Toll Talks Up “Expressions of Interest”
There are two reasons analysts and the media may continue to be overly focused on housing’s negative headlines, according to Toll Brothers CEO and Chairman Bob Toll.
One is they may not be close enough to the market to pick up the change in buyer behavior that’s happening in sales offices in about 80% of the country’s markets, he says. If you don’t see people turning up as traffic, then coming back with “expressions of interest,” backed by a non-refundable deposit, and finally returning to go to contract, then you’re focused on lagging permits and starts data.
The other reason analysts and journalists may be accentuating the negative, says Toll, is “They may not be doing their jobs.”
Toll is not going so far as to affirm CNBC’s Jim Cramer on a June 30, 2009 “housing bottom,” but he is relieved that things are better than they were worse.
Here’s a seven-minute blast of cautious optimism from one of home building’s most brutal realists.
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