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November 9, 2007

Lousy grades for housing markets -- and more blame

The New York Times has a story today in which Toll Brothers' chief executive says the housing market is so bad in many parts of the country that he has to "differentiate between F, F-minus and F-minus-minus."

CEO Robert I. Toll said the worst markets -- the F-minus-minuses -- were Las Vegas and Tampa. But he awarded an F-minus grade to Maryland's Eastern Shore and a D to Washington and its Maryland suburbs.

And speaking of blame -- he says he fears the market "will not get better until the newspapers stop saying how bad it is," the Times reports, paraphrasing Toll. 

He said a survey of Toll customers who canceled contracts showed that only 11 percent reported trouble getting mortgages. More either had personal financial problems or were unable to sell the homes they already owned. “People who just wanted to walk” accounted for 17 percent of the cancellations, he said.

“Translation, they’ve read one too many Times articles, and decided now is not the time to buy a home,” he said.

EDIT: Hat tip to editor Bernie Kohn for pointing out an amusing irony: Toll Bros. co-founder Bruce Toll is one of the owners of The Philadelphia Inquirer.

Posted by Jamie Smith Hopkins at 10:29 AM | | Comments (1)
        

Comments

Yes and gas would go back down to $1.50 a gallon if only the media would stop talking about how high gas is. The same is true with the war in Iraq. Why it would have been a utopia if only the media would quit being so pessimistic.

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About Jamie Smith Hopkins
Jamie Smith Hopkins, a Baltimore Sun reporter since 1999, writes about the regional economy. Her reporting on the housing market has won national and local awards. Hopkins is a Columbia native and has lived in Maryland all her life, save for 10 months spent covering schools in Ames, Iowa.
She trained to become a wonk by spending large chunks of time as a geek and an insufferable know-it-all.
Baltimore Sun articles by Jamie
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