officer
Robert Toll said in the statement. ``The housing market remains very weak in
most
areas.''
...
It's not that it's weak - but real buyers are looking to pay real prices. Throw
in the never
ending spiral of increasing property taxes and the avg joe can't afford it.
We already have what I would call death mortgages - you can get 30, 40 or some
50 year
mortgage - if you don't make that long - you're dead. If you do make it you get
a "reverse
mortgage"....money til you're dead.
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