RealEstateJournal | A Housing Slowdown? Not if You Ask Builders

RealEstateJournal | A Housing Slowdown? Not if You Ask Builders: "Besides Toll, chief executives at Lennar Corp., KB Home and other big builders are telling Wall Street and investors that the market remains strong and is merely slowing to a 'more normalized' pace. They cite continued job growth, demographics and a limited supply of land in constrained markets as factors supporting their business.
Skeptics see it differently. 'Home builders are now in the business of selling shares, not houses,' Peter Schiff, president of Euro Pacific Capital Inc., a Darien, Conn., brokerage firm, wrote in a report Tuesday. 'To maintain a market for the former, they must keep building the latter,' he says in an interview. 'That is the only logical way to explain building new houses amid a growing glut of unsold inventory.'"