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Toll Warns On Deepening U. S. Housing Slump

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http://www.ft.com/cms/s/887b2398-45ae-11dc...00779fd2ac.html

Toll Brothers, the largest US luxury homebuilder, on Wednesday warned that home sales might fall even further in the latest sign that the worst housing slump in 16 years has not yet reached its lowest point.

“With the uncertainties roiling the mortgage markets right now, the pace of home sales could slow further until the credit markets settle down,” said Robert Toll, chief executive, as he announced that Toll Brothers’ revenues fell in the company’s third quarter. “We are now in the twenty-third month of a down housing market. Hesitant customers remain on the sidelines, unsure of whether home prices have bottomed.”

Lenders have been raising requirements for home loans following a flood of defaults and late payments on homes purchased with subprime mortgages. This, combined with still falling prices across most of the US, has deterred home buyers, leading to a string of poor results and losses for major US homebuilders, such as KB Home and DR Horton, over the last year.

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BlakeHC

53 Posts

Posted - 08/02/2007 : 09:19:42 AM

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Pretty big lender. Don't want to say the name on here. Anyways, he called and said he wanted to give us some "scoop." He went on to say that there were some "meetings" going on with FNMA, Fitch, Moody's, S&P, etc...He said within a few weeks ALL lenders will stop offering Flex 100, My Community, SISI (completely), SIVA to 90%, Full doc maxed at 95%. NO stated on ANY seconds.

This may be BS, but this guy has ALWAYS been right on the money with his info. He runs the whole SE (has a lot of AE's under him) for a LARGE lender.

Has anyone else heard this? Thoughts?

jresn02

46 Posts

Posted - 08/02/2007 : 09:21:27 AM

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no 100% product full doc will mean your house will be worth 1/2 the price over night.

Anecdotal, I know, but does look as if credit crunch and crash all alliterate into crumble.

http://forum.brokeroutpost.com/loans/forum/2/148501.htm

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