Housing Downturn to Continue Through 2009: Toll CEO
Robert Toll, chairman and CEO of Toll Brothers, told CNBC that he sees the housing industry’s "recession" continuing through 2009.
As the nation’s leading builder of luxury homes, Toll Brothers has struggled through the continuing subprime mortgage crisis, but Toll said he sees the industry's larger firms bouncing back in the long term.
“Some [in the home building industry] are going to prosper—those who’ve got money saved up and have a decent amount of fire power to go," he said. "But those that are on the edge will have severe trouble."(Watch the accompanying video for the full interview with Robert Toll...)
The CEO said the current housing recession is more severe than past downturns, but expressed confidence in a coming turnaround.
"People’s natural desires have always put them in a place where they want big, better homes and I think we’ll see it again," he said.
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