Yesterday the Federal Reserve cut interest rates by a half-percentage point. This was the first rate cut in the past four years. Toll Brothers CEO Robert Toll said the rate cut may signal that the economy is worse than previously thought and likely doesn’t indicate the U.S. housing market has hit bottom.
“I would have done a quarter instead of a half because it signals we’re in deep doodoo,” said Toll, speaking at the Credit Suisse Homebuilder Conference. He went on to say that the current housing market downturn is worse than the ones we saw between 1980 and 1982 and between 1987 and 1991.
Toll Brothers is the nation’s leading builder of new luxury homes, new home construction, golf communities, retirement communities, resort homes and other high end real estate development. Read.
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