Interest Rate Roundup

Thursday, March 15, 2007

Toll CEO: Spring selling season "a bust"

Well, well, well, Toll Brothers certainly seems to be changing its tune. In comments in Las Vegas, Toll CEO Robert Toll just said the spring selling season was "pretty much a bust," per Bloomberg. As to when a recovery will begin, he offered the following prediction: "Who knows?"

Back in December, if you recall, Toll said: "We may be seeing a floor in some markets" and that deposits and traffic "seem to be dancing on the bottom or slightly above." Then in early February, he commented in a press release that January and February activity "definitely feels encouraging." These latest comments sound much more pessimistic. They come on the heels of comments in London by Pulte Homes CFO, Roger Cregg. He said: "There's been a lot of buyers that have moved to the sidelines."


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