CEO blames housing slowdown on the media
Toll Brothers CEO Douglas Yearly blamed media reports about the housing market for the slowdown in sales, reports Michael Sheetz of CNBC.com.
Sheetz writes, “‘In November, we saw the market soften further, which we attribute to the cumulative impact of rising interest rates and the effect on buyer sentiment of well-publicized reports of a housing slowdown,’ Toll Brothers Chairman and CEO Douglas Yearley said in a statement.
“Reports of a housing slowdown come as U.S. Census data show new home sales have declined for 11 straight months.
“In October, sales of newly built homes fell 12 percent from a year earlier, even though the median price for new homes dropped. Economists have said the decline in new home sales stems from weakened affordability across U.S. local markets. The housing market has begun showing signs of cracking this year, while real estate brokers are saying that offers for homes have thinned out.”
Read more here. A former Toll Brothers CEO also complained about media coverage causing a slowdown back in 2008.