this article is making the rounds on the “gloom and doom” blogs, and i haven’t really posted about the economy or the real estate market in a while, so here goes:
March 7 (Bloomberg) — D.R. Horton Inc., the second-largest U.S. homebuilder by revenue, said the housing market will remain in a slump and the company will close on fewer homes in 2007 than last year.
“I don’t want to be too sophisticated here, but 2007 is going to suck, all 12 months of the calendar year,” D.R. Horton Chief Executive Officer Donald Tomnitz said at a Citigroup Inc. conference in New York. “Our future is not as bright as what we would like it to be.”
to be fair, bob toll says that the market is going to “turn with a vengeance” when it does, and says things are getting better. i’m not sure how credible he is though, given hisÃ‚Â pumping while dumping history.