Housing in 'depression'; recovery years away ; foreclosures set first-quarter record
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Toll Bros. CEO: Housing in 'depression'; recovery years away
By DEBORAH YAO
AP Business Writer
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PHILADELPHIA (AP) -- The chief executive of Toll Brothers Inc., the nation's largest luxury-home builder, said Wednesday that the housing industry is in a "depression" and any recovery could be two or three years away.
In candid remarks at the JPMorgan Basics & Industrials Conference a day after reporting a second-quarter loss, Robert Toll said he's not ready to call a bottom yet because the housing market could still get worse.
"Can the market go down another 10 or 20 percent? Sure," said Toll, whose Horsham-based company will sit on cash unless a bargain land deal comes along.
--MORE--
Home foreclosures set first-quarter record, expected to rise
The Derivatives Market is Unwinding!
Up to a million headed for negative equity
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Continental cuts 3,000 jobs, grounds planes
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Jun 5, 12:16 AM EDT
Toll Bros. CEO: Housing in 'depression'; recovery years away
By DEBORAH YAO
AP Business Writer
Advertisement
PHILADELPHIA (AP) -- The chief executive of Toll Brothers Inc., the nation's largest luxury-home builder, said Wednesday that the housing industry is in a "depression" and any recovery could be two or three years away.
In candid remarks at the JPMorgan Basics & Industrials Conference a day after reporting a second-quarter loss, Robert Toll said he's not ready to call a bottom yet because the housing market could still get worse.
"Can the market go down another 10 or 20 percent? Sure," said Toll, whose Horsham-based company will sit on cash unless a bargain land deal comes along.
--MORE--