Daily Real Estate News | June 5, 2008
Buyer Psychology Keeps Home Gains Back
Toll Brothers CEO Robert Toll told analysts that the foundation for a healthy housing market is in place: low interest rates, a low unemployment rate, a rising population, and increasing wealth. With home prices at 2002 and 2003 levels, the stage is set.
“When the market recovers, home prices will march right back up,” Toll predicted.
In the meantime, Toll called the current housing crisis the worst he’s seen since the mid-1970s – and longer lasting. He blamed buyers’ lack of confidence that home prices will stabilize – not the credit crisis – for the slow market.
Source: The Associated Press, Deborah Yao (06/04/08)
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