Martin Connor on housing supply
From Toll's Connor Says Economic Data Bodes Well for Housing · · Bloomberg Originals
“The housing industry is currently producing about 500,000 homes annually, while the norm is between 1.6 and 1.8 million, with household formations expected to be in the 1.5 to 1.6 million range for the next decade. This imbalance suggests a recovery is underway or imminent.”
On , Martin Connor, Senior Vice President & Chief Financial Officer at TOLL BROTHERS INC, spoke about housing supply during Toll's Connor Says Economic Data Bodes Well for Housing on Bloomberg Originals.
About Martin Connor
Martin Connor, Senior Vice President and Chief Financial Officer of Toll Brothers, stated in 2011 and 2012 that the housing market was recovering. He said in 2012 that general economic news was trending upward, which he said boded well for housing, and that the spring selling season would be telling. Connor described the New York metro area as the company's hottest market, with high-rise communities in Hoboken, Manhattan, and Brooklyn performing well. He also said Toll Brothers was actively seeking land opportunities in California. Connor said in 2011 that the government should "step back and let housing heal itself," arguing that a previous tax credit had not helped and may have muddied the picture. He noted that Toll Brothers had plenty of capital and was seeking places to deploy it, and that the company was pleased to be at a break-even basis after the downturn. Connor described Toll Brothers' buyers as having solid credit, with average FICO scores in the mid-650s and 30% down payments, and said 18% of buyers paid cash.