The article focuses on Toll Brothers building luxury condos in Manhattan and other urban areas. I didn’t know they targeted that market.

This sounds about right for the U.S. housing economy.

WSJ: How long will it take for this housing slowdown to work itself out?

Mr. Toll: We are bouncing along the bottom. I would expect the inventory overhang, which is what is killing the confidence level, to be absorbed during the first several months of the next buying season. If that inventory is eaten up, and I expect it will be, then I think you will see an alarming rate of change in the supply-demand equation in house pricing.