Tollbrothers: further decline
Toll brothers reported that they expect further revenue decline in 2008 first quarter. I heard yesterday on WTOP news, that they even expect the market to go into worse conditions. I’m on the contrary seeing signs of things getting better than at least the previous quarter. I’m not saying that we’re getting out of the pit yet, but at least during the previous week I’ve been getting calls, email requests and contacts through the website from people looking to buy, in a rate higher than the last quarter.
Definitely, the amount of people looking on the website is between 3 to 4 times more per week when compared to the previous quarter. So I expect existing home sales to rise this quarter and the following quarters compared to the past six months.
Another great help is the release of the blocked stimulus package. The National Association of Realtors has been trying to tell senators to add to the bill terms, which will result in increasing the limit on jumbo loans. Currently, the jumbo loan is over $417K, and once you get a loan over $417K you will definitely pay higher interest rate. If that limit was pushed higher, then people would be able to get more cheaper loans.
So all-in-all, I think we’re moving to better conditions than the earlier 6 months.
Technorati Tags: housing, slump, real estate, real, estate, loans, stimulus, toll brothersTags: estate, housing, loans, real, Real estate, slump, stimulus, toll brothers
