When the chief executive of Toll Brothers, one of the nation's largest homebuilding companies says this:
"In the hot markets, I wouldn't be surprised to see a 20 percent decline," Toll said at the Reuters Real Estate Summit in New York. "You've got a price going from $1 million to $800,000, I don't have a problem with that." "I don't think you're going to have a pop, which means I don't think you've got a bubble," added the head of the luxury home builder at the summit held at Reuters U.S. headquarters in New York. "But I do think you're going to have a correction as the markets unnaturally overheat because of speculation."
It's time to run for the hills.