Homebuilding Giants Explain the State of the Sector
Real estate giants gathered in New York City on Thursday for the Bank of America Homebuilder Conference. CNBC has the highlights from the conference.
“We believe land has value for the long-run. Many of the builders are selling land on bulk land sales, so they’re discounting them quite heavily. We’re also impairing our lands, so we think having that value in the time of an upturn gives us the opportunity to play back in as demand comes back into the market…We do have the opportunity when the selling effort comes back from the consumer side and when the confidence comes back to be able to sell those homes and still have the land.”
- Roger Cregg, Pulte HomesCFO
"The housing environment is difficult. All public builders are having trouble reporting profits. The focus is on liquidity on cash flow both for our company and the industry. It's a challenging time and we just have to weather through it."
- Ara Hovnanian, Hovnanian president & CEO
The Toll On Housing
"We look for increased deposits and increased traffic. When we see that, we'll know we're back."
- Robert Toll, Toll Brotherschairman & CEO